Eagle Asset Management Inc. Buys 32,113 Shares of Agree Realty Co. (NYSE:ADC)

Eagle Asset Management Inc. increased its holdings in shares of Agree Realty Co. (NYSE:ADC) by 29.1% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 142,515 shares of the real estate investment trust’s stock after acquiring an additional 32,113 shares during the quarter. Eagle Asset Management Inc.’s holdings in Agree Realty were worth $10,804,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in ADC. PGGM Investments acquired a new position in shares of Agree Realty in the 2nd quarter worth approximately $70,225,000. Virtu Financial LLC acquired a new position in shares of Agree Realty in the 1st quarter worth approximately $599,000. AQR Capital Management LLC lifted its position in shares of Agree Realty by 67.4% in the 2nd quarter. AQR Capital Management LLC now owns 462,868 shares of the real estate investment trust’s stock worth $28,476,000 after purchasing an additional 186,285 shares during the period. Walleye Trading LLC acquired a new position in shares of Agree Realty in the 1st quarter worth approximately $955,000. Finally, Manning & Napier Advisors LLC acquired a new position in shares of Agree Realty in the 2nd quarter worth approximately $5,915,000. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Agree Realty Trading Down 0.9 %

ADC stock opened at $76.45 on Friday. The company has a market capitalization of $7.91 billion, a PE ratio of 42.24, a price-to-earnings-growth ratio of 3.13 and a beta of 0.61. Agree Realty Co. has a one year low of $54.28 and a one year high of $77.58. The company’s 50 day moving average price is $75.10 and its two-hundred day moving average price is $69.13. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66.

Agree Realty (NYSE:ADC) last posted its quarterly 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). Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The business had revenue of $154.33 million for the quarter, compared to analysts’ expectations of $152.83 million. During the same period last year, the business posted $1.00 earnings per share. The company’s revenue was up 12.8% compared to the same quarter last year. As a group, analysts predict that Agree Realty Co. will post 4.12 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be paid a $0.253 dividend. This represents a $3.04 annualized dividend and a dividend yield of 3.97%. The ex-dividend date of this dividend is Friday, November 29th. Agree Realty’s payout ratio is 167.96%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. 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 report on Tuesday, October 29th. Raymond James lifted their price objective on shares of Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research note on Wednesday, August 21st. Mizuho lifted their price objective 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. BTIG Research boosted their price target on shares of Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a research note on Monday, August 12th. Finally, UBS Group boosted their price target on shares of Agree Realty from $77.00 to $79.00 and gave the company a “neutral” rating in a research note on Thursday, November 14th. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Agree Realty presently has a consensus rating of “Moderate Buy” and an average target price of $75.73.

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.