Agree Realty Co. (NYSE:ADC) Stock Position Trimmed by Gilman Hill Asset Management LLC

Gilman Hill Asset Management LLC decreased its position in Agree Realty Co. (NYSE:ADC) by 6.9% in the 4th quarter, Holdings Channel.com reports. The firm owned 7,658 shares of the real estate investment trust’s stock after selling 565 shares during the period. Gilman Hill Asset Management LLC’s holdings in Agree Realty were worth $540,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in ADC. Versant Capital Management Inc boosted its position in shares of Agree Realty by 230.7% during the fourth quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust’s stock worth $30,000 after buying an additional 293 shares during the period. UMB Bank n.a. boosted its position in Agree Realty by 44.5% during the 3rd quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock worth $73,000 after acquiring an additional 299 shares during the period. Arcadia Investment Management Corp MI bought a new position in shares of Agree Realty in the third quarter worth $75,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Agree Realty during the third quarter valued at $77,000. Finally, Vestcor Inc bought a new stake in shares of Agree Realty during the third quarter valued at about $111,000. Institutional investors and hedge funds own 97.83% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Agree Realty in a research report on Wednesday, December 11th. They issued a “buy” rating and a $88.00 target price for the company. Royal Bank of Canada lowered their price objective on shares of Agree Realty from $80.00 to $79.00 and set an “outperform” rating on the stock in a research note on Tuesday, January 7th. Wells Fargo & Company cut their target price on Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. UBS Group upgraded Agree Realty from a “neutral” rating to a “buy” rating and lifted their price target for the company from $79.00 to $84.00 in a research report on Monday, January 6th. Finally, Stifel Nicolaus cut their price objective on Agree Realty from $81.50 to $81.00 and set a “buy” rating for the company in a report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, four have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $78.53.

Agree Realty Price Performance

Shares of NYSE:ADC opened at $72.46 on Tuesday. The company has a market cap of $7.50 billion, a P/E ratio of 40.03, a price-to-earnings-growth ratio of 2.41 and a beta of 0.64. The company’s fifty day moving average is $73.18 and its two-hundred day moving average is $72.65. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52. Agree Realty Co. has a 12-month low of $54.28 and a 12-month high of $78.39.

Agree Realty (NYSE:ADC) last announced its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.61). Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The business had revenue of $154.33 million during the quarter, compared to analysts’ expectations of $152.83 million. During the same period in the prior year, the company posted $1.00 earnings per share. The firm’s revenue was up 12.8% on a year-over-year basis. Equities analysts expect that Agree Realty Co. will post 4.12 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be issued a dividend of $0.253 per share. This represents a $3.04 annualized dividend and a dividend yield of 4.19%. The ex-dividend date is Friday, January 31st. Agree Realty’s dividend payout ratio is currently 167.96%.

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.