Nisa Investment Advisors LLC Decreases Holdings in Agree Realty Corporation (NYSE:ADC)

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

Other institutional investors also recently bought and sold shares of the company. Bernard Wealth Management Corp. purchased a new position in shares of Agree Realty in the 4th quarter worth approximately $31,000. Capital Advisors Ltd. LLC boosted its stake in Agree Realty by 137.8% in the first 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 in the last quarter. Headlands Technologies LLC grew its holdings in Agree Realty by 72.8% in the fourth quarter. Headlands Technologies LLC now owns 558 shares of the real estate investment trust's stock worth $39,000 after purchasing an additional 235 shares during the last quarter. NBC Securities Inc. acquired a new position in shares of Agree Realty during the first quarter worth $39,000. Finally, Quarry LP purchased a new stake in shares of Agree Realty during the 4th quarter valued at $52,000. 97.83% of the stock is owned by hedge funds and other institutional investors.

Agree Realty Stock Performance

Shares of ADC traded up $0.84 during trading hours on Monday, hitting $72.46. The stock had a trading volume of 924,598 shares, compared to its average volume of 1,213,609. The firm has a 50-day moving average price of $74.20 and a 200 day moving average price of $73.94. Agree Realty Corporation has a fifty-two week low of $64.10 and a fifty-two week high of $79.65. The firm has a market capitalization of $7.97 billion, a price-to-earnings ratio of 40.94, a PEG ratio of 2.32 and a beta of 0.54. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.72 and a current ratio of 0.72.

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

Agree Realty Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Thursday, August 14th. Shareholders of record on Thursday, July 31st will be issued a $0.256 dividend. This represents a $3.07 annualized dividend and a yield of 4.24%. The ex-dividend date is Thursday, July 31st. Agree Realty's payout ratio is currently 173.45%.

Analyst Ratings Changes

ADC has been the topic of several recent analyst reports. UBS Group reduced their target price on Agree Realty from $86.00 to $84.00 and set a "buy" rating on the stock in a research report on Tuesday, May 13th. Mizuho cut their target price on Agree Realty from $81.00 to $78.00 and set a "neutral" rating on the stock in a research report on Monday, June 16th. Evercore ISI lifted their price target on Agree Realty from $82.00 to $83.00 and gave the stock an "outperform" rating in a research report on Thursday, April 24th. Robert W. Baird increased their price objective on Agree Realty from $76.00 to $80.00 and gave the company an "outperform" rating in a report on Friday, April 25th. Finally, Barclays set a $77.00 price objective on Agree Realty and gave the stock an "equal weight" rating in a research note on Wednesday, May 21st. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $80.54.

Agree Realty Profile

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.