EP Wealth Advisors LLC Purchases Shares of 3,904 Agree Realty Co. (NYSE:ADC)

EP Wealth Advisors LLC acquired a new position in shares of Agree Realty Co. (NYSE:ADC) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 3,904 shares of the real estate investment trust’s stock, valued at approximately $294,000.

Other institutional investors also recently modified their holdings of the company. Daiwa Securities Group Inc. boosted its stake in Agree Realty by 29.4% during the third quarter. Daiwa Securities Group Inc. now owns 2,350,056 shares of the real estate investment trust’s stock worth $177,030,000 after buying an additional 534,545 shares in the last quarter. FMR LLC boosted its position in shares of Agree Realty by 729.3% during the 3rd quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust’s stock valued at $168,648,000 after acquiring an additional 1,968,811 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Agree Realty by 3.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,588,355 shares of the real estate investment trust’s stock valued at $119,651,000 after acquiring an additional 57,354 shares during the period. Dimensional Fund Advisors LP lifted its stake in Agree Realty by 5.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,522,014 shares of the real estate investment trust’s stock worth $94,273,000 after purchasing an additional 76,818 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in Agree Realty by 3.5% during the second quarter. Bank of New York Mellon Corp now owns 1,284,143 shares of the real estate investment trust’s stock valued at $79,540,000 after purchasing an additional 43,768 shares in the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Agree Realty Stock Up 1.4 %

Shares of NYSE ADC opened at $74.67 on Friday. Agree Realty Co. has a 1 year low of $54.28 and a 1 year high of $78.39. The firm has a market capitalization of $7.73 billion, a PE ratio of 41.25, a price-to-earnings-growth ratio of 3.66 and a beta of 0.62. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. The firm’s 50-day moving average is $75.23 and its 200-day moving average is $70.76.

Agree Realty (NYSE:ADC) last released its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The company had revenue of $154.33 million during the quarter, compared to the consensus estimate of $152.83 million. During the same quarter in the prior year, the company posted $1.00 EPS. The company’s revenue for the quarter was up 12.8% compared to the same quarter last year. Equities analysts expect that Agree Realty Co. will post 4.12 EPS for the current year.

Agree Realty Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.253 per share. The ex-dividend date is Tuesday, December 31st. This represents a $3.04 annualized dividend and a yield of 4.07%. Agree Realty’s dividend payout ratio is presently 167.96%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Robert W. Baird increased their target price on Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Truist Financial boosted their target price on shares of Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Mizuho lifted their price target on shares of Agree Realty from $75.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. Royal Bank of Canada upped their price objective on shares of Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Agree Realty in a report on Wednesday. They set a “buy” rating and a $88.00 price target for the company. One research analyst has rated the stock with a sell rating, two have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $78.18.

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.