Wilmington Savings Fund Society FSB Takes $77,000 Position in Agree Realty Co. (NYSE:ADC)

Wilmington Savings Fund Society FSB bought a new position in shares of Agree Realty Co. (NYSE:ADC) during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 1,019 shares of the real estate investment trust’s stock, valued at approximately $77,000.

A number of other hedge funds also recently added to or reduced their stakes in the business. Dana Investment Advisors Inc. grew its stake in Agree Realty by 0.6% during the 2nd quarter. Dana Investment Advisors Inc. now owns 29,274 shares of the real estate investment trust’s stock worth $1,813,000 after purchasing an additional 170 shares in the last quarter. Capital Square LLC grew 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 worth $1,193,000 after buying an additional 179 shares in the last quarter. Commonwealth Equity Services LLC raised its holdings in Agree Realty by 3.2% in the second quarter. Commonwealth Equity Services LLC now owns 6,895 shares of the real estate investment trust’s stock valued at $427,000 after acquiring an additional 216 shares in the last quarter. State of Alaska Department of Revenue lifted its stake in Agree Realty by 0.4% in 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 acquiring an additional 224 shares during the last quarter. Finally, US Bancorp DE grew its holdings in Agree Realty by 1.5% during the 3rd quarter. US Bancorp DE now owns 17,130 shares of the real estate investment trust’s stock worth $1,290,000 after acquiring an additional 252 shares in the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Barclays began coverage on shares of Agree Realty in a report on Tuesday. They issued an “underweight” rating and a $76.00 price objective on the stock. Robert W. Baird raised their price target on Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Evercore ISI initiated coverage on Agree Realty in a research report on Thursday, December 12th. They set an “outperform” rating and a $82.00 price objective for the company. Citizens Jmp lowered Agree Realty from a “strong-buy” rating to a “hold” rating in a research report on Tuesday. Finally, Mizuho increased their price target on shares of Agree Realty from $75.00 to $80.00 and gave the company a “neutral” rating in a research note on Thursday, November 14th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $78.03.

Agree Realty Trading Up 1.1 %

Shares of Agree Realty stock opened at $70.17 on Friday. The company’s fifty day moving average is $75.03 and its two-hundred day moving average is $71.16. Agree Realty Co. has a 1 year low of $54.28 and a 1 year high of $78.39. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66. The company has a market capitalization of $7.26 billion, a P/E ratio of 38.77, a PEG ratio of 3.66 and a beta of 0.62.

Agree Realty (NYSE:ADC) last issued its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate 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 analyst estimates of $152.83 million. During the same quarter last year, the firm earned $1.00 EPS. The business’s revenue was up 12.8% on a year-over-year basis. Analysts forecast that Agree Realty Co. will post 4.12 earnings per share for the current year.

Agree Realty Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.253 per share. The ex-dividend date is Tuesday, December 31st. This represents a $3.04 dividend on an annualized basis and a yield of 4.33%. Agree Realty’s 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.