Adelante Capital Management LLC Purchases New Position in Agree Realty Co. (NYSE:ADC)

Adelante Capital Management LLC purchased a new stake in Agree Realty Co. (NYSE:ADC) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 11,885 shares of the real estate investment trust’s stock, valued at approximately $837,000.

A number of other institutional investors also recently bought and sold shares of the business. CIBC Asset Management Inc grew its position in Agree Realty by 5.2% during the fourth quarter. CIBC Asset Management Inc now owns 3,122 shares of the real estate investment trust’s stock valued at $220,000 after acquiring an additional 153 shares during the period. Carmel Capital Partners LLC lifted its stake in shares of Agree Realty by 2.5% during the fourth quarter. Carmel Capital Partners LLC now owns 6,894 shares of the real estate investment trust’s stock worth $486,000 after purchasing an additional 167 shares in the last quarter. UMB Bank n.a. lifted its stake in shares of Agree Realty by 17.3% in the fourth quarter. UMB Bank n.a. now owns 1,139 shares of the real estate investment trust’s stock worth $80,000 after acquiring an additional 168 shares in the last quarter. Sequoia Financial Advisors LLC lifted its stake in shares of Agree Realty by 3.8% in the fourth quarter. Sequoia Financial Advisors LLC now owns 4,590 shares of the real estate investment trust’s stock worth $323,000 after acquiring an additional 169 shares in the last quarter. Finally, Private Advisor Group LLC lifted its stake in shares of Agree Realty by 3.6% in the fourth quarter. Private Advisor Group LLC now owns 4,909 shares of the real estate investment trust’s stock worth $346,000 after acquiring an additional 170 shares in the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Agree Realty Trading Up 1.1 %

NYSE:ADC opened at $77.28 on Wednesday. The stock has a market cap of $8.50 billion, a PE ratio of 43.42, a price-to-earnings-growth ratio of 2.88 and a beta of 0.55. The stock’s 50-day moving average is $75.49 and its two-hundred day moving average is $74.08. Agree Realty Co. has a fifty-two week low of $57.02 and a fifty-two week high of $79.65. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78.

Agree Realty (NYSE:ADC) last announced its quarterly earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 EPS for the quarter, beating the consensus estimate of $1.05 by $0.01. The business had revenue of $169.16 million during the quarter, compared to analysts’ expectations of $167.77 million. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. During the same quarter in the previous year, the business posted $0.43 EPS. As a group, equities research analysts forecast that Agree Realty Co. will post 4.27 earnings per share for the current fiscal year.

Agree Realty Increases Dividend

The business also recently declared a apr 25 dividend, which will be paid on Wednesday, May 14th. Shareholders of record on Wednesday, April 30th will be issued a dividend of $0.256 per share. This represents a yield of 4.1%. The ex-dividend date of this dividend is Wednesday, April 30th. This is an increase from Agree Realty’s previous apr 25 dividend of $0.25. Agree Realty’s dividend payout ratio (DPR) is 173.45%.

Analysts Set New Price Targets

Several brokerages have issued reports on ADC. Mizuho upped their price objective on Agree Realty from $74.00 to $81.00 and gave the company a “neutral” rating in a research note on Thursday, April 3rd. Royal Bank of Canada lowered their target price on Agree Realty from $79.00 to $78.00 and set an “outperform” rating for the company in a report on Thursday, February 13th. Barclays upgraded shares of Agree Realty from an “underweight” rating to an “equal weight” rating and lifted their price objective for the company from $74.00 to $75.00 in a research note on Tuesday, March 4th. StockNews.com cut shares of Agree Realty from a “hold” rating to a “sell” rating in a research note on Friday, April 25th. Finally, UBS Group upgraded shares of Agree Realty from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $79.00 to $84.00 in a research report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $80.88.

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.