Pathstone Holdings LLC Has $1.95 Million Stake in Agree Realty Co. (NYSE:ADC)

Pathstone Holdings LLC grew its holdings in shares of Agree Realty Co. (NYSE:ADC) by 15.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 25,833 shares of the real estate investment trust’s stock after purchasing an additional 3,535 shares during the period. Pathstone Holdings LLC’s holdings in Agree Realty were worth $1,946,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. MCF Advisors LLC acquired a new stake in Agree Realty during the second quarter worth approximately $26,000. Massmutual Trust Co. FSB ADV increased its holdings in 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 valued at $38,000 after buying an additional 442 shares during the period. Headlands Technologies LLC raised its position in shares of Agree Realty by 232.0% in the 2nd 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 in the last quarter. UMB Bank n.a. lifted its holdings in shares of Agree Realty by 44.5% during the 3rd quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock worth $73,000 after acquiring an additional 299 shares during the period. Finally, Arcadia Investment Management Corp MI acquired a new stake in shares of Agree Realty during the 3rd quarter worth approximately $75,000. 97.83% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

ADC has been the subject of several recent analyst reports. StockNews.com upgraded Agree Realty from a “sell” rating to a “hold” rating in a research note on Friday, November 22nd. Raymond James raised their price objective on Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research note on Wednesday, August 21st. UBS Group boosted their target price on Agree Realty from $77.00 to $79.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. Truist Financial lifted their price target on shares of Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Finally, KeyCorp increased their price objective on shares of Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, October 4th. Four analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $75.73.

Agree Realty Price Performance

Shares of ADC opened at $76.97 on Wednesday. The business has a 50-day moving average of $75.09 and a 200-day moving average of $69.40. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66. The company has a market capitalization of $7.97 billion, a price-to-earnings ratio of 42.21, 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 announced its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share 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 the consensus estimate of $152.83 million. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. Agree Realty’s quarterly revenue was up 12.8% on a year-over-year basis. During the same period in the prior year, the business earned $1.00 EPS. As a group, equities research analysts anticipate that Agree Realty Co. will post 4.12 earnings per share for the current year.

Agree Realty Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be paid a dividend of $0.253 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $3.04 annualized dividend and a yield of 3.94%. Agree Realty’s dividend payout ratio is currently 167.40%.

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.