Ameriprise Financial Inc. Decreases Position in Agree Realty Co. (NYSE:ADC)

Ameriprise Financial Inc. reduced its holdings in shares of Agree Realty Co. (NYSE:ADC) by 6.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 142,128 shares of the real estate investment trust’s stock after selling 9,573 shares during the period. Ameriprise Financial Inc. owned approximately 0.14% of Agree Realty worth $10,014,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Bernard Wealth Management Corp. purchased a new stake in shares of Agree Realty during the fourth quarter worth about $31,000. Headlands Technologies LLC boosted its stake in Agree Realty by 72.8% in the 4th quarter. Headlands Technologies LLC now owns 558 shares of the real estate investment trust’s stock worth $39,000 after purchasing an additional 235 shares in the last quarter. Financial Life Planners purchased a new stake in Agree Realty during the 4th quarter worth approximately $44,000. Quarry LP acquired a new position in Agree Realty during the 4th quarter valued at approximately $52,000. Finally, MassMutual Private Wealth & Trust FSB raised its holdings in shares of Agree Realty by 34.4% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust’s stock worth $63,000 after buying an additional 230 shares during the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Stifel Nicolaus lifted their price objective on shares of Agree Realty from $81.00 to $82.50 and gave the stock a “buy” rating in a research note on Wednesday, April 23rd. Barclays upgraded Agree Realty from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $74.00 to $75.00 in a research note on Tuesday, March 4th. StockNews.com upgraded Agree Realty from a “sell” rating to a “hold” rating in a research note on Monday. JMP Securities reiterated a “market perform” rating on shares of Agree Realty in a research report on Friday. Finally, BTIG Research downgraded shares of Agree Realty from a “buy” rating to a “neutral” rating in a report on Wednesday, May 7th. Six investment 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 stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $81.04.

Agree Realty Price Performance

NYSE:ADC opened at $75.64 on Tuesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78. The company has a 50 day moving average price of $75.70 and a 200-day moving average price of $74.09. Agree Realty Co. has a 1-year low of $58.52 and a 1-year high of $79.65. The firm has a market cap of $8.32 billion, a price-to-earnings ratio of 42.49, a price-to-earnings-growth ratio of 2.88 and a beta of 0.57.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.01. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. The business had revenue of $169.16 million during the quarter, compared to the consensus estimate of $167.77 million. During the same quarter in the prior year, the firm posted $0.43 earnings per share. Equities research analysts forecast that Agree Realty Co. will post 4.27 EPS for the current year.

Agree Realty Increases Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, June 13th. Shareholders of record on Friday, May 30th will be given a dividend of $0.256 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $3.07 dividend on an annualized basis and a yield of 4.06%. This is an increase from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s dividend payout ratio is currently 173.45%.

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.