Envestnet Portfolio Solutions Inc. trimmed its holdings in Agree Realty Corporation (NYSE:ADC - Free Report) by 40.4% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,407 shares of the real estate investment trust's stock after selling 4,340 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Agree Realty were worth $495,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Cohen & Steers Inc. lifted its holdings in Agree Realty by 43.0% during the 4th quarter. Cohen & Steers Inc. now owns 9,767,632 shares of the real estate investment trust's stock worth $688,108,000 after buying an additional 2,937,147 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Agree Realty during the fourth quarter valued at $101,382,000. Millennium Management LLC lifted its stake in shares of Agree Realty by 1,036.9% during the fourth quarter. Millennium Management LLC now owns 1,171,297 shares of the real estate investment trust's stock valued at $82,518,000 after acquiring an additional 1,068,271 shares during the period. Invesco Ltd. boosted its holdings in Agree Realty by 85.6% in the fourth quarter. Invesco Ltd. now owns 2,212,852 shares of the real estate investment trust's stock valued at $155,895,000 after acquiring an additional 1,020,512 shares during the last quarter. Finally, Northern Trust Corp increased its position in Agree Realty by 89.2% in the fourth quarter. Northern Trust Corp now owns 1,523,280 shares of the real estate investment trust's stock worth $107,315,000 after purchasing an additional 718,114 shares during the period. Institutional investors and hedge funds own 97.83% of the company's stock.
Agree Realty Trading Down 0.3%
Agree Realty stock traded down $0.24 during mid-day trading on Tuesday, hitting $72.82. 1,169,437 shares of the company's stock were exchanged, compared to its average volume of 1,088,457. The company's 50 day simple moving average is $74.94 and its 200-day simple moving average is $73.87. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $8.01 billion, a P/E ratio of 41.14, a PEG ratio of 2.32 and a beta of 0.54. Agree Realty Corporation has a fifty-two week low of $61.34 and a fifty-two week high of $79.65.
Agree Realty (NYSE:ADC - Get Free Report) last announced its quarterly earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.01. Agree Realty had a return on equity of 3.66% and a net margin of 30.05%. The company had revenue of $169.16 million during the quarter, compared to the consensus estimate of $167.77 million. During the same period in the prior year, the company earned $0.43 earnings per share. On average, equities analysts anticipate that Agree Realty Corporation will post 4.27 earnings per share for the current year.
Agree Realty Announces Dividend
The business also recently declared a jun 25 dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be paid a $0.256 dividend. This represents a yield of 4.1%. The ex-dividend date of this dividend is Monday, June 30th. Agree Realty's payout ratio is currently 173.45%.
Analyst Upgrades and Downgrades
A number of research firms have issued reports on ADC. Truist Financial upped their target price on shares of Agree Realty from $77.00 to $82.00 and gave the company a "buy" rating in a research report on Monday, May 5th. BTIG Research downgraded shares of Agree Realty from a "buy" rating to a "neutral" rating in a research note on Wednesday, May 7th. Barclays set a $77.00 price objective on shares of Agree Realty and gave the company an "equal weight" rating in a research note on Wednesday, May 21st. Mizuho lowered their target price on shares of Agree Realty from $81.00 to $78.00 and set a "neutral" rating for the company in a report on Monday, June 16th. Finally, JMP Securities reiterated a "market perform" rating on shares of Agree Realty in a research report on Monday. One analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Agree Realty has an average rating of "Moderate Buy" and an average target price of $80.96.
Read Our Latest Stock Analysis on Agree Realty
Agree Realty Company Profile
(
Free Report)
Agree Realty Corporation is a publicly traded real estate investment trust that is RETHINKING RETAIL through the acquisition and development of properties net leased to industry-leading, omni-channel retail tenants. As of December 31, 2023, the Company owned and operated a portfolio of 2,135 properties, located in 49 states and containing approximately 44.2 million square feet of gross leasable area.
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