Pacer Advisors Inc. Lowers Stock Position in Agree Realty Co. (NYSE:ADC)

Pacer Advisors Inc. trimmed its position in shares of Agree Realty Co. (NYSE:ADC) by 25.8% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 15,001 shares of the real estate investment trust’s stock after selling 5,228 shares during the period. Pacer Advisors Inc.’s holdings in Agree Realty were worth $1,057,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the company. The Manufacturers Life Insurance Company raised its holdings in shares of Agree Realty by 0.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 103,674 shares of the real estate investment trust’s stock worth $6,422,000 after purchasing an additional 382 shares during the period. Algert Global LLC purchased a new position in Agree Realty in the second quarter valued at approximately $628,000. Sanctuary Advisors LLC acquired a new position in Agree Realty during the second quarter valued at approximately $1,235,000. SG Americas Securities LLC grew its stake in Agree Realty by 33.9% during the third quarter. SG Americas Securities LLC now owns 17,305 shares of the real estate investment trust’s stock worth $1,304,000 after buying an additional 4,385 shares during the period. Finally, Handelsbanken Fonder AB grew its stake in Agree Realty by 60.0% during the third quarter. Handelsbanken Fonder AB now owns 29,337 shares of the real estate investment trust’s stock worth $2,210,000 after buying an additional 11,000 shares during the period. 97.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Citizens Jmp lowered shares of Agree Realty from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 17th. Wells Fargo & Company reduced their price objective on Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. Stifel Nicolaus lowered their target price on Agree Realty from $81.50 to $81.00 and set a “buy” rating for the company in a research note on Tuesday, January 7th. JMP Securities lowered Agree Realty from an “outperform” rating to a “market perform” rating in a research report on Tuesday, December 17th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $79.00 price objective on shares of Agree Realty in a research report on Tuesday, January 28th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $79.07.

Agree Realty Price Performance

ADC opened at $72.60 on Monday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66. Agree Realty Co. has a 1-year low of $54.28 and a 1-year high of $78.39. The company has a 50-day moving average of $72.45 and a 200-day moving average of $73.20. The company has a market capitalization of $7.52 billion, a P/E ratio of 40.11, a PEG ratio of 2.54 and a beta of 0.64.

Agree Realty Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be paid a dividend of $0.253 per share. This represents a $3.04 annualized dividend and a yield of 4.18%. The ex-dividend date of this dividend is Friday, January 31st. Agree Realty’s payout ratio is currently 167.96%.

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.