Verition Fund Management LLC Sells 91,136 Shares of Agree Realty Co. (NYSE:ADC)

Verition Fund Management LLC lowered its holdings in Agree Realty Co. (NYSE:ADC) by 61.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 56,786 shares of the real estate investment trust’s stock after selling 91,136 shares during the period. Verition Fund Management LLC owned about 0.05% of Agree Realty worth $4,278,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the business. PGGM Investments bought a new position in shares of Agree Realty in the 2nd quarter valued at about $70,225,000. AQR Capital Management LLC grew its position in shares of Agree Realty by 67.4% in the 2nd quarter. AQR Capital Management LLC now owns 462,868 shares of the real estate investment trust’s stock valued at $28,476,000 after acquiring an additional 186,285 shares during the period. Citigroup Inc. grew its position in shares of Agree Realty by 348.9% in the 3rd quarter. Citigroup Inc. now owns 347,496 shares of the real estate investment trust’s stock valued at $26,177,000 after acquiring an additional 270,093 shares during the period. Manning & Napier Advisors LLC bought a new position in shares of Agree Realty in the 2nd quarter valued at about $5,915,000. Finally, Vanderbilt University grew its position in shares of Agree Realty by 148.9% in the 3rd quarter. Vanderbilt University now owns 16,933 shares of the real estate investment trust’s stock valued at $1,276,000 after acquiring an additional 10,129 shares during the period. Institutional investors own 97.83% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on ADC. Raymond James lifted their price objective on shares of Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research report on Wednesday, August 21st. UBS Group raised their target price on shares of Agree Realty from $77.00 to $79.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. Mizuho raised their target price on shares of Agree Realty from $75.00 to $80.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. Robert W. Baird raised their target price on shares of Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Finally, KeyCorp raised their target price on shares of Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, October 4th. Four analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Agree Realty currently has a consensus rating of “Moderate Buy” and a consensus price target of $76.04.

Agree Realty Price Performance

Shares of Agree Realty stock opened at $74.54 on Wednesday. Agree Realty Co. has a twelve month low of $54.28 and a twelve month high of $78.39. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52. The company has a 50-day simple moving average of $75.28 and a two-hundred day simple moving average of $70.08. The stock has a market capitalization of $7.72 billion, a price-to-earnings ratio of 41.18, a price-to-earnings-growth ratio of 3.72 and a beta of 0.62.

Agree Realty (NYSE:ADC) last issued its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS for the quarter, missing the consensus estimate of $1.03 by ($0.61). The firm had revenue of $154.33 million during the quarter, compared to analyst estimates of $152.83 million. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. Agree Realty’s quarterly revenue was up 12.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.00 earnings per share. Analysts forecast that Agree Realty Co. will post 4.12 EPS for the current year.

Agree Realty Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be given a $0.253 dividend. This represents a $3.04 annualized dividend and a dividend yield of 4.07%. The ex-dividend date of this dividend is Friday, November 29th. Agree Realty’s payout ratio is presently 167.96%.

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.