Redmond Asset Management LLC Makes New $1.58 Million Investment in Agree Realty Co. (NYSE:ADC)

Redmond Asset Management LLC purchased a new position in shares of Agree Realty Co. (NYSE:ADC) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 22,459 shares of the real estate investment trust’s stock, valued at approximately $1,582,000.

A number of other large investors have also modified their holdings of ADC. Versant Capital Management Inc boosted its position in Agree Realty by 230.7% in the fourth quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust’s stock valued at $30,000 after buying an additional 293 shares during the last quarter. Financial Life Planners acquired a new position in Agree Realty in the 4th quarter valued at $44,000. MassMutual Private Wealth & Trust FSB raised its stake in Agree Realty by 34.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust’s stock valued at $63,000 after purchasing an additional 230 shares during the last quarter. Arcadia Investment Management Corp MI acquired a new position in Agree Realty in the 3rd quarter valued at $75,000. Finally, Wilmington Savings Fund Society FSB acquired a new stake in shares of Agree Realty in the 3rd quarter worth $77,000. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Price Performance

ADC stock opened at $72.73 on Friday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52. Agree Realty Co. has a one year low of $54.28 and a one year high of $78.39. The firm has a market capitalization of $7.80 billion, a PE ratio of 40.86, a P/E/G ratio of 2.82 and a beta of 0.65. The firm has a 50-day moving average of $71.43 and a two-hundred day moving average of $73.50.

Agree Realty (NYSE:ADC) last issued its 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 3.70% and a net margin of 30.66%. On average, analysts forecast that Agree Realty Co. will post 4.27 earnings per share for the current year.

Agree Realty Dividend Announcement

The business also recently declared a feb 25 dividend, which will be paid on Friday, March 14th. Shareholders 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 yield of 4.2%. Agree Realty’s dividend payout ratio (DPR) is presently 170.79%.

Analysts Set New Price Targets

A number of brokerages have issued reports on ADC. Royal Bank of Canada cut their target price on Agree Realty from $79.00 to $78.00 and set an “outperform” rating for the company in a research note on Thursday, February 13th. UBS Group upgraded Agree Realty from a “neutral” rating to a “buy” rating and raised their target price for the company from $79.00 to $84.00 in a report on Monday, January 6th. Wells Fargo & Company reduced their price target on Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. StockNews.com raised Agree Realty from a “sell” rating to a “hold” rating in a research report on Sunday, February 16th. Finally, Robert W. Baird lifted their price target on Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $79.62.

Agree Realty Company 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.