Victory Capital Management Inc. Sells 1,253 Shares of Agree Realty Co. (NYSE:ADC)

Victory Capital Management Inc. lessened its holdings in Agree Realty Co. (NYSE:ADC) by 5.7% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 20,706 shares of the real estate investment trust’s stock after selling 1,253 shares during the period. Victory Capital Management Inc.’s holdings in Agree Realty were worth $1,560,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in ADC. MCF Advisors LLC purchased a new stake in Agree Realty in the second quarter worth $26,000. Massmutual Trust Co. FSB ADV lifted 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 buying an additional 442 shares during the period. UMB Bank n.a. boosted its position in Agree Realty by 44.5% during the 3rd quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock valued at $73,000 after acquiring an additional 299 shares in the last quarter. Arcadia Investment Management Corp MI bought a new position in Agree Realty in the third quarter worth about $75,000. Finally, Headlands Technologies LLC lifted its position 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 valued at $71,000 after acquiring an additional 798 shares during the last quarter. Institutional investors own 97.83% of the company’s stock.

Wall Street Analyst Weigh In

ADC has been the subject of a number of research analyst reports. KeyCorp raised their price target on shares of Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, October 4th. UBS Group lifted their price objective on shares of Agree Realty from $77.00 to $79.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. Robert W. Baird upped their price objective on shares of Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. StockNews.com raised Agree Realty from a “sell” rating to a “hold” rating in a research note on Friday. Finally, Truist Financial boosted their target price on Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $75.73.

Agree Realty Stock Performance

Shares of Agree Realty stock opened at $76.41 on Tuesday. The business has a 50-day moving average of $75.10 and a 200 day moving average of $69.28. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66. Agree Realty Co. has a 12 month low of $54.28 and a 12 month high of $77.58. The stock has a market capitalization of $7.91 billion, a price-to-earnings ratio of 42.57, a price-to-earnings-growth ratio of 3.10 and a beta of 0.61.

Agree Realty (NYSE:ADC) last issued its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.61). The firm had revenue of $154.33 million during the quarter, compared to analyst estimates of $152.83 million. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The firm’s revenue was up 12.8% compared to the same quarter last year. During the same period last year, the business earned $1.00 EPS. As a group, sell-side analysts forecast that Agree Realty Co. will post 4.12 earnings per share for the current year.

Agree Realty Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be given a $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.97%. The ex-dividend date is Friday, November 29th. Agree Realty’s dividend payout ratio (DPR) is 167.40%.

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.