Portfolio Design Labs LLC Acquires Shares of 4,162 Agree Realty Co. (NYSE:ADC)

Portfolio Design Labs LLC acquired a new stake in Agree Realty Co. (NYSE:ADC) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 4,162 shares of the real estate investment trust’s stock, valued at approximately $293,000.

Several other hedge funds also recently added to or reduced their stakes in ADC. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Agree Realty by 6.6% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 362,723 shares of the real estate investment trust’s stock valued at $25,554,000 after acquiring an additional 22,525 shares in the last quarter. State of Alaska Department of Revenue grew its stake in shares of Agree Realty by 7.4% during the fourth quarter. State of Alaska Department of Revenue now owns 63,324 shares of the real estate investment trust’s stock valued at $4,459,000 after acquiring an additional 4,390 shares in the last quarter. Vanderbilt University grew its stake in shares of Agree Realty by 52.8% during the fourth quarter. Vanderbilt University now owns 25,879 shares of the real estate investment trust’s stock valued at $1,823,000 after acquiring an additional 8,946 shares in the last quarter. Retirement Systems of Alabama grew its stake in shares of Agree Realty by 3.0% during the fourth quarter. Retirement Systems of Alabama now owns 125,603 shares of the real estate investment trust’s stock valued at $8,849,000 after acquiring an additional 3,643 shares in the last quarter. Finally, Longboard Asset Management LP acquired a new stake in shares of Agree Realty during the fourth quarter valued at about $211,000. 97.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ADC. Wells Fargo & Company lowered their target price on Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a research note on Monday, November 4th. StockNews.com downgraded Agree Realty from a “hold” rating to a “sell” rating in a research note on Saturday, February 8th. Barclays decreased their price target on Agree Realty from $76.00 to $74.00 and set an “underweight” rating for the company in a research note on Tuesday, February 4th. Citizens Jmp downgraded Agree Realty from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Finally, Mizuho decreased their price target on Agree Realty from $80.00 to $74.00 and set a “neutral” rating for the company in a research note on Wednesday, January 8th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Agree Realty currently has a consensus rating of “Moderate Buy” and an average target price of $78.93.

Agree Realty Stock Performance

Shares of NYSE ADC opened at $71.27 on Thursday. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52. The firm’s 50-day moving average price is $71.85 and its two-hundred day moving average price is $73.46. Agree Realty Co. has a 52-week low of $54.28 and a 52-week high of $78.39. The stock has a market capitalization of $7.38 billion, a P/E ratio of 39.38, a P/E/G ratio of 2.87 and a beta of 0.65.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.61. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. As a group, sell-side analysts forecast that Agree Realty Co. will post 4.13 earnings per share for the current year.

Agree Realty Dividend Announcement

The firm also recently declared a feb 25 dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 28th will be issued a dividend of $0.253 per share. The ex-dividend date is Friday, February 28th. This represents a dividend yield of 4.2%. Agree Realty’s dividend payout ratio (DPR) is presently 167.96%.

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.