Mutual of America Capital Management LLC Sells 2,293 Shares of Agree Realty Co. (NYSE:ADC)

Mutual of America Capital Management LLC decreased its position in Agree Realty Co. (NYSE:ADC) by 3.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,483 shares of the real estate investment trust’s stock after selling 2,293 shares during the quarter. Mutual of America Capital Management LLC owned approximately 0.06% of Agree Realty worth $3,560,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. MCF Advisors LLC purchased a new stake in Agree Realty in the 2nd quarter valued at about $26,000. Massmutual Trust Co. FSB ADV increased its position in shares of 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 valued at $38,000 after acquiring an additional 442 shares during the last quarter. UMB Bank n.a. increased its position in shares of Agree Realty by 247.3% during the first quarter. UMB Bank n.a. now owns 719 shares of the real estate investment trust’s stock valued at $41,000 after acquiring an additional 512 shares during the last quarter. Parallel Advisors LLC lifted its holdings in Agree Realty by 35.9% during the fourth quarter. Parallel Advisors LLC now owns 1,129 shares of the real estate investment trust’s stock worth $71,000 after acquiring an additional 298 shares during the period. Finally, Headlands Technologies LLC boosted its position in Agree Realty by 232.0% in the second quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock worth $71,000 after purchasing an additional 798 shares during the last quarter. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on ADC. Wells Fargo & Company lifted their target price on Agree Realty from $75.00 to $77.00 and gave the stock an “overweight” rating in a research note on Monday, August 26th. Truist Financial lifted their price objective on Agree Realty from $68.00 to $77.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Stifel Nicolaus increased their target price 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. UBS Group increased their target price on Agree Realty from $60.00 to $67.00 and gave the stock a “neutral” rating in a research report on Thursday, July 18th. Finally, StockNews.com upgraded Agree Realty from a “sell” rating to a “hold” rating in a research note on Tuesday, June 11th. Four analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $70.96.

Agree Realty Trading Up 0.4 %

Shares of ADC opened at $74.45 on Monday. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.79 and a quick ratio of 0.79. Agree Realty Co. has a 1-year low of $52.69 and a 1-year high of $77.30. The company has a market capitalization of $7.49 billion, a P/E ratio of 43.79, a P/E/G ratio of 2.54 and a beta of 0.61. The firm’s 50 day simple moving average is $71.85 and its 200 day simple moving average is $63.53.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.51). Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The company had revenue of $152.58 million for the quarter, compared to the consensus estimate of $150.35 million. During the same period in the prior year, the firm posted $0.98 earnings per share. The business’s revenue was up 17.5% on a year-over-year basis. Sell-side analysts forecast that Agree Realty Co. will post 4.11 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a dividend of $0.25 per share. The ex-dividend date is Monday, September 30th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.03%. Agree Realty’s dividend payout ratio is 176.47%.

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.