Wellington Management Group LLP Lowers Stock Holdings in Agree Realty Co. (NYSE:ADC)

Wellington Management Group LLP lessened its holdings in shares of Agree Realty Co. (NYSE:ADC) by 4.2% during the third quarter, HoldingsChannel reports. The firm owned 77,274 shares of the real estate investment trust’s stock after selling 3,363 shares during the quarter. Wellington Management Group LLP’s holdings in Agree Realty were worth $5,821,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in ADC. MCF Advisors LLC acquired a new position in Agree Realty in the second quarter valued at $26,000. UMB Bank n.a. grew its holdings in Agree Realty by 44.5% in the 3rd quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock valued at $73,000 after buying an additional 299 shares during the period. Arcadia Investment Management Corp MI acquired a new position in shares of Agree Realty during the 3rd quarter valued at about $75,000. Headlands Technologies LLC lifted its holdings in shares of Agree Realty by 232.0% during the 2nd quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock worth $71,000 after acquiring an additional 798 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in shares of Agree Realty by 53.5% during the 3rd quarter. GAMMA Investing LLC now owns 2,154 shares of the real estate investment trust’s stock worth $162,000 after acquiring an additional 751 shares during the period. Institutional investors and hedge funds own 97.83% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on ADC. KeyCorp upped their price target on shares of Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. Royal Bank of Canada boosted their price objective on shares of Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Evercore ISI began coverage on Agree Realty in a research report on Thursday, December 12th. They issued an “outperform” rating and a $82.00 target price on the stock. StockNews.com upgraded Agree Realty from a “sell” rating to a “hold” rating in a report on Tuesday. Finally, BTIG Research upped their price target on Agree Realty from $74.00 to $78.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Three analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $78.18.

Agree Realty Stock Down 0.8 %

NYSE ADC opened at $74.05 on Tuesday. The stock has a market cap of $7.67 billion, a PE ratio of 40.91, a P/E/G ratio of 3.66 and a beta of 0.62. The business has a 50 day moving average price of $75.23 and a two-hundred day moving average price of $70.92. Agree Realty Co. has a fifty-two week low of $54.28 and a fifty-two week high of $78.39. 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 (NYSE:ADC) last announced its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.61). Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The firm had revenue of $154.33 million during the quarter, compared to analysts’ expectations of $152.83 million. During the same quarter last year, the company posted $1.00 earnings per share. Agree Realty’s revenue for the quarter was up 12.8% compared to the same quarter last year. As a group, sell-side analysts predict that Agree Realty Co. will post 4.12 EPS for the current fiscal year.

Agree Realty Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.253 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.10%. The ex-dividend date is Tuesday, December 31st. Agree Realty’s payout ratio is 167.40%.

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.