Agree Realty Co. (NYSE:ADC) Shares Sold by Deprince Race & Zollo Inc.

Deprince Race & Zollo Inc. reduced its holdings in Agree Realty Co. (NYSE:ADC) by 35.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 540,940 shares of the real estate investment trust’s stock after selling 294,914 shares during the quarter. Deprince Race & Zollo Inc.’s holdings in Agree Realty were worth $38,109,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Agree Realty by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 14,549,952 shares of the real estate investment trust’s stock worth $1,025,044,000 after purchasing an additional 219,806 shares in the last quarter. Cohen & Steers Inc. lifted its stake in shares of Agree Realty by 43.0% in the fourth quarter. Cohen & Steers Inc. now owns 9,767,632 shares of the real estate investment trust’s stock valued at $688,108,000 after purchasing an additional 2,937,147 shares during the period. JPMorgan Chase & Co. boosted its holdings in Agree Realty by 37.3% during the third quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust’s stock worth $274,693,000 after buying an additional 990,362 shares in the last quarter. Invesco Ltd. grew its position in Agree Realty by 85.6% during the fourth quarter. Invesco Ltd. now owns 2,212,852 shares of the real estate investment trust’s stock worth $155,895,000 after buying an additional 1,020,512 shares during the period. Finally, Geode Capital Management LLC increased its holdings in Agree Realty by 2.8% in the fourth quarter. Geode Capital Management LLC now owns 2,132,252 shares of the real estate investment trust’s stock valued at $150,255,000 after buying an additional 57,492 shares in the last quarter. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Agree Realty Trading Down 0.6 %

Shares of Agree Realty stock opened at $76.17 on Thursday. The firm has a market cap of $8.38 billion, a PE ratio of 42.79, a P/E/G ratio of 2.88 and a beta of 0.57. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.52. Agree Realty Co. has a fifty-two week low of $58.18 and a fifty-two week high of $79.65. The business’s fifty day moving average is $75.89 and its two-hundred day moving average is $74.13.

Agree Realty (NYSE:ADC) last posted its quarterly earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 EPS for the quarter, beating the consensus estimate of $1.05 by $0.01. The company had revenue of $169.16 million during the quarter, compared to analysts’ expectations of $167.77 million. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. During the same quarter in the previous year, the business earned $0.43 EPS. Analysts anticipate that Agree Realty Co. will post 4.27 earnings per share for the current year.

Agree Realty Increases Dividend

The company also recently declared a apr 25 dividend, which will be paid on Wednesday, May 14th. Shareholders of record on Wednesday, April 30th will be paid a dividend of $0.256 per share. The ex-dividend date is Wednesday, April 30th. This is a positive change from Agree Realty’s previous apr 25 dividend of $0.25. This represents a yield of 4.1%. Agree Realty’s dividend payout ratio is currently 173.45%.

Wall Street Analyst Weigh In

ADC has been the topic of a number of research reports. 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 report on Thursday, February 13th. StockNews.com raised Agree Realty from a “sell” rating to a “hold” rating in a report on Saturday, May 3rd. Evercore ISI lifted their price target on Agree Realty from $82.00 to $83.00 and gave the stock an “outperform” rating in a research note on Thursday, April 24th. Truist Financial increased their price objective on shares of Agree Realty from $77.00 to $82.00 and gave the company a “buy” rating in a research note on Monday. Finally, Stifel Nicolaus lifted their target price on shares of Agree Realty from $81.00 to $82.50 and gave the stock a “buy” rating in a research report on Wednesday, April 23rd. Six research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $81.04.

About Agree Realty

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.