The Manufacturers Life Insurance Company Buys 382 Shares of Agree Realty Co. (NYSE:ADC)

The Manufacturers Life Insurance Company boosted its stake in shares of Agree Realty Co. (NYSE:ADC) by 0.4% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 103,674 shares of the real estate investment trust’s stock after acquiring an additional 382 shares during the quarter. The Manufacturers Life Insurance Company owned 0.10% of Agree Realty worth $6,422,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. MCF Advisors LLC purchased a new stake in shares of Agree Realty during the second quarter valued at approximately $26,000. Massmutual Trust Co. FSB ADV boosted its position in Agree Realty by 248.3% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock valued at $38,000 after buying an additional 442 shares during the period. UMB Bank n.a. grew its holdings in Agree Realty by 247.3% in the 1st quarter. UMB Bank n.a. now owns 719 shares of the real estate investment trust’s stock worth $41,000 after acquiring an additional 512 shares during the last quarter. Headlands Technologies LLC increased its position in shares of Agree Realty by 232.0% in the second quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock valued at $71,000 after acquiring an additional 798 shares during the period. Finally, GAMMA Investing LLC raised its stake in shares of Agree Realty by 125.9% during the second quarter. GAMMA Investing LLC now owns 1,403 shares of the real estate investment trust’s stock valued at $87,000 after acquiring an additional 782 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Truist Financial raised their target price on Agree Realty from $68.00 to $77.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. KeyCorp boosted their target price on Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday. UBS Group raised their price target on Agree Realty from $60.00 to $67.00 and gave the stock a “neutral” rating in a research note on Thursday, July 18th. StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a research report on Tuesday, June 11th. Finally, Royal Bank of Canada raised their target price on shares of Agree Realty from $63.00 to $70.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Four research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Agree Realty presently has a consensus rating of “Moderate Buy” and an average target price of $72.21.

Agree Realty Price Performance

Shares of ADC opened at $73.88 on Friday. The firm’s 50-day simple moving average is $73.44 and its two-hundred day simple moving average is $64.75. Agree Realty Co. has a fifty-two week low of $52.69 and a fifty-two week high of $77.30. The stock has a market cap of $7.43 billion, a PE ratio of 43.46, a price-to-earnings-growth ratio of 2.51 and a beta of 0.61. 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 (NYSE:ADC) last posted its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.51). Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The company had revenue of $152.58 million for the quarter, compared to the consensus estimate of $150.35 million. During the same period last year, the business earned $0.98 EPS. The firm’s quarterly revenue was up 17.5% on a year-over-year basis. Analysts anticipate that Agree Realty Co. will post 4.11 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be paid a $0.25 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 4.06%. The ex-dividend date of this dividend is Monday, September 30th. Agree Realty’s payout ratio is 176.47%.

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.