Phocas Financial Corp. Sells 89,840 Shares of Agree Realty Co. (NYSE:ADC)

Phocas Financial Corp. reduced its holdings in shares of Agree Realty Co. (NYSE:ADC) by 85.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 15,881 shares of the real estate investment trust’s stock after selling 89,840 shares during the quarter. Phocas Financial Corp.’s holdings in Agree Realty were worth $1,119,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Versant Capital Management Inc grew its stake in Agree Realty by 230.7% in the 4th quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust’s stock valued at $30,000 after buying an additional 293 shares during the last quarter. Financial Life Planners acquired a new position in shares of Agree Realty in the fourth quarter valued at approximately $44,000. MassMutual Private Wealth & Trust FSB increased its stake in shares of Agree Realty by 34.4% during the fourth 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 during the period. Arcadia Investment Management Corp MI acquired a new stake in Agree Realty during the 3rd quarter worth approximately $75,000. Finally, Wilmington Savings Fund Society FSB bought a new stake in Agree Realty in the 3rd quarter valued at $77,000. 97.83% of the stock is owned by institutional investors and hedge funds.

Agree Realty Trading Up 1.3 %

Shares of ADC stock opened at $73.87 on Wednesday. The company has a market cap of $7.92 billion, a P/E ratio of 41.50, a PEG ratio of 2.88 and a beta of 0.65. Agree Realty Co. has a fifty-two week low of $54.28 and a fifty-two week high of $78.39. The stock has a 50 day simple moving average of $71.42 and a two-hundred day simple moving average of $73.54. 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 released its earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share (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 forecast that Agree Realty Co. will post 4.27 earnings per share for the current year.

Agree Realty Dividend Announcement

The company also recently announced a feb 25 dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 28th will be paid a $0.253 dividend. The ex-dividend date is Friday, February 28th. This represents a dividend yield of 4.2%. Agree Realty’s dividend payout ratio is presently 170.79%.

Analysts Set New Price Targets

A number of analysts have issued reports on ADC shares. Barclays cut their price objective on shares of Agree Realty from $76.00 to $74.00 and set an “underweight” rating for the company in a report on Tuesday, February 4th. Stifel Nicolaus reduced their price target on Agree Realty from $81.50 to $81.00 and set a “buy” rating on the stock in a research report on Tuesday, January 7th. Robert W. Baird lifted their price objective on Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Deutsche Bank Aktiengesellschaft assumed coverage on Agree Realty in a report on Wednesday, December 11th. They set a “buy” rating and a $88.00 target price on the stock. Finally, Wells Fargo & Company dropped their price target on Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a research note on Monday, November 4th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $79.62.

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.