Napa Wealth Management Purchases 733 Shares of Agree Realty Co. (NYSE:ADC)

Napa Wealth Management boosted its position in Agree Realty Co. (NYSE:ADC) by 20.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,253 shares of the real estate investment trust’s stock after acquiring an additional 733 shares during the period. Napa Wealth Management’s holdings in Agree Realty were worth $320,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Long Pond Capital LP boosted its stake in shares of Agree Realty by 489.8% in the 1st quarter. Long Pond Capital LP now owns 2,868,640 shares of the real estate investment trust’s stock valued at $163,857,000 after purchasing an additional 2,382,252 shares during the last quarter. Pathway Financial Advisers LLC boosted its stake in Agree Realty by 9,118.1% in the third quarter. Pathway Financial Advisers LLC now owns 1,227,756 shares of the real estate investment trust’s stock valued at $92,487,000 after acquiring an additional 1,214,437 shares during the last quarter. PGGM Investments acquired a new stake in Agree Realty during the 2nd quarter worth $70,225,000. Daiwa Securities Group Inc. raised its position in shares of Agree Realty by 55.9% during the 2nd quarter. Daiwa Securities Group Inc. now owns 1,815,511 shares of the real estate investment trust’s stock valued at $112,453,000 after acquiring an additional 650,921 shares during the last quarter. Finally, Leeward Investments LLC MA acquired a new position in shares of Agree Realty in the 2nd quarter valued at $30,306,000. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on ADC shares. KeyCorp lifted their price objective on Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, October 4th. Wells Fargo & Company decreased their target price on Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. Stifel Nicolaus increased their price target on shares of Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Raymond James boosted 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, Royal Bank of Canada increased their target price on shares of Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, three have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $75.73.

Agree Realty Stock Up 0.5 %

ADC stock opened at $75.97 on Monday. 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 capitalization of $7.86 billion, a P/E ratio of 41.97, a P/E/G ratio of 3.08 and a beta of 0.61. Agree Realty Co. has a fifty-two week low of $54.28 and a fifty-two week high of $77.47. The business has a 50-day moving average of $75.03 and a 200-day moving average of $68.55.

Agree Realty (NYSE:ADC) last announced its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS for the quarter, missing the consensus estimate of $1.03 by ($0.61). The business 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 business’s revenue for the quarter was up 12.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.00 EPS. On average, sell-side analysts anticipate that Agree Realty Co. will post 4.12 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be paid a $0.253 dividend. The ex-dividend date is Friday, November 29th. This represents a $3.04 dividend on an annualized basis and a yield of 4.00%. Agree Realty’s dividend payout ratio is 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.