Allspring Global Investments Holdings LLC Has $43.68 Million Stock Holdings in Agree Realty Corporation $ADC

Allspring Global Investments Holdings LLC grew its position in shares of Agree Realty Corporation (NYSE:ADC) by 41.9% in the third quarter, HoldingsChannel reports. The fund owned 609,030 shares of the real estate investment trust’s stock after acquiring an additional 179,808 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Agree Realty were worth $43,680,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Farther Finance Advisors LLC lifted its position in shares of Agree Realty by 408.0% in the second quarter. Farther Finance Advisors LLC now owns 381 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 306 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its position in Agree Realty by 158.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 580 shares of the real estate investment trust’s stock valued at $42,000 after purchasing an additional 356 shares in the last quarter. Allworth Financial LP increased its stake in Agree Realty by 41.7% in the 2nd quarter. Allworth Financial LP now owns 891 shares of the real estate investment trust’s stock valued at $65,000 after buying an additional 262 shares during the last quarter. MAI Capital Management lifted its position in Agree Realty by 122.3% during the 2nd quarter. MAI Capital Management now owns 907 shares of the real estate investment trust’s stock worth $66,000 after buying an additional 499 shares in the last quarter. Finally, IFP Advisors Inc acquired a new position in shares of Agree Realty during the 2nd quarter worth about $69,000. 97.83% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

ADC has been the topic of several analyst reports. Evercore ISI dropped their target price on Agree Realty from $85.00 to $83.00 and set an “outperform” rating on the stock in a report on Monday, December 15th. Stifel Nicolaus set a $83.50 price objective on Agree Realty in a research note on Tuesday, November 25th. Royal Bank Of Canada increased their price objective on Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a report on Thursday, October 23rd. Mizuho decreased their target price on shares of Agree Realty from $77.00 to $75.00 and set a “neutral” rating for the company in a research note on Wednesday, December 17th. Finally, Barclays upped their price target on shares of Agree Realty from $77.00 to $78.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 3rd. Eight research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $80.32.

Agree Realty Stock Down 1.1%

ADC stock opened at $72.06 on Friday. Agree Realty Corporation has a 1-year low of $67.58 and a 1-year high of $79.65. The business’s 50 day simple moving average is $73.18 and its 200 day simple moving average is $72.89. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $8.28 billion, a PE ratio of 42.14, a PEG ratio of 2.34 and a beta of 0.55.

Agree Realty (NYSE:ADC) last released its quarterly earnings data on Tuesday, October 21st. The real estate investment trust reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.02. The firm had revenue of $183.22 million during the quarter, compared to analysts’ expectations of $181.87 million. Agree Realty had a net margin of 28.11% and a return on equity of 3.52%. The company’s revenue for the quarter was up 18.7% compared to the same quarter last year. During the same period in the previous year, the business posted $1.03 earnings per share. Agree Realty has set its FY 2025 guidance at 4.310-4.330 EPS. As a group, research analysts anticipate that Agree Realty Corporation will post 4.27 EPS for the current year.

Agree Realty Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 31st will be paid a $0.262 dividend. The ex-dividend date is Wednesday, December 31st. This represents a c) dividend on an annualized basis and a yield of 4.4%. Agree Realty’s dividend payout ratio is 183.63%.

Insiders Place Their Bets

In related news, Director John Rakolta, Jr. acquired 25,154 shares of the business’s stock in a transaction on Tuesday, October 7th. The stock was purchased at an average cost of $70.41 per share, for a total transaction of $1,771,093.14. Following the completion of the transaction, the director directly owned 553,700 shares of the company’s stock, valued at approximately $38,986,017. The trade was a 4.76% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.80% of the stock is currently owned by corporate insiders.

About Agree Realty

Agree Realty Corporation (NYSE: ADC) is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty’s primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.