Tributary Capital Management LLC Decreases Holdings in Agree Realty Co. (NYSE:ADC)

Tributary Capital Management LLC cut its stake in Agree Realty Co. (NYSE:ADC) by 43.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 178,873 shares of the real estate investment trust’s stock after selling 135,719 shares during the quarter. Tributary Capital Management LLC’s holdings in Agree Realty were worth $12,602,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. UMB Bank n.a. increased its stake in shares of Agree Realty by 17.3% in the fourth quarter. UMB Bank n.a. now owns 1,139 shares of the real estate investment trust’s stock worth $80,000 after buying an additional 168 shares during the last quarter. Dana Investment Advisors Inc. raised its holdings in shares of Agree Realty by 0.6% during the second quarter. Dana Investment Advisors Inc. now owns 29,274 shares of the real estate investment trust’s stock valued at $1,813,000 after buying an additional 170 shares during the last quarter. State of Alaska Department of Revenue boosted its position in Agree Realty by 0.4% during the 3rd quarter. State of Alaska Department of Revenue now owns 58,934 shares of the real estate investment trust’s stock worth $4,438,000 after acquiring an additional 224 shares during the period. MassMutual Private Wealth & Trust FSB grew its position in Agree Realty by 34.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust’s stock valued at $63,000 after buying an additional 230 shares in the last quarter. Finally, US Bancorp DE boosted its holdings in shares of Agree Realty by 1.5% in the third quarter. US Bancorp DE now owns 17,130 shares of the real estate investment trust’s stock valued at $1,290,000 after acquiring an additional 252 shares in the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Agree Realty Stock Up 0.5 %

ADC stock opened at $71.84 on Friday. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66. The company has a 50-day moving average of $72.85 and a two-hundred day moving average of $72.78. The stock has a market capitalization of $7.44 billion, a price-to-earnings ratio of 39.69, a price-to-earnings-growth ratio of 2.52 and a beta of 0.64. Agree Realty Co. has a 52-week low of $54.28 and a 52-week high of $78.39.

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 net margin of 31.62% and a return on equity of 3.77%. The business had revenue of $154.33 million during the quarter, compared to analyst estimates of $152.83 million. During the same period last year, the business earned $1.00 EPS. The business’s quarterly revenue was up 12.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Agree Realty Co. will post 4.12 EPS for the current year.

Agree Realty Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be given a dividend of $0.253 per share. This represents a $3.04 dividend on an annualized basis and a yield of 4.23%. The ex-dividend date is Friday, January 31st. Agree Realty’s dividend payout ratio (DPR) is currently 167.96%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Mizuho reduced their price objective on shares of Agree Realty from $80.00 to $74.00 and set a “neutral” rating for the company in a research report on Wednesday, January 8th. KeyCorp lifted their price target 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. Citizens Jmp lowered Agree Realty from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Deutsche Bank Aktiengesellschaft started coverage on Agree Realty in a research report on Wednesday, December 11th. They set a “buy” rating and a $88.00 target price on the stock. Finally, Barclays initiated coverage on Agree Realty in a research report on Tuesday, December 17th. They issued an “underweight” rating and a $76.00 price target for the company. One investment analyst has rated the stock with a sell rating, four have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Agree Realty has a consensus rating of “Moderate Buy” and a consensus price target of $79.07.

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.