Thrivent Financial for Lutherans Has $71.33 Million Holdings in Agree Realty Co. (NYSE:ADC)

Thrivent Financial for Lutherans cut its stake in shares of Agree Realty Co. (NYSE:ADC) by 25.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,012,468 shares of the real estate investment trust’s stock after selling 340,612 shares during the period. Thrivent Financial for Lutherans owned approximately 0.98% of Agree Realty worth $71,329,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. JPMorgan Chase & Co. grew its stake 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. Daiwa Securities Group Inc. grew its stake in Agree Realty by 29.4% in the third quarter. Daiwa Securities Group Inc. now owns 2,350,056 shares of the real estate investment trust’s stock valued at $177,030,000 after acquiring an additional 534,545 shares during the period. FMR LLC grew its stake in Agree Realty by 729.3% in the third quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust’s stock valued at $168,648,000 after acquiring an additional 1,968,811 shares during the period. Geode Capital Management LLC grew its stake in Agree Realty by 1.5% in the third quarter. Geode Capital Management LLC now owns 2,074,760 shares of the real estate investment trust’s stock valued at $156,327,000 after acquiring an additional 30,377 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in Agree Realty by 3.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,645,652 shares of the real estate investment trust’s stock valued at $115,936,000 after acquiring an additional 57,297 shares during the period. 97.83% of the stock is owned by institutional investors and hedge funds.

Agree Realty Stock Performance

ADC opened at $76.98 on Wednesday. Agree Realty Co. has a 52-week low of $54.78 and a 52-week high of $78.39. The firm has a market capitalization of $8.26 billion, a PE ratio of 43.25, 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. The business’s 50-day simple moving average is $72.92 and its 200 day simple moving average is $73.85.

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

Agree Realty Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Monday, April 14th. Shareholders of record on Monday, March 31st will be paid a $0.253 dividend. The ex-dividend date is Monday, March 31st. This represents a $3.04 annualized dividend and a yield of 3.94%. Agree Realty’s dividend payout ratio is 170.22%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Barclays raised Agree Realty from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $74.00 to $75.00 in a research note on Tuesday, March 4th. BTIG Research boosted their target price on Agree Realty from $74.00 to $78.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Evercore ISI assumed coverage on Agree Realty in a research note on Thursday, December 12th. They issued an “outperform” rating and a $82.00 target price for the company. UBS Group upgraded Agree Realty from a “neutral” rating to a “buy” rating and boosted their price target for the company from $79.00 to $84.00 in a report on Monday, January 6th. Finally, JMP Securities lowered 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 issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $79.85.

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.