Vident Advisory LLC Sells 6,515 Shares of Agree Realty Co. (NYSE:ADC)

Vident Advisory LLC cut its position in Agree Realty Co. (NYSE:ADC - Free Report) by 38.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,294 shares of the real estate investment trust's stock after selling 6,515 shares during the quarter. Vident Advisory LLC's holdings in Agree Realty were worth $725,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the company. CIBC Asset Management Inc raised its holdings in Agree Realty by 5.2% in the fourth quarter. CIBC Asset Management Inc now owns 3,122 shares of the real estate investment trust's stock valued at $220,000 after acquiring an additional 153 shares in the last quarter. Carmel Capital Partners LLC raised its holdings in Agree Realty by 2.5% in the fourth quarter. Carmel Capital Partners LLC now owns 6,894 shares of the real estate investment trust's stock valued at $486,000 after acquiring an additional 167 shares in the last quarter. Sequoia Financial Advisors LLC raised its holdings in Agree Realty by 3.8% in the fourth quarter. Sequoia Financial Advisors LLC now owns 4,590 shares of the real estate investment trust's stock valued at $323,000 after acquiring an additional 169 shares in the last quarter. Private Advisor Group LLC raised its holdings in Agree Realty by 3.6% in the fourth quarter. Private Advisor Group LLC now owns 4,909 shares of the real estate investment trust's stock valued at $346,000 after acquiring an additional 170 shares in the last quarter. Finally, Arizona State Retirement System raised its holdings in Agree Realty by 0.8% in the fourth quarter. Arizona State Retirement System now owns 29,204 shares of the real estate investment trust's stock valued at $2,057,000 after acquiring an additional 229 shares in the last quarter. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Agree Realty Stock Up 1.0%

Shares of ADC stock traded up $0.72 during trading on Friday, hitting $74.86. 190,090 shares of the company were exchanged, compared to its average volume of 1,054,352. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a market capitalization of $8.24 billion, a price-to-earnings ratio of 42.08, a P/E/G ratio of 2.88 and a beta of 0.57. The business's 50-day simple moving average is $75.52 and its 200 day simple moving average is $74.13. Agree Realty Co. has a twelve month low of $59.36 and a twelve month high of $79.65.

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, beating the consensus estimate of $1.05 by $0.01. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. The firm had revenue of $169.16 million for the quarter, compared to analyst estimates of $167.77 million. During the same quarter last year, the firm earned $0.43 earnings per share. As a group, analysts forecast that Agree Realty Co. will post 4.27 EPS for the current fiscal year.

Agree Realty Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 30th will be given a dividend of $0.256 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $3.07 dividend on an annualized basis and a yield of 4.10%. This is a positive change from Agree Realty's previous monthly dividend of $0.25. Agree Realty's payout ratio is 173.45%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ADC. Wells Fargo & Company increased their target price on shares of Agree Realty from $78.00 to $81.00 and gave the stock an "overweight" rating in a report on Monday, March 10th. Stifel Nicolaus raised their target price on shares of Agree Realty from $81.00 to $82.50 and gave the company a "buy" rating in a research note on Wednesday, April 23rd. UBS Group reduced 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 raised 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. Finally, Wall Street Zen upgraded shares of Agree Realty from a "sell" rating to a "hold" rating in a research report on Monday, May 19th. Six analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $81.19.

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.