Agree Realty Co. (NYSE:ADC) Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC trimmed its holdings in shares of Agree Realty Co. (NYSE:ADC) by 5.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 54,262 shares of the real estate investment trust’s stock after selling 3,221 shares during the period. Mutual of America Capital Management LLC owned about 0.05% of Agree Realty worth $4,088,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. MCF Advisors LLC acquired a new position in shares of Agree Realty during the second quarter worth $26,000. Massmutual Trust Co. FSB ADV lifted 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 worth $38,000 after purchasing an additional 442 shares in the last quarter. Headlands Technologies LLC lifted its position in shares of 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 worth $71,000 after purchasing an additional 798 shares in the last quarter. UMB Bank n.a. lifted its position in shares of Agree Realty by 44.5% during the third quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock worth $73,000 after purchasing an additional 299 shares in the last quarter. Finally, Arcadia Investment Management Corp MI acquired a new position in shares of Agree Realty during the third quarter worth $75,000. 97.83% of the stock is owned by institutional investors and hedge funds.

Agree Realty Stock Up 0.1 %

ADC stock opened at $77.12 on Friday. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52. Agree Realty Co. has a fifty-two week low of $54.28 and a fifty-two week high of $77.58. The firm’s 50-day simple moving average is $75.08 and its 200 day simple moving average is $68.95. The stock has a market cap of $7.98 billion, a PE ratio of 42.61, a price-to-earnings-growth ratio of 3.14 and a beta of 0.61.

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

Agree Realty Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be issued a $0.253 dividend. The ex-dividend date is Friday, November 29th. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.94%. Agree Realty’s dividend payout ratio (DPR) is presently 167.96%.

Analysts Set New Price Targets

A number of research firms have recently commented on ADC. Mizuho boosted their target price on shares of Agree Realty from $75.00 to $80.00 and gave the stock a “neutral” rating in a research report on Thursday, November 14th. Royal Bank of Canada upped their price target on shares of Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Robert W. Baird upped their price target on shares of Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Wells Fargo & Company cut their price target on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. Finally, UBS Group upped their price target 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. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $75.73.

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.