Cetera Investment Advisers Lowers Stake in Agree Realty Co. (NYSE:ADC)

Cetera Investment Advisers cut its stake in Agree Realty Co. (NYSE:ADC) by 27.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,007 shares of the real estate investment trust’s stock after selling 6,559 shares during the quarter. Cetera Investment Advisers’ holdings in Agree Realty were worth $1,053,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in ADC. MCF Advisors LLC purchased a new stake in shares of Agree Realty during the 2nd quarter valued at approximately $26,000. Massmutual Trust Co. FSB ADV raised its holdings in Agree Realty by 248.3% during the second quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 442 shares in the last quarter. Headlands Technologies LLC raised its holdings in Agree Realty by 232.0% during the second quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock worth $71,000 after purchasing an additional 798 shares in the last quarter. GAMMA Investing LLC increased its holdings in Agree Realty by 125.9% in the second quarter. GAMMA Investing LLC now owns 1,403 shares of the real estate investment trust’s stock valued at $87,000 after buying an additional 782 shares in the last quarter. Finally, Twin Tree Management LP purchased a new position in Agree Realty in the first quarter valued at about $134,000. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Agree Realty Stock Down 1.0 %

Shares of NYSE:ADC opened at $75.89 on Friday. The firm has a market cap of $7.64 billion, a P/E ratio of 44.64, a P/E/G ratio of 2.47 and a beta of 0.61. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.54. Agree Realty Co. has a 12 month low of $52.69 and a 12 month high of $77.30. The company’s 50-day moving average price is $74.10 and its two-hundred day moving average price is $65.82.

Agree Realty (NYSE:ADC) last announced its quarterly earnings results 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). The firm had revenue of $152.58 million during the quarter, compared to analyst estimates of $150.35 million. Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The business’s revenue was up 17.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.98 earnings per share. As a group, research analysts forecast that Agree Realty Co. will post 4.11 EPS for the current fiscal year.

Agree Realty Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be issued a dividend of $0.253 per share. This is an increase from Agree Realty’s previous monthly dividend of $0.25. This represents a $3.04 annualized dividend and a yield of 4.00%. The ex-dividend date is Thursday, October 31st. Agree Realty’s dividend payout ratio (DPR) is 178.24%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. BTIG Research raised their target price on shares of Agree Realty from $65.00 to $74.00 and gave the stock a “buy” rating in a research report on Monday, August 12th. Raymond James lifted their price target on shares of Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a report on Wednesday, August 21st. UBS Group boosted their target price on shares of Agree Realty from $72.00 to $77.00 and gave the company a “neutral” rating in a research note on Wednesday. Wells Fargo & Company restated an “overweight” rating and set a $80.00 price target (up from $77.00) on shares of Agree Realty in a research report on Tuesday, October 1st. Finally, Truist Financial boosted their target price on shares of Agree Realty from $68.00 to $77.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Four analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Agree Realty presently has a consensus rating of “Moderate Buy” and an average target price of $73.04.

Agree Realty 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.