Agree Realty Corporation (NYSE:ADC) Shares Sold by Nisa Investment Advisors LLC

Nisa Investment Advisors LLC lowered its stake in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 12.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 29,830 shares of the real estate investment trust's stock after selling 4,059 shares during the quarter. Nisa Investment Advisors LLC's holdings in Agree Realty were worth $2,311,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Bernard Wealth Management Corp. bought a new position in shares of Agree Realty during the 4th quarter valued at approximately $31,000. Capital Advisors Ltd. LLC boosted its holdings in Agree Realty by 137.8% during the 1st quarter. Capital Advisors Ltd. LLC now owns 466 shares of the real estate investment trust's stock valued at $36,000 after acquiring an additional 270 shares during the period. Headlands Technologies LLC boosted its holdings in Agree Realty by 72.8% during the 4th quarter. Headlands Technologies LLC now owns 558 shares of the real estate investment trust's stock valued at $39,000 after acquiring an additional 235 shares during the period. NBC Securities Inc. purchased a new position in Agree Realty during the 1st quarter valued at $39,000. Finally, Quarry LP purchased a new position in Agree Realty during the 4th quarter valued at $52,000. Institutional investors own 97.83% of the company's stock.

Agree Realty Stock Performance

Shares of Agree Realty stock traded down $0.31 on Thursday, hitting $71.92. The stock had a trading volume of 578,690 shares, compared to its average volume of 1,105,216. Agree Realty Corporation has a 52-week low of $65.98 and a 52-week high of $79.65. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.54. The stock has a market cap of $7.91 billion, a price-to-earnings ratio of 40.64, a P/E/G ratio of 2.34 and a beta of 0.54. The company's 50 day moving average price is $73.89 and its 200 day moving average price is $73.94.

Agree Realty (NYSE:ADC - Get Free Report) last posted its quarterly earnings data on Tuesday, April 22nd. The real estate investment trust reported $1.06 EPS for the quarter, beating the consensus estimate of $1.05 by $0.01. The firm had revenue of $169.16 million during the quarter, compared to the consensus estimate of $167.77 million. Agree Realty had a return on equity of 3.66% and a net margin of 30.05%. During the same period in the prior year, the business earned $0.43 EPS. On average, research analysts anticipate that Agree Realty Corporation will post 4.27 EPS for the current year.

Agree Realty Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Thursday, August 14th. Investors of record on Thursday, July 31st will be issued a $0.256 dividend. This represents a $3.07 dividend on an annualized basis and a dividend yield of 4.27%. The ex-dividend date of this dividend is Thursday, July 31st. Agree Realty's dividend payout ratio is currently 173.45%.

Analysts Set New Price Targets

Several brokerages have weighed in on ADC. Evercore ISI upped their target price on Agree Realty from $82.00 to $83.00 and gave the stock an "outperform" rating in a report on Thursday, April 24th. Robert W. Baird upped their target price on Agree Realty from $76.00 to $80.00 and gave the stock an "outperform" rating in a report on Friday, April 25th. Mizuho lowered their target price on Agree Realty from $81.00 to $78.00 and set a "neutral" rating for the company in a report on Monday, June 16th. Stifel Nicolaus upped their target price on Agree Realty from $81.00 to $82.50 and gave the stock a "buy" rating in a report on Wednesday, April 23rd. Finally, JMP Securities reiterated a "market perform" rating on shares of Agree Realty in a report on Monday, June 30th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $80.25.

About Agree Realty

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.