Allspring Global Investments Holdings LLC Decreases Stake in Agree Realty Co. (NYSE:ADC)

Allspring Global Investments Holdings LLC reduced its stake in shares of Agree Realty Co. (NYSE:ADC) by 3.1% during the 4th quarter, Holdings Channel.com reports. The firm owned 698,344 shares of the real estate investment trust’s stock after selling 22,074 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Agree Realty were worth $48,703,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. UMB Bank n.a. boosted its position in shares of Agree Realty by 17.3% during the 4th quarter. UMB Bank n.a. now owns 1,139 shares of the real estate investment trust’s stock worth $80,000 after purchasing an additional 168 shares in the last quarter. State of Alaska Department of Revenue boosted its position in shares of Agree Realty by 0.4% in the 3rd quarter. State of Alaska Department of Revenue now owns 58,934 shares of the real estate investment trust’s stock worth $4,438,000 after buying an additional 224 shares in the last quarter. MassMutual Private Wealth & Trust FSB boosted its position in shares of Agree Realty by 34.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust’s stock worth $63,000 after buying an additional 230 shares in the last quarter. US Bancorp DE boosted its position in shares of Agree Realty by 1.5% in the 3rd quarter. US Bancorp DE now owns 17,130 shares of the real estate investment trust’s stock worth $1,290,000 after buying an additional 252 shares in the last quarter. Finally, Carmel Capital Partners LLC boosted its position in shares of Agree Realty by 4.0% in the 3rd quarter. Carmel Capital Partners LLC now owns 6,727 shares of the real estate investment trust’s stock worth $507,000 after buying an additional 257 shares in the last quarter. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on ADC shares. Truist Financial boosted their price objective on shares of Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Barclays decreased their price objective on shares of Agree Realty from $76.00 to $74.00 and set an “underweight” rating on the stock in a research report on Tuesday, February 4th. Robert W. Baird boosted their target price on shares of Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Royal Bank of Canada dropped their price objective on shares of Agree Realty from $79.00 to $78.00 and set an “outperform” rating for the company in a research note on Thursday. Finally, StockNews.com downgraded shares of Agree Realty from a “hold” rating to a “sell” rating in a research note on Saturday, February 8th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $79.62.

Agree Realty Stock Up 0.5 %

NYSE ADC opened at $71.79 on Friday. The stock has a market cap of $7.43 billion, a PE ratio of 39.66, a P/E/G ratio of 2.87 and a beta of 0.65. Agree Realty Co. has a fifty-two week low of $54.28 and a fifty-two week high of $78.39. The business has a 50 day moving average price of $71.85 and a two-hundred day moving average price of $73.46. 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 released its quarterly earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.61. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. As a group, sell-side analysts predict that Agree Realty Co. will post 4.13 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The business also recently declared a feb 25 dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be issued a $0.253 dividend. This represents a yield of 4.2%. The ex-dividend date is Friday, February 28th. Agree Realty’s dividend payout ratio is presently 170.22%.

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.