Pacer Advisors Inc. Has $519,000 Holdings in Agree Realty Corporation (NYSE:ADC)

Key Points

• Pacer Advisors Inc. reduced its stake in Agree Realty Corporation by 55.1%, now holding 6,730 shares valued at $519,000.
• Institutional investors dominate Agree Realty's ownership, holding 97.83% of its stock, with notable increases in shares from firms like Cohen & Steers Inc. and Millennium Management LLC.
• Agree Realty announced a monthly dividend of $0.256, with an annualized yield of 4.3%, underscoring its commitment to returning value to shareholders despite a high dividend payout ratio of 173.45%.

Pacer Advisors Inc. lessened its holdings in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 55.1% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 6,730 shares of the real estate investment trust's stock after selling 8,271 shares during the period. Pacer Advisors Inc.'s holdings in Agree Realty were worth $519,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in ADC. GF Fund Management CO. LTD. raised its holdings in Agree Realty by 7.2% in the 1st quarter. GF Fund Management CO. LTD. now owns 1,961 shares of the real estate investment trust's stock valued at $151,000 after acquiring an additional 132 shares in the last quarter. Sequoia Financial Advisors LLC raised its holdings in Agree Realty by 3.0% in the 1st quarter. Sequoia Financial Advisors LLC now owns 4,729 shares of the real estate investment trust's stock valued at $365,000 after acquiring an additional 139 shares in the last quarter. Azzad Asset Management Inc. ADV grew its stake in shares of Agree Realty by 2.8% in the 1st quarter. Azzad Asset Management Inc. ADV now owns 6,884 shares of the real estate investment trust's stock valued at $531,000 after purchasing an additional 187 shares during the period. Journey Strategic Wealth LLC grew its stake in shares of Agree Realty by 3.6% in the 1st quarter. Journey Strategic Wealth LLC now owns 6,592 shares of the real estate investment trust's stock valued at $509,000 after purchasing an additional 229 shares during the period. Finally, Headlands Technologies LLC grew its stake in shares of Agree Realty by 72.8% in the 4th quarter. Headlands Technologies LLC now owns 558 shares of the real estate investment trust's stock valued at $39,000 after purchasing an additional 235 shares during the period. Institutional investors and hedge funds own 97.83% of the company's stock.

Agree Realty Trading Up 2.7%

ADC traded up $1.97 during mid-day trading on Friday, reaching $73.67. The stock had a trading volume of 1,459,467 shares, compared to its average volume of 1,125,183. The stock has a market capitalization of $8.11 billion, a P/E ratio of 43.85, a P/E/G ratio of 2.39 and a beta of 0.55. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.72 and a current ratio of 0.72. The firm's fifty day simple moving average is $73.55 and its two-hundred day simple moving average is $74.19. Agree Realty Corporation has a 52 week low of $67.58 and a 52 week high of $79.65.

Agree Realty (NYSE:ADC - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The real estate investment trust reported $1.06 EPS for the quarter, beating analysts' consensus estimates of $1.05 by $0.01. The firm had revenue of $175.53 million for the quarter, compared to analyst estimates of $173.95 million. Agree Realty had a return on equity of 3.50% and a net margin of 28.16%. The business's quarterly revenue was up 15.0% compared to the same quarter last year. During the same period last year, the company earned $1.04 EPS. On average, equities analysts predict that Agree Realty Corporation will post 4.27 EPS for the current year.

Agree Realty Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Thursday, August 14th. Stockholders of record on Thursday, July 31st will be paid a $0.256 dividend. The ex-dividend date of this dividend is Thursday, July 31st. This represents a c) dividend on an annualized basis and a dividend yield of 4.2%. Agree Realty's dividend payout ratio is 182.74%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Morgan Stanley lowered Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 price objective on the stock. in a research note on Friday, July 11th. Mizuho decreased their price target 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. Robert W. Baird increased their price target on Agree Realty from $76.00 to $80.00 and gave the stock an "outperform" rating in a research report on Friday, April 25th. Wall Street Zen lowered Agree Realty from a "hold" rating to a "sell" rating in a research report on Sunday, July 13th. Finally, JMP Securities restated a "market perform" rating on shares of Agree Realty in a research report on Monday, June 30th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $80.32.

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.