Virtus ETF Advisers LLC Sells 292 Shares of Agree Realty Co. (NYSE:ADC)

Virtus ETF Advisers LLC trimmed its holdings in shares of Agree Realty Co. (NYSE:ADC) by 10.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,375 shares of the real estate investment trust’s stock after selling 292 shares during the quarter. Virtus ETF Advisers LLC’s holdings in Agree Realty were worth $167,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. CIBC Asset Management Inc grew its holdings in Agree Realty by 5.2% during the 4th quarter. CIBC Asset Management Inc now owns 3,122 shares of the real estate investment trust’s stock worth $220,000 after acquiring an additional 153 shares during the last quarter. Carmel Capital Partners LLC boosted its stake in shares of Agree Realty by 2.5% in the 4th quarter. Carmel Capital Partners LLC now owns 6,894 shares of the real estate investment trust’s stock valued at $486,000 after purchasing an additional 167 shares during the last quarter. UMB Bank n.a. boosted its stake in shares of Agree Realty by 17.3% in the 4th quarter. UMB Bank n.a. now owns 1,139 shares of the real estate investment trust’s stock valued at $80,000 after purchasing an additional 168 shares during the last quarter. Sequoia Financial Advisors LLC boosted its stake in shares of Agree Realty by 3.8% in the 4th quarter. Sequoia Financial Advisors LLC now owns 4,590 shares of the real estate investment trust’s stock valued at $323,000 after purchasing an additional 169 shares during the last quarter. Finally, Private Advisor Group LLC boosted its stake in shares of Agree Realty by 3.6% in the 4th quarter. Private Advisor Group LLC now owns 4,909 shares of the real estate investment trust’s stock valued at $346,000 after purchasing an additional 170 shares during the last quarter. 97.83% of the stock is owned by institutional investors.

Agree Realty Price Performance

ADC stock opened at $75.66 on Monday. 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 business has a 50-day simple moving average of $75.26 and a two-hundred day simple moving average of $74.03. The company has a market capitalization of $8.32 billion, a P/E ratio of 42.51, a price-to-earnings-growth ratio of 2.88 and a beta of 0.55. Agree Realty Co. has a 52-week low of $57.02 and a 52-week high of $79.65.

Agree Realty (NYSE:ADC) last announced its earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.01. The company had revenue of $169.16 million for the quarter, compared to analysts’ expectations of $167.77 million. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. During the same quarter in the previous year, the firm earned $0.43 earnings per share. Research analysts expect that Agree Realty Co. will post 4.27 EPS for the current fiscal year.

Agree Realty Increases Dividend

The company also recently announced a apr 25 dividend, which will be paid on Wednesday, May 14th. Stockholders of record on Wednesday, April 30th will be issued a $0.256 dividend. The ex-dividend date is Wednesday, April 30th. This represents a dividend yield of 4.1%. This is an increase from Agree Realty’s previous apr 25 dividend of $0.25. Agree Realty’s dividend payout ratio is currently 173.45%.

Analyst Upgrades and Downgrades

ADC has been the topic of a number of analyst reports. 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. StockNews.com lowered shares of Agree Realty from a “hold” rating to a “sell” rating in a research note on Friday. UBS Group raised shares of Agree Realty from a “neutral” rating to a “buy” rating and upped their price objective for the company from $79.00 to $84.00 in a research note on Monday, January 6th. Evercore ISI upped their price objective on shares of Agree Realty from $82.00 to $83.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, Barclays upgraded shares of Agree Realty from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $74.00 to $75.00 in a research report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, four have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $80.88.

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.