20,712 Shares in Agree Realty Co. (NYSE:ADC) Purchased by Proficio Capital Partners LLC

Proficio Capital Partners LLC acquired a new position in Agree Realty Co. (NYSE:ADC) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 20,712 shares of the real estate investment trust’s stock, valued at approximately $1,459,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. KBC Group NV lifted its stake in Agree Realty by 15.0% in the third quarter. KBC Group NV now owns 2,460 shares of the real estate investment trust’s stock valued at $185,000 after purchasing an additional 320 shares during the last quarter. CIBC Asset Management Inc purchased a new position in shares of Agree Realty during the 3rd quarter valued at $224,000. Natixis Advisors LLC lifted its position in shares of Agree Realty by 20.7% during the 3rd quarter. Natixis Advisors LLC now owns 105,874 shares of the real estate investment trust’s stock valued at $7,975,000 after buying an additional 18,171 shares during the last quarter. Pathstone Holdings LLC grew its stake in shares of Agree Realty by 15.9% during the 3rd quarter. Pathstone Holdings LLC now owns 25,833 shares of the real estate investment trust’s stock worth $1,946,000 after acquiring an additional 3,535 shares during the period. Finally, Caprock Group LLC bought a new stake in Agree Realty in the 3rd quarter valued at about $262,000. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Royal Bank of Canada cut their target price on shares of Agree Realty from $79.00 to $78.00 and set an “outperform” rating for the company in a research report on Thursday, February 13th. StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a report on Sunday, February 16th. Barclays raised shares of Agree Realty from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $74.00 to $75.00 in a report on Tuesday, March 4th. Wells Fargo & Company raised their price target on Agree Realty from $78.00 to $81.00 and gave the stock an “overweight” rating in a report on Monday, March 10th. Finally, UBS Group upgraded Agree Realty from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $79.00 to $84.00 in a research note on Monday, January 6th. Five investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $79.85.

Agree Realty Stock Up 0.4 %

Shares of NYSE ADC opened at $76.29 on Friday. The business has a 50-day moving average of $73.18 and a 200-day moving average of $73.89. The firm has a market capitalization of $8.18 billion, a price-to-earnings ratio of 42.86, a PEG ratio of 2.88 and a beta of 0.64. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52. Agree Realty Co. has a 12 month low of $54.78 and a 12 month high of $78.39.

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

Agree Realty Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Monday, April 14th. Stockholders of record on Monday, March 31st will be given a dividend of $0.253 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $3.04 annualized dividend and a dividend yield of 3.98%. Agree Realty’s dividend payout ratio (DPR) is presently 170.22%.

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.