Private Advisor Group LLC Has $357,000 Stake in Agree Realty Co. (NYSE:ADC)

Private Advisor Group LLC increased its stake in shares of Agree Realty Co. (NYSE:ADC) by 11.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,739 shares of the real estate investment trust’s stock after buying an additional 485 shares during the quarter. Private Advisor Group LLC’s holdings in Agree Realty were worth $357,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Agree Realty by 1.8% during the first quarter. Vanguard Group Inc. now owns 14,480,463 shares of the real estate investment trust’s stock worth $827,124,000 after purchasing an additional 258,217 shares during the last quarter. Long Pond Capital LP grew its stake in shares of Agree Realty by 489.8% in the 1st quarter. Long Pond Capital LP now owns 2,868,640 shares of the real estate investment trust’s stock valued at $163,857,000 after buying an additional 2,382,252 shares during the period. Daiwa Securities Group Inc. grew its stake in shares of Agree Realty by 55.9% in the 2nd quarter. Daiwa Securities Group Inc. now owns 1,815,511 shares of the real estate investment trust’s stock valued at $112,453,000 after buying an additional 650,921 shares during the period. Dimensional Fund Advisors LP boosted its stake in Agree Realty by 5.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,522,014 shares of the real estate investment trust’s stock valued at $94,273,000 after purchasing an additional 76,818 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in Agree Realty by 3.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,284,143 shares of the real estate investment trust’s stock valued at $79,540,000 after purchasing an additional 43,768 shares during the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Agree Realty Stock Up 0.1 %

ADC opened at $74.06 on Wednesday. The stock has a market cap of $7.67 billion, a PE ratio of 40.92, a P/E/G ratio of 2.48 and a beta of 0.61. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52. Agree Realty Co. has a 52 week low of $54.28 and a 52 week high of $77.47. The business’s fifty day simple moving average is $74.77 and its 200 day simple moving average is $67.63.

Agree Realty (NYSE:ADC) last posted its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.61). Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The business had revenue of $154.33 million for the quarter, compared to analysts’ expectations of $152.83 million. During the same quarter in the previous year, the company earned $1.00 earnings per share. The business’s quarterly revenue was up 12.8% on a year-over-year basis. As a group, research analysts expect that Agree Realty Co. will post 4.11 earnings per share for the current fiscal year.

Agree Realty Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be issued a dividend of $0.253 per share. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.10%. The ex-dividend date is Thursday, October 31st. Agree Realty’s dividend payout ratio is currently 167.96%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on ADC shares. BTIG Research lifted their price target on shares of Agree Realty from $65.00 to $74.00 and gave the stock a “buy” rating in a report on Monday, August 12th. Truist Financial lifted their price target on shares of Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. KeyCorp lifted their price target 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. Raymond James increased their target price on Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, August 21st. Finally, Robert W. Baird increased their target price on Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $74.19.

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.