Tributary Capital Management LLC Lowers Stake in Agree Realty Co. (NYSE:ADC)

Tributary Capital Management LLC reduced its stake in shares of Agree Realty Co. (NYSE:ADC) by 0.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 314,592 shares of the real estate investment trust’s stock after selling 1,420 shares during the quarter. Agree Realty makes up approximately 1.9% of Tributary Capital Management LLC’s investment portfolio, making the stock its 18th largest position. Tributary Capital Management LLC owned approximately 0.31% of Agree Realty worth $23,698,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in Agree Realty by 1.8% in the first quarter. Vanguard Group Inc. now owns 14,480,463 shares of the real estate investment trust’s stock worth $827,124,000 after acquiring an additional 258,217 shares during the period. Long Pond Capital LP lifted its stake in Agree Realty by 489.8% in the first quarter. Long Pond Capital LP now owns 2,868,640 shares of the real estate investment trust’s stock worth $163,857,000 after acquiring an additional 2,382,252 shares during the period. Daiwa Securities Group Inc. lifted its stake in Agree Realty by 55.9% in the second quarter. Daiwa Securities Group Inc. now owns 1,815,511 shares of the real estate investment trust’s stock worth $112,453,000 after acquiring an additional 650,921 shares during the period. Dimensional Fund Advisors LP lifted its stake in Agree Realty by 5.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,522,014 shares of the real estate investment trust’s stock worth $94,273,000 after acquiring an additional 76,818 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in Agree Realty by 3.5% in the second quarter. Bank of New York Mellon Corp now owns 1,284,143 shares of the real estate investment trust’s stock worth $79,540,000 after acquiring an additional 43,768 shares during the period. 97.83% of the stock is owned by hedge funds and other institutional investors.

Agree Realty Price Performance

Shares of NYSE ADC opened at $75.03 on Monday. The firm has a market cap of $7.55 billion, a PE ratio of 44.14, a PEG ratio of 2.47 and a beta of 0.61. The firm has a fifty day moving average of $74.53 and a 200 day moving average of $66.73. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.79 and a current ratio of 0.79. Agree Realty Co. has a one year low of $52.69 and a one year high of $77.47.

Agree Realty (NYSE:ADC) last released its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The business had revenue of $154.33 million for the quarter, compared to analysts’ expectations of $152.83 million. During the same period in the previous year, the company earned $1.00 EPS. Agree Realty’s quarterly revenue was up 12.8% compared to the same quarter last year. As a group, research analysts predict that Agree Realty Co. will post 4.11 EPS for the current fiscal year.

Agree Realty Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be given a dividend of $0.253 per share. This is a boost from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $3.04 annualized dividend and a dividend yield of 4.05%. Agree Realty’s payout ratio is presently 178.24%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ADC. Truist Financial lifted their price objective on shares of Agree Realty from $68.00 to $77.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. KeyCorp lifted their price objective on shares of Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. Stifel Nicolaus lifted their price objective on shares of Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. 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 note on Wednesday, August 21st. Finally, Wells Fargo & Company reaffirmed an “overweight” rating and set a $80.00 target price (up from $77.00) on shares of Agree Realty in a report on Tuesday, October 1st. Four equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Agree Realty presently has a consensus rating of “Moderate Buy” and a consensus price target of $73.88.

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.