Agree Realty Co. (NYSE:ADC) Shares Sold by MetLife Investment Management LLC

MetLife Investment Management LLC lowered its holdings in Agree Realty Co. (NYSE:ADC) by 1.8% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 54,912 shares of the real estate investment trust’s stock after selling 993 shares during the quarter. MetLife Investment Management LLC’s holdings in Agree Realty were worth $4,137,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. MCF Advisors LLC acquired a new position in shares of Agree Realty in the 2nd quarter valued at $26,000. Massmutual Trust Co. FSB ADV boosted its holdings in shares of Agree Realty by 248.3% in the second quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock worth $38,000 after buying an additional 442 shares during the period. UMB Bank n.a. increased its position in shares of Agree Realty by 44.5% in the third quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock worth $73,000 after acquiring an additional 299 shares in the last quarter. Arcadia Investment Management Corp MI purchased a new position in shares of Agree Realty in the third quarter worth approximately $75,000. Finally, Headlands Technologies LLC raised its holdings in shares of Agree Realty by 232.0% during the second quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock valued at $71,000 after acquiring an additional 798 shares during the period. 97.83% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on ADC shares. Raymond James raised their target price on Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, August 21st. KeyCorp raised their price objective on Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. Robert W. Baird upped their target price on Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Truist Financial increased their price target on shares of Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Finally, Mizuho boosted their price objective on shares of Agree Realty from $75.00 to $80.00 and gave the company a “neutral” rating in a research report on Thursday, November 14th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Agree Realty presently has a consensus rating of “Moderate Buy” and a consensus price target of $76.04.

Agree Realty Stock Down 1.7 %

Agree Realty stock opened at $75.53 on Tuesday. The company has a market capitalization of $7.82 billion, a P/E ratio of 41.73, a P/E/G ratio of 3.78 and a beta of 0.61. Agree Realty Co. has a 1-year low of $54.28 and a 1-year high of $78.39. The firm’s fifty day simple moving average is $75.28 and its 200-day simple moving average is $69.98. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52.

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

Agree Realty Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be given a dividend of $0.253 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $3.04 dividend on an annualized basis and a yield of 4.02%. Agree Realty’s payout ratio is currently 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.