Community Trust & Investment Co. Purchases 1,275 Shares of Agree Realty Co. (NYSE:ADC)

Community Trust & Investment Co. lifted its stake in Agree Realty Co. (NYSE:ADC) by 2.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 48,992 shares of the real estate investment trust’s stock after purchasing an additional 1,275 shares during the period. Community Trust & Investment Co.’s holdings in Agree Realty were worth $3,451,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in ADC. Dana Investment Advisors Inc. raised its holdings in shares of Agree Realty by 0.6% in the second quarter. Dana Investment Advisors Inc. now owns 29,274 shares of the real estate investment trust’s stock valued at $1,813,000 after acquiring an additional 170 shares in the last quarter. Commonwealth Equity Services LLC lifted its holdings in shares of Agree Realty by 3.2% during 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 purchasing an additional 216 shares during the last quarter. State of Alaska Department of Revenue boosted its position in shares of Agree Realty by 0.4% in 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 purchasing an additional 224 shares in the last quarter. US Bancorp DE grew its stake in Agree Realty by 1.5% during the 3rd quarter. US Bancorp DE now owns 17,130 shares of the real estate investment trust’s stock worth $1,290,000 after buying an additional 252 shares during the last quarter. Finally, Carmel Capital Partners LLC increased its position in Agree Realty by 4.0% during the 3rd quarter. Carmel Capital Partners LLC now owns 6,727 shares of the real estate investment trust’s stock valued at $507,000 after buying an additional 257 shares in the last quarter. 97.83% of the stock is currently owned by institutional investors.

Agree Realty Stock Performance

NYSE:ADC opened at $70.64 on Wednesday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66. The stock has a market capitalization of $7.31 billion, a PE ratio of 39.03, a P/E/G ratio of 3.66 and a beta of 0.64. Agree Realty Co. has a fifty-two week low of $54.28 and a fifty-two week high of $78.39. The company has a fifty day moving average of $73.40 and a two-hundred day moving average of $72.36.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.61). Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The company had revenue of $154.33 million for the quarter, compared to analyst estimates of $152.83 million. During the same quarter last year, the company earned $1.00 EPS. The firm’s revenue for the quarter was up 12.8% on a year-over-year basis. As a group, research analysts forecast that Agree Realty Co. will post 4.12 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a $0.253 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $3.04 annualized dividend and a dividend yield of 4.30%. Agree Realty’s dividend payout ratio (DPR) is presently 167.40%.

Wall Street Analyst Weigh In

ADC has been the subject of several research reports. Barclays started coverage on shares of Agree Realty in a research note on Tuesday, December 17th. They set an “underweight” rating and a $76.00 price objective for the company. Royal Bank of Canada reduced their price target on shares of Agree Realty from $80.00 to $79.00 and set an “outperform” rating for the company in a research report on Tuesday, January 7th. Wells Fargo & Company dropped their price objective on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. BTIG Research increased their price objective on shares of Agree Realty from $74.00 to $78.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Finally, KeyCorp boosted their target price on shares of Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, October 4th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $78.53.

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.