Millennium Management LLC Trims Stock Position in Agree Realty Co. (NYSE:ADC)

Millennium Management LLC lessened its stake in shares of Agree Realty Co. (NYSE:ADC) by 45.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 200,821 shares of the real estate investment trust’s stock after selling 169,427 shares during the quarter. Millennium Management LLC owned about 0.20% of Agree Realty worth $12,439,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of ADC. AQR Capital Management LLC raised its position in Agree Realty by 67.4% in the 2nd quarter. AQR Capital Management LLC now owns 462,868 shares of the real estate investment trust’s stock valued at $28,476,000 after purchasing an additional 186,285 shares during the last quarter. Marshall Wace LLP raised its position in Agree Realty by 113.1% during the 2nd quarter. Marshall Wace LLP now owns 356,544 shares of the real estate investment trust’s stock worth $22,084,000 after buying an additional 189,250 shares during the last quarter. Evergreen Capital Management LLC purchased a new position in Agree Realty during the 2nd quarter worth $234,000. Sei Investments Co. raised its position in Agree Realty by 64.9% during the 2nd quarter. Sei Investments Co. now owns 56,829 shares of the real estate investment trust’s stock worth $3,520,000 after buying an additional 22,374 shares during the last quarter. Finally, Pacer Advisors Inc. grew its stake in shares of Agree Realty by 45.6% during the 2nd quarter. Pacer Advisors Inc. now owns 21,801 shares of the real estate investment trust’s stock worth $1,350,000 after purchasing an additional 6,824 shares during the period. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Performance

Shares of NYSE:ADC opened at $73.40 on Tuesday. Agree Realty Co. has a twelve month low of $52.69 and a twelve month high of $77.30. The firm has a market cap of $7.39 billion, a PE ratio of 43.18, a price-to-earnings-growth ratio of 2.51 and a beta of 0.61. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.79 and a current ratio of 0.79. The business has a fifty day moving average of $73.52 and a 200-day moving average of $64.93.

Agree Realty (NYSE:ADC) last issued its earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.51). The company had revenue of $152.58 million for the quarter, compared to the consensus estimate of $150.35 million. Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. Agree Realty’s quarterly revenue was up 17.5% on a year-over-year basis. During the same quarter last year, the business posted $0.98 EPS. On average, equities research analysts predict that Agree Realty Co. will post 4.11 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be given a dividend of $0.25 per share. This represents a $3.00 annualized dividend and a dividend yield of 4.09%. The ex-dividend date is Monday, September 30th. Agree Realty’s dividend payout ratio (DPR) is 176.47%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. UBS Group upped their price target on shares of Agree Realty from $60.00 to $67.00 and gave the stock a “neutral” rating in a research note on Thursday, July 18th. Raymond James raised their target price on shares of Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, August 21st. Truist Financial lifted their price target on shares of Agree Realty from $68.00 to $77.00 and gave the company a “buy” rating in a research report on Monday, August 5th. BTIG Research lifted their price target on shares of Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a research report on Monday, August 12th. Finally, StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a research report on Tuesday, June 11th. Four analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Agree Realty has a consensus rating of “Moderate Buy” and a consensus target price of $72.21.

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.