Corebridge Financial Inc. Trims Position in Agree Realty Co. (NYSE:ADC)

Corebridge Financial Inc. reduced its holdings in Agree Realty Co. (NYSE:ADC) by 1.5% during the 4th quarter, Holdings Channel reports. The fund owned 116,912 shares of the real estate investment trust’s stock after selling 1,802 shares during the period. Corebridge Financial Inc.’s holdings in Agree Realty were worth $8,236,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Versant Capital Management Inc lifted its position in 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 valued at $30,000 after purchasing an additional 293 shares during the period. Financial Life Planners purchased a new position in shares of Agree Realty during the 4th quarter valued at about $44,000. MassMutual Private Wealth & Trust FSB lifted its holdings in shares of Agree Realty by 34.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust’s stock valued at $63,000 after buying an additional 230 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in shares of Agree Realty in the third quarter worth about $77,000. Finally, UMB Bank n.a. grew its holdings in Agree Realty by 17.3% during the fourth quarter. UMB Bank n.a. now owns 1,139 shares of the real estate investment trust’s stock worth $80,000 after acquiring an additional 168 shares during the period. Institutional investors and hedge funds own 97.83% of the company’s stock.

Agree Realty Trading Up 0.2 %

Shares of ADC stock opened at $76.01 on Friday. 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. The stock’s fifty day moving average is $73.71 and its two-hundred day moving average is $73.94. The firm has a market capitalization of $8.16 billion, a P/E ratio of 42.70, a PEG ratio of 2.88 and a beta of 0.64.

Agree Realty (NYSE:ADC) last posted its quarterly earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share for the quarter, topping 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%. Research analysts expect that Agree Realty Co. will post 4.27 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Monday, April 14th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.253 per share. This represents a $3.04 annualized dividend and a dividend yield of 3.99%. The ex-dividend date is Monday, March 31st. Agree Realty’s dividend payout ratio is currently 170.22%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Citizens Jmp downgraded Agree Realty from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 17th. Stifel Nicolaus cut their target price on shares of Agree Realty from $81.50 to $81.00 and set a “buy” rating for the company in a report on Tuesday, January 7th. JMP Securities downgraded shares of Agree Realty from an “outperform” rating to a “market perform” rating in a report on Tuesday, December 17th. Barclays raised shares of Agree Realty from an “underweight” rating to an “equal weight” rating and lifted their price objective for the company from $74.00 to $75.00 in a report on Tuesday, March 4th. Finally, Wells Fargo & Company increased their target price on shares of Agree Realty from $78.00 to $81.00 and gave the stock an “overweight” rating in a research note on Monday, March 10th. Five investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $79.85.

Agree Realty Company 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.