Xponance Inc. Sells 1,145 Shares of Agree Realty Co. (NYSE:ADC)

Xponance Inc. decreased its stake in shares of Agree Realty Co. (NYSE:ADC) by 9.7% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 10,702 shares of the real estate investment trust’s stock after selling 1,145 shares during the quarter. Xponance Inc.’s holdings in Agree Realty were worth $663,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. PNC Financial Services Group Inc. boosted its stake in Agree Realty by 15.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 9,905 shares of the real estate investment trust’s stock worth $624,000 after buying an additional 1,338 shares in the last quarter. Corient Private Wealth LLC increased its stake in Agree Realty by 11.5% in the fourth quarter. Corient Private Wealth LLC now owns 7,645 shares of the real estate investment trust’s stock valued at $481,000 after acquiring an additional 787 shares during the period. Parallel Advisors LLC raised its position in Agree Realty by 35.9% in the fourth quarter. Parallel Advisors LLC now owns 1,129 shares of the real estate investment trust’s stock worth $71,000 after purchasing an additional 298 shares in the last quarter. Treasurer of the State of North Carolina lifted its stake in Agree Realty by 8.9% during the fourth quarter. Treasurer of the State of North Carolina now owns 43,960 shares of the real estate investment trust’s stock worth $2,767,000 after purchasing an additional 3,600 shares during the period. Finally, Eagle Asset Management Inc. boosted its holdings in Agree Realty by 1.5% during the fourth quarter. Eagle Asset Management Inc. now owns 112,982 shares of the real estate investment trust’s stock valued at $7,112,000 after purchasing an additional 1,672 shares in the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on ADC shares. Raymond James raised their target price on Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, August 21st. Royal Bank of Canada upped 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. StockNews.com upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a research report on Tuesday, June 11th. Wells Fargo & Company raised their price objective on shares of Agree Realty from $75.00 to $77.00 and gave the stock an “overweight” rating in a report on Monday, August 26th. Finally, UBS Group lifted their target price on shares of Agree Realty from $60.00 to $67.00 and gave the company a “neutral” rating in a research note on Thursday, July 18th. Four analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $70.96.

Agree Realty Price Performance

Shares of ADC stock opened at $74.83 on Monday. The firm has a market cap of $7.53 billion, a price-to-earnings ratio of 44.02, a PEG ratio of 2.51 and a beta of 0.61. Agree Realty Co. has a 12 month low of $52.69 and a 12 month high of $77.30. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.54. The stock has a 50-day moving average price of $72.69 and a 200 day moving average price of $64.08.

Agree Realty (NYSE:ADC) last posted 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). Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The business had revenue of $152.58 million for the quarter, compared to the consensus estimate of $150.35 million. During the same period last year, the firm earned $0.98 earnings per share. The company’s quarterly revenue was up 17.5% on a year-over-year basis. Research analysts expect that Agree Realty Co. will post 4.11 EPS for the current year.

Agree Realty Dividend Announcement

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 4.01%. Agree Realty’s dividend payout ratio (DPR) is presently 176.47%.

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.