Pacer Advisors Inc. Has $519,000 Stock Position in Agree Realty Corporation (NYSE:ADC)

Pacer Advisors Inc. lessened its position in shares of Agree Realty Corporation (NYSE:ADC) by 55.1% in the first quarter, according to its most recent filing with the SEC. The firm owned 6,730 shares of the real estate investment trust’s stock after selling 8,271 shares during the quarter. Pacer Advisors Inc.’s holdings in Agree Realty were worth $519,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Cohen & Steers Inc. boosted its position in shares of Agree Realty by 43.0% during the 4th quarter. Cohen & Steers Inc. now owns 9,767,632 shares of the real estate investment trust’s stock worth $688,108,000 after purchasing an additional 2,937,147 shares in the last quarter. Millennium Management LLC increased its position in Agree Realty by 1,036.9% in the 4th quarter. Millennium Management LLC now owns 1,171,297 shares of the real estate investment trust’s stock valued at $82,518,000 after buying an additional 1,068,271 shares in the last quarter. Invesco Ltd. raised its stake in Agree Realty by 85.6% during the 4th quarter. Invesco Ltd. now owns 2,212,852 shares of the real estate investment trust’s stock worth $155,895,000 after buying an additional 1,020,512 shares during the period. Northern Trust Corp boosted its holdings in Agree Realty by 89.2% in the fourth quarter. Northern Trust Corp now owns 1,523,280 shares of the real estate investment trust’s stock worth $107,315,000 after acquiring an additional 718,114 shares in the last quarter. Finally, Norges Bank acquired a new stake in Agree Realty in the fourth quarter valued at approximately $48,862,000. Institutional investors and hedge funds own 97.83% of the company’s stock.

Analyst Ratings Changes

ADC has been the subject of a number of recent research reports. Robert W. Baird boosted their price target on shares of Agree Realty from $76.00 to $80.00 and gave the company an “outperform” rating in a research note on Friday, April 25th. Wall Street Zen downgraded shares of Agree Realty from a “hold” rating to a “sell” rating in a research report on Sunday, July 13th. Stifel Nicolaus upped their target price on shares of Agree Realty from $81.00 to $82.50 and gave the stock a “buy” rating in a report on Wednesday, April 23rd. Barclays lifted their price target on Agree Realty from $77.00 to $78.00 and gave the company an “equal weight” rating in a research note on Monday, July 21st. Finally, Evercore ISI increased their price objective on Agree Realty from $82.00 to $83.00 and gave the stock an “outperform” rating in a research note on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Agree Realty presently has an average rating of “Moderate Buy” and an average price target of $80.32.

Agree Realty Price Performance

ADC opened at $71.61 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.72 and a quick ratio of 0.72. The stock’s 50 day simple moving average is $73.64 and its 200 day simple moving average is $74.13. The firm has a market cap of $7.88 billion, a price-to-earnings ratio of 40.46, a PEG ratio of 2.36 and a beta of 0.54. Agree Realty Corporation has a 1 year low of $67.58 and a 1 year high of $79.65.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data on Thursday, July 31st. The real estate investment trust reported $1.06 EPS for the quarter, beating the consensus estimate of $1.05 by $0.01. The firm had revenue of $175.53 million during the quarter, compared to the consensus estimate of $173.95 million. Agree Realty had a net margin of 30.05% and a return on equity of 3.66%. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.04 earnings per share. As a group, analysts predict that Agree Realty Corporation will post 4.27 earnings per share for the current year.

Agree Realty Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Thursday, August 14th. Shareholders of record on Thursday, July 31st will be issued a $0.256 dividend. The ex-dividend date is Thursday, July 31st. This represents a c) dividend on an annualized basis and a yield of 4.3%. Agree Realty’s dividend payout ratio is 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.