Harvest Fund Management Co. Ltd Has $226,000 Position in Agree Realty Co. (NYSE:ADC)

Harvest Fund Management Co. Ltd increased its position in shares of Agree Realty Co. (NYSE:ADC) by 104.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,004 shares of the real estate investment trust’s stock after buying an additional 1,533 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Agree Realty were worth $226,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ADC. Dana Investment Advisors Inc. grew its holdings in shares of Agree Realty by 0.6% during the 2nd quarter. Dana Investment Advisors Inc. now owns 29,274 shares of the real estate investment trust’s stock worth $1,813,000 after purchasing an additional 170 shares in the last quarter. Capital Square LLC boosted its stake 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 worth $1,193,000 after buying an additional 179 shares in the last quarter. Blue Trust Inc. increased its holdings in Agree Realty by 8.8% in the 2nd quarter. Blue Trust Inc. now owns 2,634 shares of the real estate investment trust’s stock valued at $150,000 after buying an additional 213 shares during the period. Commonwealth Equity Services LLC raised its stake in shares of Agree Realty by 3.2% in the 2nd quarter. Commonwealth Equity Services LLC now owns 6,895 shares of the real estate investment trust’s stock valued at $427,000 after buying an additional 216 shares in the last quarter. Finally, State of Alaska Department of Revenue lifted its holdings in shares of Agree Realty by 0.4% during the 3rd quarter. State of Alaska Department of Revenue now owns 58,934 shares of the real estate investment trust’s stock worth $4,438,000 after acquiring an additional 224 shares during the period. 97.83% of the stock is currently owned by institutional investors.

Agree Realty Trading Up 0.7 %

Shares of NYSE ADC opened at $76.97 on Wednesday. Agree Realty Co. has a 1-year low of $54.28 and a 1-year high of $77.58. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. The company has a 50-day moving average of $75.09 and a two-hundred day moving average of $69.40. The company has a market cap of $7.97 billion, a PE ratio of 42.52, a P/E/G ratio of 3.10 and a beta of 0.61.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data 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). The firm had revenue of $154.33 million for the quarter, compared to analyst estimates of $152.83 million. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The firm’s quarterly revenue was up 12.8% compared to the same quarter last year. During the same period in the prior year, the company posted $1.00 EPS. As a group, equities analysts expect that Agree Realty Co. will post 4.12 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 Friday, December 13th. Investors of record on Friday, November 29th will be given a $0.253 dividend. The ex-dividend date is Friday, November 29th. This represents a $3.04 dividend on an annualized basis and a yield of 3.94%. Agree Realty’s payout ratio is 167.40%.

Wall Street Analysts Forecast Growth

ADC has been the subject of several recent research reports. KeyCorp increased their price target on shares of Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. Truist Financial raised their target price on Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Wells Fargo & Company lowered their price target on Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. Robert W. Baird lifted their price objective on Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Finally, Royal Bank of Canada upped 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. Four equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $75.73.

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.