Thrivent Financial for Lutherans Has $71.33 Million Stake in Agree Realty Co. (NYSE:ADC)

Thrivent Financial for Lutherans decreased its position in Agree Realty Co. (NYSE:ADC) by 25.2% during the 4th quarter, Holdings Channel.com reports. The firm owned 1,012,468 shares of the real estate investment trust’s stock after selling 340,612 shares during the period. Thrivent Financial for Lutherans’ holdings in Agree Realty were worth $71,329,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. CIBC Asset Management Inc grew its position in shares of Agree Realty by 5.2% in the fourth quarter. CIBC Asset Management Inc now owns 3,122 shares of the real estate investment trust’s stock valued at $220,000 after purchasing an additional 153 shares during the last quarter. Carmel Capital Partners LLC grew its position in Agree Realty by 2.5% during the fourth quarter. Carmel Capital Partners LLC now owns 6,894 shares of the real estate investment trust’s stock worth $486,000 after buying an additional 167 shares in the last quarter. UMB Bank n.a. grew its position in Agree Realty by 17.3% during 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 in the last quarter. Sequoia Financial Advisors LLC grew its position in Agree Realty by 3.8% during the fourth quarter. Sequoia Financial Advisors LLC now owns 4,590 shares of the real estate investment trust’s stock worth $323,000 after buying an additional 169 shares in the last quarter. Finally, Private Advisor Group LLC grew its position in Agree Realty by 3.6% during the fourth quarter. Private Advisor Group LLC now owns 4,909 shares of the real estate investment trust’s stock worth $346,000 after buying an additional 170 shares in the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on ADC shares. Evercore ISI initiated coverage on Agree Realty in a research report on Thursday, December 12th. They set an “outperform” rating and a $82.00 price target on the stock. JMP Securities cut Agree Realty from an “outperform” rating to a “market perform” rating in a research note on Tuesday, December 17th. Citizens Jmp cut Agree Realty from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Deutsche Bank Aktiengesellschaft initiated coverage on Agree Realty in a research note on Wednesday, December 11th. They set a “buy” rating and a $88.00 target price for the company. Finally, Stifel Nicolaus cut their target price on Agree Realty from $81.50 to $81.00 and set a “buy” rating for the company in a research note on Tuesday, January 7th. Five equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $79.85.

Agree Realty Stock Down 0.2 %

Shares of ADC opened at $76.98 on Wednesday. Agree Realty Co. has a 52 week low of $54.78 and a 52 week high of $78.39. The stock has a market capitalization of $8.26 billion, a price-to-earnings ratio of 43.25, a PEG ratio of 2.88 and a beta of 0.64. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a fifty day moving average of $72.92 and a 200-day moving average of $73.85.

Agree Realty (NYSE:ADC) last announced its earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.61. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. As a group, sell-side analysts anticipate that Agree Realty Co. will post 4.27 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Monday, April 14th. Investors of record on Monday, March 31st will be given a dividend of $0.253 per share. This represents a $3.04 annualized dividend and a yield of 3.94%. The ex-dividend date of this dividend is Monday, March 31st. Agree Realty’s dividend payout ratio is currently 170.22%.

Agree Realty Company 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.