Cambridge Investment Research Advisors Inc. Acquires 4,506 Shares of Agree Realty Co. (NYSE:ADC)

Cambridge Investment Research Advisors Inc. raised its holdings in Agree Realty Co. (NYSE:ADC) by 38.0% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 16,368 shares of the real estate investment trust’s stock after purchasing an additional 4,506 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Agree Realty were worth $1,014,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Bank of New York Mellon Corp raised its position in Agree Realty by 3.5% in the 2nd 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 during the last quarter. Raymond James Trust N.A. raised its position in Agree Realty by 6.2% in the 2nd quarter. Raymond James Trust N.A. now owns 5,767 shares of the real estate investment trust’s stock valued at $357,000 after purchasing an additional 338 shares during the last quarter. Tributary Capital Management LLC raised its position in Agree Realty by 22.5% in the 2nd quarter. Tributary Capital Management LLC now owns 316,012 shares of the real estate investment trust’s stock valued at $19,574,000 after purchasing an additional 57,990 shares during the last quarter. &PARTNERS bought a new position in Agree Realty in the 2nd quarter valued at $406,000. Finally, 1620 Investment Advisors Inc. increased its stake in shares of Agree Realty by 6.1% in the 2nd quarter. 1620 Investment Advisors Inc. now owns 8,642 shares of the real estate investment trust’s stock valued at $535,000 after buying an additional 500 shares during the period. Institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Up 0.4 %

Shares of Agree Realty stock opened at $74.90 on Friday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.54. Agree Realty Co. has a 12 month low of $52.69 and a 12 month high of $75.55. The business has a fifty day simple moving average of $68.62 and a 200 day simple moving average of $61.88. The stock has a market cap of $7.54 billion, a PE ratio of 44.06, a price-to-earnings-growth ratio of 2.44 and a beta of 0.58.

Agree Realty (NYSE:ADC) last posted its earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.51). Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The business had revenue of $152.58 million during the quarter, compared to analyst estimates of $150.35 million. During the same period in the previous year, the firm posted $0.98 earnings per share. The firm’s revenue was up 17.5% on a year-over-year basis. Research analysts predict 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 Monday, September 16th. Shareholders of record on Friday, August 30th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $3.00 dividend on an annualized basis and a yield of 4.01%. Agree Realty’s payout ratio is 176.47%.

Wall Street Analyst Weigh In

ADC has been the subject of several research reports. Wells Fargo & Company lifted their target price on Agree Realty from $75.00 to $77.00 and gave the company an “overweight” rating in a research note on Monday, August 26th. Raymond James lifted their target price on Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research note on Wednesday, August 21st. Truist Financial lifted their target price on Agree Realty from $68.00 to $77.00 and gave the company a “buy” rating in a research note on Monday, August 5th. BTIG Research lifted their target price on Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a research note on Monday, August 12th. Finally, StockNews.com raised Agree Realty from a “sell” rating to a “hold” rating in a research note on Tuesday, June 11th. Five research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $70.42.

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.