Envestnet Portfolio Solutions Inc. Sells 4,340 Shares of Agree Realty Corporation (NYSE:ADC)

Envestnet Portfolio Solutions Inc. decreased its stake in Agree Realty Corporation (NYSE:ADC) by 40.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,407 shares of the real estate investment trust’s stock after selling 4,340 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Agree Realty were worth $495,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Friedenthal Financial bought a new position in shares of Agree Realty in the 1st quarter worth $897,000. QRG Capital Management Inc. bought a new position in shares of Agree Realty in the 1st quarter worth $238,000. Janney Montgomery Scott LLC increased its holdings in shares of Agree Realty by 61.2% in the 1st quarter. Janney Montgomery Scott LLC now owns 11,982 shares of the real estate investment trust’s stock worth $925,000 after buying an additional 4,551 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Agree Realty by 4.5% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 11,609 shares of the real estate investment trust’s stock worth $896,000 after buying an additional 504 shares during the last quarter. Finally, Azzad Asset Management Inc. ADV increased its holdings in shares of Agree Realty by 2.8% in the 1st quarter. Azzad Asset Management Inc. ADV now owns 6,884 shares of the real estate investment trust’s stock worth $531,000 after buying an additional 187 shares during the last quarter. Institutional investors own 97.83% of the company’s stock.

Agree Realty Trading Down 0.8%

NYSE:ADC opened at $72.38 on Friday. The company has a 50-day moving average price of $75.18 and a 200-day moving average price of $73.89. Agree Realty Corporation has a 12 month low of $61.03 and a 12 month high of $79.65. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.54. The stock has a market cap of $7.96 billion, a price-to-earnings ratio of 40.89, a P/E/G ratio of 2.32 and a beta of 0.56.

Agree Realty (NYSE:ADC) last posted its earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 EPS for the quarter, topping the consensus estimate of $1.05 by $0.01. Agree Realty had a net margin of 30.05% and a return on equity of 3.66%. The firm had revenue of $169.16 million during the quarter, compared to analysts’ expectations of $167.77 million. During the same period last year, the company posted $0.43 EPS. Equities analysts predict that Agree Realty Corporation will post 4.27 EPS for the current year.

Agree Realty Dividend Announcement

The business also recently announced a jun 25 dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be given a $0.256 dividend. The ex-dividend date is Monday, June 30th. This represents a dividend yield of 4.1%. Agree Realty’s dividend payout ratio is 173.45%.

Wall Street Analyst Weigh In

ADC has been the subject of a number of research reports. Mizuho cut their price objective on shares of Agree Realty from $81.00 to $78.00 and set a “neutral” rating for the company in a research note on Monday, June 16th. Robert W. Baird upped their price objective on shares of Agree Realty from $76.00 to $80.00 and gave the company an “outperform” rating in a research note on Friday, April 25th. JMP Securities reaffirmed a “market perform” rating on shares of Agree Realty in a research note on Friday, May 16th. Wall Street Zen cut shares of Agree Realty from a “hold” rating to a “sell” rating in a research note on Saturday, June 21st. Finally, BTIG Research cut shares of Agree Realty from a “buy” rating to a “neutral” rating in a research note on Wednesday, May 7th. One analyst has rated the stock with a sell rating, five have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $80.96.

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.