Azzad Asset Management Inc. ADV Boosts Holdings in Agree Realty Co. (NYSE:ADC)

Azzad Asset Management Inc. ADV grew its holdings in shares of Agree Realty Co. (NYSE:ADC) by 2.5% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 11,340 shares of the real estate investment trust’s stock after acquiring an additional 277 shares during the quarter. Azzad Asset Management Inc. ADV’s holdings in Agree Realty were worth $854,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Swiss National Bank raised its stake in shares of Agree Realty by 4.6% during the first quarter. Swiss National Bank now owns 198,382 shares of the real estate investment trust’s stock worth $11,332,000 after acquiring an additional 8,700 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of Agree Realty by 1.4% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 886,527 shares of the real estate investment trust’s stock worth $50,638,000 after purchasing an additional 12,159 shares during the last quarter. FORA Capital LLC bought a new position in shares of Agree Realty in the first quarter worth approximately $1,600,000. Heitman Real Estate Securities LLC grew its holdings in shares of Agree Realty by 7.4% in the fourth quarter. Heitman Real Estate Securities LLC now owns 823,954 shares of the real estate investment trust’s stock worth $51,868,000 after purchasing an additional 56,692 shares during the last quarter. Finally, Quantbot Technologies LP bought a new position in shares of Agree Realty in the first quarter worth approximately $2,280,000. 97.83% of the stock is owned by hedge funds and other institutional investors.

Agree Realty Stock Performance

Shares of ADC stock opened at $73.85 on Wednesday. Agree Realty Co. has a 12 month low of $52.69 and a 12 month high of $77.30. The stock has a market cap of $7.43 billion, a PE ratio of 43.44, a price-to-earnings-growth ratio of 2.51 and a beta of 0.61. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.54. The company’s fifty day moving average price is $73.61 and its 200-day moving average price is $65.06.

Agree Realty (NYSE:ADC) last announced its earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 EPS 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 business had revenue of $152.58 million for the quarter, compared to the consensus estimate of $150.35 million. During the same quarter last year, the firm posted $0.98 EPS. The business’s quarterly revenue was up 17.5% on a year-over-year basis. On average, equities analysts expect that Agree Realty Co. will post 4.11 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.25 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.06%. The ex-dividend date is Monday, September 30th. Agree Realty’s dividend payout ratio (DPR) is presently 176.47%.

Wall Street Analyst Weigh In

ADC has been the topic of several recent analyst reports. UBS Group raised their target price on shares of Agree Realty from $60.00 to $67.00 and gave the stock a “neutral” rating in a report on Thursday, July 18th. KeyCorp raised their target price on shares of Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, October 4th. StockNews.com upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a report on Tuesday, June 11th. Stifel Nicolaus raised their target price on shares of Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Finally, Truist Financial raised their target price on shares of Agree Realty from $68.00 to $77.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Four analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $72.21.

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.