3,458 Shares in Agree Realty Co. (NYSE:ADC) Purchased by Caprock Group LLC

Caprock Group LLC purchased a new position in shares of Agree Realty Co. (NYSE:ADC) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 3,458 shares of the real estate investment trust’s stock, valued at approximately $262,000.

Several other institutional investors have also recently made changes to their positions in ADC. Dana Investment Advisors Inc. raised its position in 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 purchasing an additional 170 shares during the period. Capital Square LLC increased its position in shares of Agree Realty by 1.0% during the second quarter. Capital Square LLC now owns 17,995 shares of the real estate investment trust’s stock valued at $1,193,000 after acquiring an additional 179 shares during the last quarter. Blue Trust Inc. lifted its holdings in shares of Agree Realty by 8.8% in the 2nd quarter. Blue Trust Inc. now owns 2,634 shares of the real estate investment trust’s stock worth $150,000 after acquiring an additional 213 shares during the last quarter. Commonwealth Equity Services LLC increased its holdings in Agree Realty by 3.2% in 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. Finally, State of Alaska Department of Revenue boosted its position in shares of Agree Realty by 0.4% during the third 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 buying an additional 224 shares during the period. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Down 0.9 %

Shares of NYSE:ADC opened at $76.45 on Monday. The firm has a fifty day moving average price of $75.10 and a 200 day moving average price of $69.20. Agree Realty Co. has a 1-year low of $54.28 and a 1-year high of $77.58. 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 stock has a market cap of $7.91 billion, a P/E ratio of 42.24, a P/E/G ratio of 3.13 and a beta of 0.61.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data 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 company had revenue of $154.33 million for the quarter, compared to analyst estimates of $152.83 million. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The firm’s revenue was up 12.8% compared to the same quarter last year. During the same period in the previous year, the business posted $1.00 earnings per share. Sell-side analysts predict that Agree Realty Co. will post 4.12 EPS for the current year.

Agree Realty Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be issued a $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 3.97%. The ex-dividend date of this dividend is Friday, November 29th. Agree Realty’s dividend payout ratio (DPR) is currently 167.96%.

Analysts Set New Price Targets

ADC has been the topic of several research reports. StockNews.com raised Agree Realty from a “sell” rating to a “hold” rating in a research note on Friday. UBS Group upped their price objective on Agree Realty from $77.00 to $79.00 and gave the stock a “neutral” rating in a research report on Thursday, November 14th. BTIG Research upped their price target on Agree Realty from $65.00 to $74.00 and gave the stock a “buy” rating in a report on Monday, August 12th. Truist Financial boosted their price objective on Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Finally, KeyCorp boosted their price target on shares of Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, October 4th. Four investment 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 stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $75.73.

About Agree Realty

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.