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

Vident Advisory LLC lessened its holdings in shares of Agree Realty Co. (NYSE:ADC - Free Report) by 38.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund 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 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Barclays PLC raised its holdings in Agree Realty by 129.4% during the 3rd quarter. Barclays PLC now owns 239,783 shares of the real estate investment trust's stock valued at $18,062,000 after buying an additional 135,274 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Agree Realty by 37.3% during the third quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust's stock worth $274,693,000 after purchasing an additional 990,362 shares during the period. Atomi Financial Group Inc. bought a new stake in shares of Agree Realty in the fourth quarter worth about $240,000. SG Americas Securities LLC grew its stake in shares of Agree Realty by 64.6% in the fourth quarter. SG Americas Securities LLC now owns 28,485 shares of the real estate investment trust's stock worth $2,007,000 after purchasing an additional 11,180 shares during the last quarter. Finally, Exchange Traded Concepts LLC increased its holdings in Agree Realty by 43.0% during the 4th quarter. Exchange Traded Concepts LLC now owns 55,795 shares of the real estate investment trust's stock valued at $3,931,000 after purchasing an additional 16,768 shares during the period. Hedge funds and other institutional investors own 97.83% of the company's stock.

Agree Realty Stock Performance

Shares of NYSE:ADC traded down $0.40 during midday trading on Wednesday, hitting $75.35. The company had a trading volume of 1,007,868 shares, compared to its average volume of 1,053,703. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78. The company has a fifty day moving average of $75.54 and a two-hundred day moving average of $74.14. The company has a market cap of $8.29 billion, a price-to-earnings ratio of 42.33, a PEG ratio of 2.88 and a beta of 0.57. Agree Realty Co. has a 12-month low of $58.52 and a 12-month high of $79.65.

Agree Realty (NYSE:ADC - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.01. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. The company had revenue of $169.16 million for the quarter, compared to the consensus estimate of $167.77 million. During the same quarter last year, the company earned $0.43 EPS. On average, equities research analysts expect that Agree Realty Co. will post 4.27 EPS for the current fiscal year.

Agree Realty Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, June 13th. Stockholders of record on Friday, May 30th will be issued a $0.256 dividend. The ex-dividend date is Friday, May 30th. This is an increase from Agree Realty's previous monthly dividend of $0.25. This represents a $3.07 dividend on an annualized basis and a dividend yield of 4.08%. Agree Realty's payout ratio is 173.45%.

Analyst Upgrades and Downgrades

ADC has been the topic of several research analyst reports. Royal Bank of Canada reduced their target price on Agree Realty from $79.00 to $78.00 and set an "outperform" rating on the stock in a research note on Thursday, February 13th. JMP Securities restated a "market perform" rating on shares of Agree Realty in a report on Friday, May 16th. Wall Street Zen raised Agree Realty from a "sell" rating to a "hold" rating in a research report on Monday, May 19th. Evercore ISI increased their target price on Agree Realty from $82.00 to $83.00 and gave the stock an "outperform" rating in a research report on Thursday, April 24th. Finally, Robert W. Baird lifted their price target on Agree Realty from $76.00 to $80.00 and gave the company an "outperform" rating in a research report on Friday, April 25th. Six research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Agree Realty presently has an average rating of "Moderate Buy" and a consensus price target of $81.19.

Agree Realty Company 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.