Agree Realty Co. (NYSE:ADC) Shares Sold by Dana Investment Advisors Inc.

Dana Investment Advisors Inc. reduced its holdings in Agree Realty Co. (NYSE:ADC) by 3.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,199 shares of the real estate investment trust’s stock after selling 901 shares during the quarter. Dana Investment Advisors Inc.’s holdings in Agree Realty were worth $1,987,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. CIBC Asset Management Inc raised its holdings in shares of Agree Realty by 5.2% in the 4th quarter. CIBC Asset Management Inc now owns 3,122 shares of the real estate investment trust’s stock worth $220,000 after purchasing an additional 153 shares in the last quarter. UMB Bank n.a. raised its holdings in shares of Agree Realty by 17.3% in the 4th quarter. UMB Bank n.a. now owns 1,139 shares of the real estate investment trust’s stock worth $80,000 after purchasing an additional 168 shares in the last quarter. Private Advisor Group LLC raised its holdings in shares of Agree Realty by 3.6% in the 4th quarter. Private Advisor Group LLC now owns 4,909 shares of the real estate investment trust’s stock worth $346,000 after purchasing an additional 170 shares in the last quarter. Arizona State Retirement System raised its holdings in shares of Agree Realty by 0.8% in the 4th quarter. Arizona State Retirement System now owns 29,204 shares of the real estate investment trust’s stock worth $2,057,000 after purchasing an additional 229 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB raised its holdings in shares of Agree Realty by 34.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust’s stock worth $63,000 after purchasing an additional 230 shares in the last quarter. 97.83% of the stock is currently owned by institutional investors.

Agree Realty Stock Performance

Shares of ADC opened at $75.95 on Friday. The company’s 50 day moving average price is $72.05 and its 200 day moving average price is $73.66. Agree Realty Co. has a 52 week low of $54.78 and a 52 week high of $78.39. The company has a market capitalization of $8.15 billion, a PE ratio of 42.67, a PEG ratio of 2.88 and a beta of 0.64. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.78 and a current ratio of 0.78.

Agree Realty (NYSE:ADC) last announced its quarterly earnings data on Tuesday, February 11th. The real estate investment trust reported $1.04 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.61. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. Research analysts expect that Agree Realty Co. will post 4.27 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The firm also recently announced a feb 25 dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be given a $0.253 dividend. This represents a yield of 4.2%. The ex-dividend date is Friday, February 28th. Agree Realty’s dividend payout ratio is 170.22%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on ADC. Mizuho dropped their target price on shares of Agree Realty from $80.00 to $74.00 and set a “neutral” rating on the stock in a report on Wednesday, January 8th. Barclays upgraded shares of Agree Realty from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $74.00 to $75.00 in a report on Tuesday. Stifel Nicolaus cut their price target on shares of Agree Realty from $81.50 to $81.00 and set a “buy” rating on the stock in a report on Tuesday, January 7th. Royal Bank of Canada cut their price target on shares of Agree Realty from $79.00 to $78.00 and set an “outperform” rating on the stock in a report on Thursday, February 13th. Finally, JMP Securities lowered shares of Agree Realty from an “outperform” rating to a “market perform” rating in a report on Tuesday, December 17th. Five analysts have rated the stock with a hold rating, ten have assigned 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 an average target price of $79.69.

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.