Agree Realty Co. (NYSE:ADC) Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans lessened its holdings in Agree Realty Co. (NYSE:ADC) by 1.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,353,080 shares of the real estate investment trust’s stock after selling 26,317 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Agree Realty were worth $101,927,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of ADC. Virtu Financial LLC purchased a new position in shares of Agree Realty in the 1st quarter valued at about $599,000. PGGM Investments purchased a new position in Agree Realty in the second quarter valued at approximately $70,225,000. Ontario Teachers Pension Plan Board acquired a new stake in Agree Realty during the first quarter worth approximately $828,000. AQR Capital Management LLC lifted its position in shares of Agree Realty by 67.4% during the 2nd quarter. AQR Capital Management LLC now owns 462,868 shares of the real estate investment trust’s stock worth $28,476,000 after buying an additional 186,285 shares during the last quarter. Finally, Walleye Trading LLC acquired a new position in shares of Agree Realty in the 1st quarter valued at $955,000. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Agree Realty Stock Up 0.5 %

ADC opened at $75.97 on Monday. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66. Agree Realty Co. has a 12 month low of $54.28 and a 12 month high of $77.47. The stock has a market capitalization of $7.86 billion, a P/E ratio of 41.97, a P/E/G ratio of 3.08 and a beta of 0.61. The business has a 50 day simple moving average of $75.03 and a 200-day simple moving average of $68.55.

Agree Realty (NYSE:ADC) last posted its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The company had revenue of $154.33 million for the quarter, compared to analyst estimates of $152.83 million. During the same period last year, the company earned $1.00 earnings per share. The business’s revenue for the quarter was up 12.8% compared to the same quarter last year. On average, equities analysts anticipate that Agree Realty Co. will post 4.12 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be paid a $0.253 dividend. This represents a $3.04 annualized dividend and a yield of 4.00%. The ex-dividend date of this dividend is Friday, November 29th. Agree Realty’s payout ratio is currently 167.96%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on ADC. BTIG Research boosted their price target on shares of Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a research report on Monday, August 12th. Stifel Nicolaus boosted their price objective on Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Raymond James lifted their target price on shares of Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a report on Wednesday, August 21st. Robert W. Baird increased their price target on shares of Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Finally, StockNews.com cut shares of Agree Realty from a “hold” rating to a “sell” rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Agree Realty currently has a consensus rating of “Moderate Buy” and an average price target of $75.73.

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.