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

Allspring Global Investments Holdings LLC cut its holdings in Agree Realty Co. (NYSE:ADC) by 12.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 720,418 shares of the real estate investment trust’s stock after selling 98,892 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Agree Realty were worth $54,269,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of ADC. Long Pond Capital LP grew its position in Agree Realty by 489.8% during the 1st quarter. Long Pond Capital LP now owns 2,868,640 shares of the real estate investment trust’s stock valued at $163,857,000 after purchasing an additional 2,382,252 shares during the last quarter. PGGM Investments bought a new position in Agree Realty during the 2nd quarter valued at about $70,225,000. Daiwa Securities Group Inc. lifted its stake in Agree Realty by 55.9% during the 2nd quarter. Daiwa Securities Group Inc. now owns 1,815,511 shares of the real estate investment trust’s stock valued at $112,453,000 after acquiring an additional 650,921 shares during the period. Leeward Investments LLC MA bought a new position in Agree Realty during the 2nd quarter valued at about $30,306,000. Finally, Cincinnati Insurance Co. lifted its stake in Agree Realty by 106.7% during the 1st quarter. Cincinnati Insurance Co. now owns 789,500 shares of the real estate investment trust’s stock valued at $45,096,000 after acquiring an additional 407,500 shares during the period. 97.83% of the stock is owned by hedge funds and other institutional investors.

Agree Realty Trading Down 0.8 %

Shares of ADC opened at $74.96 on Tuesday. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.79 and a quick ratio of 0.79. Agree Realty Co. has a 1 year low of $52.69 and a 1 year high of $77.30. The company has a 50 day simple moving average of $74.23 and a two-hundred day simple moving average of $66.21. The firm has a market cap of $7.54 billion, a P/E ratio of 44.09, a price-to-earnings-growth ratio of 2.47 and a beta of 0.61.

Agree Realty (NYSE:ADC) last announced its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.51). Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The company had revenue of $152.58 million for the quarter, compared to analysts’ expectations of $150.35 million. During the same period last year, the business earned $0.98 earnings per share. The company’s quarterly revenue was up 17.5% compared to the same quarter last year. On average, equities analysts expect that Agree Realty Co. will post 4.11 earnings per share for the current fiscal year.

Agree Realty Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be issued a $0.253 dividend. The ex-dividend date of this dividend is Thursday, October 31st. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.05%. Agree Realty’s dividend payout ratio (DPR) is 178.24%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. BTIG Research increased their price objective on shares of Agree Realty from $65.00 to $74.00 and gave the stock a “buy” rating in a research note on Monday, August 12th. Raymond James increased their price objective on shares of Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, August 21st. KeyCorp increased their price objective on shares of Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, October 4th. Wells Fargo & Company reiterated an “overweight” rating and issued a $80.00 price objective (up previously from $77.00) on shares of Agree Realty in a research note on Tuesday, October 1st. Finally, Royal Bank of Canada increased their price objective on shares of Agree Realty from $63.00 to $70.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Four research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Agree Realty presently has a consensus rating of “Moderate Buy” and a consensus target price of $73.04.

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.