Vontobel Holding Ltd. Sells 670 Shares of Agree Realty Co. (NYSE:ADC)

Vontobel Holding Ltd. lowered its position in shares of Agree Realty Co. (NYSE:ADC) by 16.4% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,418 shares of the real estate investment trust’s stock after selling 670 shares during the quarter. Vontobel Holding Ltd.’s holdings in Agree Realty were worth $257,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Wellington Management Group LLP bought a new stake in Agree Realty in the 4th quarter valued at about $4,285,000. PNC Financial Services Group Inc. raised its position in shares of Agree Realty by 15.6% in the fourth quarter. PNC Financial Services Group Inc. now owns 9,905 shares of the real estate investment trust’s stock valued at $624,000 after buying an additional 1,338 shares in the last quarter. Park Avenue Securities LLC boosted its stake in shares of Agree Realty by 9.8% in the first quarter. Park Avenue Securities LLC now owns 6,061 shares of the real estate investment trust’s stock valued at $346,000 after buying an additional 540 shares during the period. Oak Thistle LLC acquired a new stake in Agree Realty during the first quarter worth approximately $307,000. Finally, Tributary Capital Management LLC increased its stake in Agree Realty by 39.1% during the 1st quarter. Tributary Capital Management LLC now owns 258,022 shares of the real estate investment trust’s stock worth $14,738,000 after acquiring an additional 72,504 shares during the period. Institutional investors own 97.83% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ADC. Truist Financial increased their target price on Agree Realty from $68.00 to $77.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Wells Fargo & Company restated an “overweight” rating and issued a $80.00 target price (up from $77.00) on shares of Agree Realty in a research report on Tuesday, October 1st. Stifel Nicolaus increased their price target on shares of Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. KeyCorp upped their target price on Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, October 4th. Finally, BTIG Research lifted their price target on Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a research note on Monday, August 12th. Four analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $73.04.

Agree Realty Stock Performance

Shares of ADC stock opened at $76.68 on Thursday. The firm has a market capitalization of $7.72 billion, a price-to-earnings ratio of 45.11, a PEG ratio of 2.47 and a beta of 0.61. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.54. The business’s 50-day moving average price is $74.39 and its 200-day moving average price is $66.42. Agree Realty Co. has a 12 month low of $52.69 and a 12 month high of $77.30.

Agree Realty (NYSE:ADC) last posted its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). The business had revenue of $154.33 million for the quarter, compared to the consensus estimate of $152.83 million. Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The company’s revenue was up 12.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.00 earnings per share. Equities research analysts forecast that Agree Realty Co. will post 4.11 EPS for the current 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. The ex-dividend date is Thursday, October 31st. 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 3.96%. Agree Realty’s payout ratio is presently 178.24%.

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.