Envestnet Asset Management Inc. Sells 3,931 Shares of Agree Realty Co. (NYSE:ADC)

Envestnet Asset Management Inc. lessened its holdings in shares of Agree Realty Co. (NYSE:ADC) by 1.5% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 266,474 shares of the real estate investment trust’s stock after selling 3,931 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.26% of Agree Realty worth $16,505,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Scout Investments Inc. raised its holdings in shares of Agree Realty by 34.1% during the 4th quarter. Scout Investments Inc. now owns 844,367 shares of the real estate investment trust’s stock valued at $53,153,000 after purchasing an additional 214,840 shares in the last quarter. Swiss National Bank lifted its position in shares of Agree Realty by 4.6% in the first quarter. Swiss National Bank now owns 198,382 shares of the real estate investment trust’s stock worth $11,332,000 after buying an additional 8,700 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of Agree Realty by 1.4% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 886,527 shares of the real estate investment trust’s stock worth $50,638,000 after buying an additional 12,159 shares during the last quarter. FORA Capital LLC bought a new stake in shares of Agree Realty during the 1st quarter worth about $1,600,000. Finally, Heitman Real Estate Securities LLC increased its holdings in shares of Agree Realty by 7.4% during the 4th quarter. Heitman Real Estate Securities LLC now owns 823,954 shares of the real estate investment trust’s stock valued at $51,868,000 after acquiring an additional 56,692 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ADC has been the subject of a number of recent analyst reports. BTIG Research upped their target price on Agree Realty from $65.00 to $74.00 and gave the stock a “buy” rating in a research report on Monday, August 12th. KeyCorp started coverage on shares of Agree Realty in a report on Wednesday, June 12th. They set an “overweight” rating and a $68.00 price objective for the company. Royal Bank of Canada lifted their target price on shares of Agree Realty from $63.00 to $70.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Wells Fargo & Company upped their price target on shares of Agree Realty from $75.00 to $77.00 and gave the company an “overweight” rating in a report on Monday, August 26th. Finally, Raymond James lifted their price objective on Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, August 21st. Four equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Agree Realty presently has an average rating of “Moderate Buy” and an average target price of $70.96.

Agree Realty Stock Performance

ADC opened at $74.62 on Wednesday. The stock has a market cap of $7.51 billion, a PE ratio of 43.89, a P/E/G ratio of 2.54 and a beta of 0.61. The stock’s 50 day simple moving average is $72.23 and its 200-day simple moving average is $63.77. Agree Realty Co. has a 1 year low of $52.69 and a 1 year high of $77.30. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.54.

Agree Realty (NYSE:ADC) last released its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.51). Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The company had revenue of $152.58 million for the quarter, compared to analyst estimates of $150.35 million. During the same period in the previous year, the firm posted $0.98 earnings per share. The firm’s revenue for the quarter was up 17.5% compared to the same quarter last year. Sell-side analysts forecast that Agree Realty Co. will post 4.11 EPS for the current year.

Agree Realty Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a $0.25 dividend. The ex-dividend date is Monday, September 30th. This represents a $3.00 annualized dividend and a dividend yield of 4.02%. Agree Realty’s dividend payout ratio is presently 176.47%.

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.