100,000 Shares in Agree Realty Co. (NYSE:ADC) Bought by Burkehill Global Management LP

Burkehill Global Management LP acquired a new stake in shares of Agree Realty Co. (NYSE:ADC) during the 4th quarter, HoldingsChannel reports. The firm acquired 100,000 shares of the real estate investment trust’s stock, valued at approximately $7,045,000.

A number of other hedge funds have also recently bought and sold shares of the company. Versant Capital Management Inc raised its holdings in shares of Agree Realty by 230.7% in the fourth quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust’s stock valued at $30,000 after purchasing an additional 293 shares during the last quarter. Financial Life Planners bought a new stake in Agree Realty in the 4th quarter worth about $44,000. MassMutual Private Wealth & Trust FSB increased its stake in Agree Realty by 34.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust’s stock valued at $63,000 after buying an additional 230 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of Agree Realty during the 3rd quarter worth approximately $77,000. Finally, UMB Bank n.a. boosted its stake in shares of Agree Realty by 17.3% in the 4th quarter. UMB Bank n.a. now owns 1,139 shares of the real estate investment trust’s stock worth $80,000 after buying an additional 168 shares during the last quarter. 97.83% of the stock is owned by hedge funds and other institutional investors.

Agree Realty Trading Down 0.9 %

NYSE:ADC opened at $75.24 on Thursday. Agree Realty Co. has a 1 year low of $54.78 and a 1 year high of $78.39. The stock’s fifty day moving average price is $72.39 and its two-hundred day moving average price is $73.74. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78. The company has a market cap of $8.07 billion, a P/E ratio of 42.27, a P/E/G ratio of 2.88 and a beta of 0.64.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.61. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. As a group, analysts expect that Agree Realty Co. will post 4.27 EPS for the current year.

Agree Realty Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Monday, April 14th. Stockholders of record on Monday, March 31st will be given a $0.253 dividend. The ex-dividend date is Monday, March 31st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.03%. Agree Realty’s dividend payout ratio (DPR) is currently 170.22%.

Analysts Set New Price Targets

A number of analysts recently commented on the company. BTIG Research lifted their price target on Agree Realty from $74.00 to $78.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. StockNews.com upgraded Agree Realty from a “sell” rating to a “hold” rating in a research note on Sunday, February 16th. Mizuho reduced their price target on shares of Agree Realty from $80.00 to $74.00 and set a “neutral” rating for the company in a research report on Wednesday, January 8th. Wells Fargo & Company lifted their price objective on shares of Agree Realty from $78.00 to $81.00 and gave the stock an “overweight” rating in a research report on Monday. Finally, Stifel Nicolaus reduced their target price on shares of Agree Realty from $81.50 to $81.00 and set a “buy” rating for the company in a research report on Tuesday, January 7th. Five research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $79.85.

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.