1620 Investment Advisors Inc. Has $636,000 Stock Position in Agree Realty Co. (NYSE:ADC)

1620 Investment Advisors Inc. lowered its stake in Agree Realty Co. (NYSE:ADC) by 2.3% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 8,440 shares of the real estate investment trust’s stock after selling 202 shares during the quarter. 1620 Investment Advisors Inc.’s holdings in Agree Realty were worth $636,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. MCF Advisors LLC bought a new stake in shares of Agree Realty in the second quarter worth $26,000. Massmutual Trust Co. FSB ADV boosted its position in Agree Realty by 248.3% during the second quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock valued at $38,000 after purchasing an additional 442 shares during the last quarter. Headlands Technologies LLC grew its stake in 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 purchasing an additional 798 shares in the last quarter. UMB Bank n.a. increased its position in shares of Agree Realty by 44.5% during the 3rd quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock worth $73,000 after purchasing an additional 299 shares during the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of Agree Realty by 125.9% during the 2nd quarter. GAMMA Investing LLC now owns 1,403 shares of the real estate investment trust’s stock worth $87,000 after purchasing an additional 782 shares in the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Agree Realty Trading Up 1.6 %

Shares of NYSE:ADC opened at $75.03 on Thursday. The company has a market capitalization of $7.55 billion, a P/E ratio of 44.14, a P/E/G ratio of 2.47 and a beta of 0.61. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.79 and a quick ratio of 0.79. The business’s 50 day simple moving average is $74.61 and its 200 day simple moving average is $66.98. Agree Realty Co. has a 1 year low of $54.28 and a 1 year high of $77.47.

Agree Realty (NYSE:ADC) last issued its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The company had revenue of $154.33 million during the quarter, compared to the consensus estimate of $152.83 million. During the same quarter in the previous year, the business posted $1.00 EPS. The firm’s revenue for the quarter was up 12.8% on a year-over-year basis. On average, research analysts anticipate that Agree Realty Co. will post 4.11 EPS for the current fiscal year.

Agree Realty Increases Dividend

The company also recently disclosed a monthly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be paid a $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 4.05%. This is a boost from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date is Thursday, October 31st. Agree Realty’s dividend payout ratio (DPR) is 178.24%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Royal Bank of Canada boosted their target price on shares of Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. UBS Group lifted their price target on Agree Realty from $72.00 to $77.00 and gave the stock a “neutral” rating in a report on Wednesday, October 16th. BTIG Research raised their price objective on Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a research report on Monday, August 12th. Wells Fargo & Company reiterated an “overweight” rating and set a $80.00 target price (up from $77.00) on shares of Agree Realty in a research note on Tuesday, October 1st. Finally, Stifel Nicolaus raised their price target on Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a report on Wednesday, July 24th. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $74.27.

Agree Realty 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.