Agree Realty Corporation (NYSE:ADC) Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. reduced its stake in shares of Agree Realty Corporation (NYSE:ADC) by 2.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 293,753 shares of the real estate investment trust’s stock after selling 7,998 shares during the period. Envestnet Asset Management Inc. owned approximately 0.27% of Agree Realty worth $22,675,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Bernard Wealth Management Corp. acquired a new position in shares of Agree Realty in the 4th quarter worth approximately $31,000. Capital Advisors Ltd. LLC boosted its holdings in shares of Agree Realty by 137.8% in the 1st quarter. Capital Advisors Ltd. LLC now owns 466 shares of the real estate investment trust’s stock valued at $36,000 after buying an additional 270 shares in the last quarter. Headlands Technologies LLC boosted its holdings in shares of Agree Realty by 72.8% in the 4th quarter. Headlands Technologies LLC now owns 558 shares of the real estate investment trust’s stock valued at $39,000 after buying an additional 235 shares in the last quarter. NBC Securities Inc. acquired a new position in shares of Agree Realty in the 1st quarter valued at $39,000. Finally, Quarry LP acquired a new position in shares of Agree Realty in the 4th quarter valued at $52,000. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Agree Realty Trading Down 1.1%

ADC stock opened at $71.67 on Wednesday. The firm has a fifty day moving average price of $74.02 and a 200 day moving average price of $73.94. Agree Realty Corporation has a fifty-two week low of $65.50 and a fifty-two week high of $79.65. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.72 and a current ratio of 0.72. The firm has a market cap of $7.89 billion, a PE ratio of 40.49, a price-to-earnings-growth ratio of 2.35 and a beta of 0.54.

Agree Realty (NYSE:ADC) last released its quarterly earnings data on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.01. Agree Realty had a return on equity of 3.66% and a net margin of 30.05%. The firm had revenue of $169.16 million during the quarter, compared to the consensus estimate of $167.77 million. During the same period in the previous year, the company posted $0.43 earnings per share. Sell-side analysts anticipate that Agree Realty Corporation will post 4.27 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Thursday, August 14th. Stockholders of record on Thursday, July 31st will be paid a dividend of $0.256 per share. This represents a $3.07 annualized dividend and a dividend yield of 4.29%. The ex-dividend date of this dividend is Thursday, July 31st. Agree Realty’s payout ratio is 173.45%.

Analyst Ratings Changes

Several analysts have weighed in on ADC shares. Barclays set a $77.00 target price on shares of Agree Realty and gave the company an “equal weight” rating in a research note on Wednesday, May 21st. Stifel Nicolaus upped their price target on shares of Agree Realty from $81.00 to $82.50 and gave the stock a “buy” rating in a research report on Wednesday, April 23rd. Mizuho lowered their price target on shares of Agree Realty from $81.00 to $78.00 and set a “neutral” rating for the company in a research report on Monday, June 16th. Robert W. Baird upped their price target on shares of Agree Realty from $76.00 to $80.00 and gave the stock an “outperform” rating in a research report on Friday, April 25th. Finally, Wall Street Zen downgraded shares of Agree Realty from a “hold” rating to a “sell” rating in a report on Sunday. One investment analyst has rated the stock with a sell rating, six have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $80.54.

Agree Realty Company 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.