Pathway Financial Advisers LLC Has $824,000 Position in Agree Realty Co. (NYSE:ADC)

Pathway Financial Advisers LLC lifted its holdings in shares of Agree Realty Co. (NYSE:ADC) by 3.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,319 shares of the real estate investment trust’s stock after buying an additional 409 shares during the period. Pathway Financial Advisers LLC’s holdings in Agree Realty were worth $824,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of ADC. Capital Square LLC boosted its position in Agree Realty by 1.0% during the second quarter. Capital Square LLC now owns 17,995 shares of the real estate investment trust’s stock valued at $1,193,000 after purchasing an additional 179 shares during the last quarter. Blue Trust Inc. increased its holdings in Agree Realty by 8.8% during the second quarter. Blue Trust Inc. now owns 2,634 shares of the real estate investment trust’s stock worth $150,000 after buying an additional 213 shares during the last quarter. Commonwealth Equity Services LLC raised its position in Agree Realty by 3.2% during the second quarter. Commonwealth Equity Services LLC now owns 6,895 shares of the real estate investment trust’s stock worth $427,000 after acquiring an additional 216 shares in the last quarter. State of Alaska Department of Revenue lifted its stake in Agree Realty by 0.5% in the first quarter. State of Alaska Department of Revenue now owns 58,101 shares of the real estate investment trust’s stock valued at $3,317,000 after acquiring an additional 297 shares during the last quarter. Finally, Sequoia Financial Advisors LLC grew its position in shares of Agree Realty by 4.4% in the 1st quarter. Sequoia Financial Advisors LLC now owns 7,012 shares of the real estate investment trust’s stock valued at $401,000 after acquiring an additional 297 shares during the period. Institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Performance

NYSE ADC opened at $75.29 on Tuesday. The firm has a 50-day moving average price of $72.69 and a two-hundred day moving average price of $64.14. Agree Realty Co. has a 12-month low of $52.69 and a 12-month high of $77.30. The company has a market capitalization of $7.58 billion, a P/E ratio of 44.29, a P/E/G ratio of 2.51 and a beta of 0.61. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.54.

Agree Realty (NYSE:ADC) last issued its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.51). The company had revenue of $152.58 million during the quarter, compared to the consensus estimate of $150.35 million. Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The company’s quarterly revenue was up 17.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.98 earnings per share. Analysts anticipate that Agree Realty Co. will post 4.11 earnings per share for the current year.

Agree Realty Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a dividend of $0.25 per share. The ex-dividend date is Monday, September 30th. This represents a $3.00 annualized dividend and a yield of 3.98%. Agree Realty’s dividend payout ratio is 176.47%.

Analysts Set New Price Targets

Several brokerages recently issued reports on ADC. Wells Fargo & Company raised their target price on shares of Agree Realty from $75.00 to $77.00 and gave the company an “overweight” rating in a research note on Monday, August 26th. Truist Financial lifted 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. Royal Bank of Canada increased their price target on Agree Realty from $63.00 to $70.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. StockNews.com raised Agree Realty from a “sell” rating to a “hold” rating in a report on Tuesday, June 11th. Finally, BTIG Research upped their price objective on shares of Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a report on Monday, August 12th. Four research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $70.96.

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.