Tributary Capital Management LLC Reduces Position in Agree Realty Co. (NYSE:ADC)

Tributary Capital Management LLC decreased its position in Agree Realty Co. (NYSE:ADC) by 43.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 178,873 shares of the real estate investment trust’s stock after selling 135,719 shares during the period. Tributary Capital Management LLC owned approximately 0.17% of Agree Realty worth $12,602,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Versant Capital Management Inc lifted its holdings in shares of Agree Realty by 230.7% during the fourth quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust’s stock worth $30,000 after purchasing an additional 293 shares during the period. MassMutual Private Wealth & Trust FSB raised its position in Agree Realty by 34.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust’s stock worth $63,000 after buying an additional 230 shares during the last quarter. UMB Bank n.a. lifted its stake in Agree Realty by 44.5% during the 3rd quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock valued at $73,000 after acquiring an additional 299 shares during the period. Arcadia Investment Management Corp MI acquired a new stake in Agree Realty during the 3rd quarter valued at approximately $75,000. Finally, Wilmington Savings Fund Society FSB purchased a new stake in shares of Agree Realty in the 3rd quarter valued at $77,000. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Up 0.5 %

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

Agree Realty (NYSE:ADC) last released 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 business 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%. The business’s revenue for the quarter was up 12.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.00 earnings per share. As a group, sell-side analysts expect 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 $0.253 dividend. The ex-dividend date is Friday, January 31st. This represents a $3.04 annualized dividend and a dividend yield of 4.23%. Agree Realty’s dividend payout ratio is presently 167.96%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on ADC shares. StockNews.com upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a research report on Wednesday, January 15th. Robert W. Baird raised their target price on Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Barclays started coverage on Agree Realty in a report on Tuesday, December 17th. They issued an “underweight” rating and a $76.00 price target for the company. Royal Bank of Canada lowered their price objective on Agree Realty from $80.00 to $79.00 and set an “outperform” rating on the stock in a research report on Tuesday, January 7th. Finally, Wells Fargo & Company dropped their price objective on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $79.07.

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.