Trust Point Inc. Decreases Stake in Agree Realty Corporation (NYSE:ADC)

Trust Point Inc. lessened its position in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 33.6% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,980 shares of the real estate investment trust's stock after selling 4,031 shares during the period. Trust Point Inc.'s holdings in Agree Realty were worth $616,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in ADC. Envestnet Asset Management Inc. boosted its stake in shares of Agree Realty by 3.6% in the fourth quarter. Envestnet Asset Management Inc. now owns 301,751 shares of the real estate investment trust's stock valued at $21,258,000 after buying an additional 10,446 shares during the period. Sage Investment Counsel LLC bought a new stake in shares of Agree Realty in the fourth quarter valued at approximately $329,000. Oppenheimer Asset Management Inc. boosted its stake in shares of Agree Realty by 24.6% in the fourth quarter. Oppenheimer Asset Management Inc. now owns 19,129 shares of the real estate investment trust's stock valued at $1,348,000 after buying an additional 3,776 shares during the period. Wellington Management Group LLP boosted its stake in shares of Agree Realty by 664.6% in the fourth quarter. Wellington Management Group LLP now owns 590,845 shares of the real estate investment trust's stock valued at $41,625,000 after buying an additional 513,571 shares during the period. Finally, Jump Financial LLC boosted its stake in shares of Agree Realty by 42.1% in the fourth quarter. Jump Financial LLC now owns 79,777 shares of the real estate investment trust's stock valued at $5,620,000 after buying an additional 23,616 shares during the period. Institutional investors own 97.83% of the company's stock.

Analyst Ratings Changes

ADC has been the subject of several research analyst reports. UBS Group lowered their price objective on shares of Agree Realty from $86.00 to $84.00 and set a "buy" rating for the company in a research report on Tuesday, May 13th. Evercore ISI boosted their price objective on shares of Agree Realty from $82.00 to $83.00 and gave the company an "outperform" rating in a research report on Thursday, April 24th. Wells Fargo & Company boosted their price objective on shares of Agree Realty from $78.00 to $81.00 and gave the company an "overweight" rating in a research report on Monday, March 10th. Truist Financial boosted their price objective 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. Finally, Wall Street Zen upgraded shares of Agree Realty from a "sell" rating to a "hold" rating in a research report on Friday, May 30th. Six research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $80.96.

Agree Realty Trading Up 0.9%

NYSE ADC traded up $0.68 on Wednesday, reaching $75.33. The company had a trading volume of 1,176,573 shares, compared to its average volume of 1,073,527. The firm has a market cap of $8.29 billion, a price-to-earnings ratio of 42.56, a P/E/G ratio of 2.34 and a beta of 0.56. Agree Realty Corporation has a fifty-two week low of $60.42 and a fifty-two week high of $79.65. The business has a 50 day moving average of $75.54 and a two-hundred day moving average of $73.92. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.72 and a quick ratio of 0.72.

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 earnings per share for the quarter, beating analysts' consensus estimates of $1.05 by $0.01. The business 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 posted $0.43 earnings per share. Analysts forecast that Agree Realty Corporation will post 4.27 EPS for the current year.

Agree Realty Announces Dividend

The company also recently declared a jun 25 dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be given a dividend of $0.256 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a yield of 4.1%. Agree Realty's dividend payout ratio (DPR) is currently 173.45%.

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.