Agree Realty Co. (NYSE:ADC) Shares Sold by Kovack Advisors Inc.

Kovack Advisors Inc. trimmed its position in Agree Realty Co. (NYSE:ADC) by 12.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,547 shares of the real estate investment trust’s stock after selling 820 shares during the quarter. Kovack Advisors Inc.’s holdings in Agree Realty were worth $418,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. MCF Advisors LLC purchased a new position in Agree Realty in the second quarter worth approximately $26,000. Massmutual Trust Co. FSB ADV boosted its stake in Agree Realty by 248.3% during the second quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock worth $38,000 after buying an additional 442 shares during the period. Headlands Technologies LLC increased its position in shares of Agree Realty by 232.0% during the second quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock valued at $71,000 after acquiring an additional 798 shares during the last quarter. UMB Bank n.a. lifted its holdings in shares of Agree Realty by 44.5% in the 3rd quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock worth $73,000 after acquiring an additional 299 shares during the last quarter. Finally, Arcadia Investment Management Corp MI purchased a new position in shares of Agree Realty during the 3rd quarter worth approximately $75,000. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Performance

NYSE:ADC opened at $75.57 on Friday. Agree Realty Co. has a 12 month low of $54.28 and a 12 month high of $77.47. 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 firm has a market capitalization of $7.82 billion, a PE ratio of 41.75, a price-to-earnings-growth ratio of 3.10 and a beta of 0.61. The business’s fifty day moving average price is $75.00 and its 200 day moving average price is $68.30.

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). The business had revenue of $154.33 million during the quarter, compared to analysts’ expectations of $152.83 million. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The company’s revenue 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 4.11 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be given a dividend of $0.253 per share. The ex-dividend date is Friday, November 29th. This represents a $3.04 annualized dividend and a dividend yield of 4.02%. Agree Realty’s dividend payout ratio is presently 167.96%.

Analyst Upgrades and Downgrades

A number of research firms have commented on ADC. Stifel Nicolaus upped their price target on Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. UBS Group increased their target price on Agree Realty from $77.00 to $79.00 and gave the stock a “neutral” rating in a research note on Thursday. Mizuho raised their target price on Agree Realty from $75.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday. Robert W. Baird boosted their price target on shares of Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Finally, KeyCorp raised their price objective on shares of Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, October 4th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Agree Realty currently has an average rating of “Moderate Buy” and an average target price of $75.73.

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.