Capital Square LLC Cuts Stake in Agree Realty Co. (NYSE:ADC)

Capital Square LLC lowered its holdings in Agree Realty Co. (NYSE:ADC) by 11.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,964 shares of the real estate investment trust’s stock after selling 2,031 shares during the quarter. Capital Square LLC’s holdings in Agree Realty were worth $1,203,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also bought and sold shares of ADC. MCF Advisors LLC bought a new position in Agree Realty in the second quarter valued at about $26,000. Massmutual Trust Co. FSB ADV lifted its stake in shares of Agree Realty by 248.3% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 442 shares during the period. UMB Bank n.a. boosted its holdings in shares of Agree Realty by 44.5% in the third quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock worth $73,000 after buying an additional 299 shares during the last quarter. Arcadia Investment Management Corp MI bought a new stake in Agree Realty during the third quarter valued at approximately $75,000. Finally, Headlands Technologies LLC increased its holdings in Agree Realty by 232.0% during the second quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock valued at $71,000 after buying an additional 798 shares during the last quarter. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on ADC shares. BTIG Research boosted their price target on Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a report on Monday, August 12th. Wells Fargo & Company reduced their target price on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a report on Monday, November 4th. KeyCorp upped 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. Raymond James increased their price objective on shares of Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a report on Wednesday, August 21st. Finally, Mizuho boosted their price objective on Agree Realty from $75.00 to $80.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. 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. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $75.73.

Agree Realty Price Performance

Shares of Agree Realty stock traded up $0.67 on Monday, hitting $77.12. The company’s stock had a trading volume of 19,166 shares, compared to its average volume of 959,251. 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 firm has a fifty day moving average price of $75.10 and a 200-day moving average price of $69.28. The company has a market capitalization of $7.98 billion, a price-to-earnings ratio of 42.24, a price-to-earnings-growth ratio of 3.10 and a beta of 0.61. Agree Realty Co. has a 1 year low of $54.28 and a 1 year high of $77.58.

Agree Realty (NYSE:ADC) last issued its 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). The firm had revenue of $154.33 million for the quarter, compared to analysts’ expectations of $152.83 million. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. Agree Realty’s revenue for the quarter was up 12.8% on a year-over-year basis. During the same period last year, the firm earned $1.00 earnings per share. As a group, sell-side analysts anticipate that Agree Realty Co. will post 4.12 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be issued a dividend of $0.253 per share. The ex-dividend date of this dividend 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 currently 167.96%.

Agree Realty Company 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.