Agree Realty Corporation $ADC Holdings Trimmed by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans cut its holdings in Agree Realty Corporation (NYSE:ADC) by 66.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 317,679 shares of the real estate investment trust’s stock after selling 619,896 shares during the quarter. Thrivent Financial for Lutherans owned about 0.29% of Agree Realty worth $23,210,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of ADC. Twin Tree Management LP grew its position in Agree Realty by 615,421.4% in the first quarter. Twin Tree Management LP now owns 86,173 shares of the real estate investment trust’s stock worth $6,652,000 after buying an additional 86,159 shares during the last quarter. Ascent Group LLC bought a new stake in shares of Agree Realty during the 1st quarter worth $2,459,000. Cubist Systematic Strategies LLC acquired a new position in shares of Agree Realty in the 1st quarter worth $1,161,000. Cetera Investment Advisers raised its position in shares of Agree Realty by 4.4% during the second quarter. Cetera Investment Advisers now owns 32,022 shares of the real estate investment trust’s stock worth $2,340,000 after purchasing an additional 1,351 shares during the period. Finally, Cbre Investment Management Listed Real Assets LLC raised its position in shares of Agree Realty by 98.7% during the first quarter. Cbre Investment Management Listed Real Assets LLC now owns 821,090 shares of the real estate investment trust’s stock worth $63,380,000 after purchasing an additional 407,820 shares during the period. 97.83% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Agree Realty

In other Agree Realty news, CEO Joey Agree purchased 3,528 shares of the company’s stock in a transaction dated Thursday, October 2nd. The shares were bought at an average price of $70.63 per share, for a total transaction of $249,182.64. Following the purchase, the chief executive officer directly owned 638,688 shares in the company, valued at $45,110,533.44. This trade represents a 0.56% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Craig Erlich acquired 360 shares of Agree Realty stock in a transaction that occurred on Friday, October 3rd. The stock was acquired at an average cost of $70.84 per share, with a total value of $25,502.40. Following the purchase, the insider owned 52,846 shares in the company, valued at $3,743,610.64. The trade was a 0.69% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders have acquired 29,042 shares of company stock valued at $2,045,778. 1.80% of the stock is currently owned by corporate insiders.

Agree Realty Price Performance

Shares of NYSE:ADC opened at $71.04 on Wednesday. The firm has a market cap of $8.16 billion, a price-to-earnings ratio of 41.54, a P/E/G ratio of 2.34 and a beta of 0.54. Agree Realty Corporation has a 1 year low of $67.58 and a 1 year high of $79.65. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.59. The business has a fifty day simple moving average of $73.50 and a 200 day simple moving average of $73.05.

Agree Realty (NYSE:ADC) last issued its earnings results on Tuesday, October 21st. The real estate investment trust reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.02. Agree Realty had a return on equity of 3.52% and a net margin of 28.11%.The firm had revenue of $183.22 million for the quarter, compared to the consensus estimate of $181.87 million. During the same quarter in the previous year, the company posted $1.03 earnings per share. The business’s quarterly revenue was up 18.7% compared to the same quarter last year. Agree Realty has set its FY 2025 guidance at 4.310-4.330 EPS. As a group, sell-side analysts predict that Agree Realty Corporation will post 4.27 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 31st will be issued a $0.262 dividend. The ex-dividend date is Wednesday, December 31st. This represents a c) dividend on an annualized basis and a yield of 4.4%. Agree Realty’s dividend payout ratio is currently 183.63%.

Analysts Set New Price Targets

A number of analysts have commented on ADC shares. Barclays upped their price objective on shares of Agree Realty from $77.00 to $78.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 3rd. Wells Fargo & Company upped their price target on shares of Agree Realty from $81.00 to $83.00 and gave the company an “overweight” rating in a research report on Tuesday, November 25th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Agree Realty in a research report on Wednesday, October 8th. KeyCorp boosted their target price on shares of Agree Realty from $80.00 to $82.00 and gave the company an “overweight” rating in a research note on Friday, October 24th. Finally, Stifel Nicolaus set a $83.50 target price on Agree Realty in a research report on Tuesday, November 25th. Eight research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $80.50.

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.