PNC Financial Services Group Inc. Sells 695 Shares of Agree Realty Co. (NYSE:ADC)

PNC Financial Services Group Inc. reduced its holdings in shares of Agree Realty Co. (NYSE:ADC) by 4.7% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 14,219 shares of the real estate investment trust’s stock after selling 695 shares during the period. PNC Financial Services Group Inc.’s holdings in Agree Realty were worth $1,002,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Carmel Capital Partners LLC lifted its stake in shares of Agree Realty by 2.5% during the 4th quarter. Carmel Capital Partners LLC now owns 6,894 shares of the real estate investment trust’s stock worth $486,000 after acquiring an additional 167 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Agree Realty during the 4th quarter worth approximately $101,382,000. Arizona State Retirement System lifted its stake in shares of Agree Realty by 0.8% during the 4th quarter. Arizona State Retirement System now owns 29,204 shares of the real estate investment trust’s stock worth $2,057,000 after acquiring an additional 229 shares during the last quarter. Proficio Capital Partners LLC bought a new stake in shares of Agree Realty during the 4th quarter worth approximately $1,459,000. Finally, M&T Bank Corp lifted its stake in shares of Agree Realty by 4.8% during the 4th quarter. M&T Bank Corp now owns 35,063 shares of the real estate investment trust’s stock worth $2,470,000 after acquiring an additional 1,607 shares during the last quarter. 97.83% of the stock is owned by institutional investors.

Agree Realty Trading Up 1.7 %

Shares of NYSE:ADC opened at $76.86 on Monday. Agree Realty Co. has a 12-month low of $54.78 and a 12-month high of $78.39. The business’s fifty day simple moving average is $72.65 and its 200-day simple moving average is $73.80. The company has a market capitalization of $8.24 billion, a PE ratio of 43.18, a P/E/G ratio of 2.88 and a beta of 0.64. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52.

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, topping the consensus estimate of $0.43 by $0.61. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. As a group, equities research analysts predict that Agree Realty Co. will post 4.27 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, April 14th. Investors of record on Monday, March 31st will be paid a dividend of $0.253 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $3.04 annualized dividend and a yield of 3.95%. Agree Realty’s dividend payout ratio (DPR) is 170.22%.

Analyst Ratings Changes

ADC has been the subject of a number of research analyst reports. Barclays raised Agree Realty from an “underweight” rating to an “equal weight” rating and raised their price target for the stock from $74.00 to $75.00 in a research note on Tuesday, March 4th. Evercore ISI assumed coverage on Agree Realty in a report on Thursday, December 12th. They set an “outperform” rating and a $82.00 price objective on the stock. Citizens Jmp downgraded Agree Realty from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 17th. Stifel Nicolaus reduced their price objective on Agree Realty from $81.50 to $81.00 and set a “buy” rating on the stock in a report on Tuesday, January 7th. Finally, Wells Fargo & Company raised their price objective on Agree Realty from $78.00 to $81.00 and gave the stock an “overweight” rating in a report 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. Based on data from MarketBeat, Agree Realty presently has a consensus 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.