Prudential Financial Inc. Sells 323,246 Shares of Agree Realty Co. (NYSE:ADC)

Prudential Financial Inc. trimmed its position in shares of Agree Realty Co. (NYSE:ADC) by 25.6% during the 4th quarter, Holdings Channel reports. The firm owned 940,539 shares of the real estate investment trust’s stock after selling 323,246 shares during the period. Prudential Financial Inc.’s holdings in Agree Realty were worth $66,261,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of ADC. Pathstone Holdings LLC raised its holdings in Agree Realty by 15.9% during the third quarter. Pathstone Holdings LLC now owns 25,833 shares of the real estate investment trust’s stock valued at $1,946,000 after acquiring an additional 3,535 shares during the period. Caprock Group LLC purchased a new stake in shares of Agree Realty during the third quarter worth about $262,000. PNC Financial Services Group Inc. raised its stake in Agree Realty by 3.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 14,914 shares of the real estate investment trust’s stock valued at $1,123,000 after purchasing an additional 549 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its holdings in Agree Realty by 40.2% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 118,306 shares of the real estate investment trust’s stock worth $8,912,000 after purchasing an additional 33,914 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Agree Realty by 3.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,588,355 shares of the real estate investment trust’s stock worth $119,651,000 after purchasing an additional 57,354 shares during the period. 97.83% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Mizuho reduced their price objective on shares of Agree Realty from $80.00 to $74.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 8th. Deutsche Bank Aktiengesellschaft began coverage on shares of Agree Realty in a research note on Wednesday, December 11th. They issued a “buy” rating and a $88.00 price target on the stock. StockNews.com upgraded Agree Realty from a “sell” rating to a “hold” rating in a research report on Sunday, February 16th. Citizens Jmp downgraded Agree Realty from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Finally, Royal Bank of Canada cut their price target on Agree Realty from $79.00 to $78.00 and set an “outperform” rating for the company in a report on Thursday, February 13th. Five analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Agree Realty presently has a consensus rating of “Moderate Buy” and an average price target of $79.85.

Agree Realty Stock Performance

NYSE:ADC opened at $75.72 on Tuesday. The firm has a market capitalization of $8.12 billion, a PE ratio of 42.54, a PEG ratio of 2.88 and a beta of 0.64. The stock’s fifty day moving average is $73.44 and its 200 day moving average is $73.91. Agree Realty Co. has a fifty-two week low of $54.78 and a fifty-two week high of $78.39. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.78 and a current ratio of 0.78.

Agree Realty (NYSE:ADC) last announced its earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share for the quarter, beating the consensus estimate 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, sell-side analysts anticipate that Agree Realty Co. will post 4.27 earnings per share for the current year.

Agree Realty Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Monday, April 14th. Shareholders of record on Monday, March 31st will be paid a $0.253 dividend. This represents a $3.04 annualized dividend and a yield of 4.01%. The ex-dividend date of this dividend is Monday, March 31st. Agree Realty’s payout ratio is currently 170.22%.

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.