Agree Realty Co. (NYSE:ADC) Shares Sold by ExodusPoint Capital Management LP

ExodusPoint Capital Management LP cut its holdings in shares of Agree Realty Co. (NYSE:ADC) by 9.7% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 462,446 shares of the real estate investment trust’s stock after selling 49,489 shares during the period. ExodusPoint Capital Management LP’s holdings in Agree Realty were worth $32,579,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in ADC. Versant Capital Management Inc boosted its position in Agree Realty by 230.7% during the 4th quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust’s stock worth $30,000 after acquiring an additional 293 shares during the period. Headlands Technologies LLC raised its stake in shares of Agree Realty by 72.8% during the fourth quarter. Headlands Technologies LLC now owns 558 shares of the real estate investment trust’s stock valued at $39,000 after purchasing an additional 235 shares in the last quarter. Financial Life Planners acquired a new stake in Agree Realty in the fourth quarter worth about $44,000. MassMutual Private Wealth & Trust FSB grew its position in 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 valued at $63,000 after buying an additional 230 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB acquired a new position in Agree Realty during the 3rd quarter valued at about $77,000. 97.83% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

ADC has been the subject of a number of research analyst reports. Mizuho reduced their price target on shares of Agree Realty from $80.00 to $74.00 and set a “neutral” rating for the company in a research note on Wednesday, January 8th. Barclays raised Agree Realty from an “underweight” rating to an “equal weight” rating and increased their price target for the company from $74.00 to $75.00 in a research note on Tuesday, March 4th. Royal Bank of Canada lowered their price target on Agree Realty from $79.00 to $78.00 and set an “outperform” rating on the stock in a research report on Thursday, February 13th. Evercore ISI assumed coverage on Agree Realty in a research note on Thursday, December 12th. They set an “outperform” rating and a $82.00 target price for the company. Finally, Citizens Jmp cut shares of Agree Realty from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Five analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $79.85.

Agree Realty Stock Performance

Shares of ADC opened at $76.54 on Thursday. The company has a 50-day moving average of $74.06 and a two-hundred day moving average of $73.93. The stock has a market cap of $8.22 billion, a price-to-earnings ratio of 43.00, a PEG ratio of 2.88 and a beta of 0.64. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78. Agree Realty Co. has a one year low of $54.78 and a one year high of $78.39.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Tuesday, February 11th. The real estate investment trust reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.61. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. On average, equities research analysts expect that Agree Realty Co. will post 4.27 earnings per share for the current year.

Agree Realty Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Monday, April 14th. Investors of record on Monday, March 31st will be given a dividend of $0.253 per share. This represents a $3.04 annualized dividend and a yield of 3.97%. The ex-dividend date is Monday, March 31st. Agree Realty’s payout ratio is 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.