Mirae Asset Global Investments Co. Ltd. Sells 1,098 Shares of Agree Realty Co. (NYSE:ADC)

Mirae Asset Global Investments Co. Ltd. lowered its holdings in shares of Agree Realty Co. (NYSE:ADC) by 28.1% during the fourth quarter, HoldingsChannel reports. The firm owned 2,808 shares of the real estate investment trust’s stock after selling 1,098 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Agree Realty were worth $197,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Versant Capital Management Inc boosted its stake in Agree Realty by 230.7% in the 4th quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust’s stock worth $30,000 after purchasing an additional 293 shares during the period. Financial Life Planners bought a new stake in Agree Realty in the 4th quarter valued at approximately $44,000. MassMutual Private Wealth & Trust FSB grew its stake in shares of Agree Realty by 34.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust’s stock worth $63,000 after acquiring an additional 230 shares in the last quarter. Arcadia Investment Management Corp MI acquired a new stake in shares of Agree Realty in the third quarter valued at approximately $75,000. Finally, Wilmington Savings Fund Society FSB bought a new stake in shares of Agree Realty in the third quarter worth $77,000. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Agree Realty Stock Performance

NYSE ADC opened at $71.79 on Friday. The firm’s fifty day moving average price is $71.85 and its two-hundred day moving average price is $73.46. The stock has a market cap of $7.43 billion, a PE ratio of 39.66, a PEG ratio of 2.87 and a beta of 0.65. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66. Agree Realty Co. has a fifty-two week low of $54.28 and a fifty-two week high of $78.39.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.61. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. On average, equities analysts expect that Agree Realty Co. will post 4.13 EPS for the current fiscal year.

Agree Realty Announces Dividend

The firm also recently disclosed a feb 25 dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be issued a $0.253 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a yield of 4.2%. Agree Realty’s dividend payout ratio (DPR) is presently 170.22%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ADC. Robert W. Baird lifted their price target on shares of Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Stifel Nicolaus lowered their target price on Agree Realty from $81.50 to $81.00 and set a “buy” rating on the stock in a research report on Tuesday, January 7th. Wells Fargo & Company dropped their target price on Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. Mizuho decreased their price target on Agree Realty from $80.00 to $74.00 and set a “neutral” rating for the company in a research note on Wednesday, January 8th. Finally, Truist Financial upped their price objective on Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Two analysts have rated the stock with a sell rating, three have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $79.62.

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.