Choreo LLC Invests $576,000 in Agree Realty Co. (NYSE:ADC)

Choreo LLC acquired a new position in shares of Agree Realty Co. (NYSE:ADC) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 9,337 shares of the real estate investment trust’s stock, valued at approximately $576,000.

Several other hedge funds have also modified their holdings of ADC. Long Pond Capital LP raised its holdings in Agree Realty by 489.8% during the 1st quarter. Long Pond Capital LP now owns 2,868,640 shares of the real estate investment trust’s stock valued at $163,857,000 after buying an additional 2,382,252 shares during the period. Norges Bank purchased a new stake in Agree Realty during the 4th quarter valued at $71,409,000. PGGM Investments purchased a new stake in Agree Realty during the 2nd quarter valued at $70,225,000. Leeward Investments LLC MA purchased a new stake in Agree Realty during the 2nd quarter valued at $30,306,000. Finally, Vanguard Group Inc. raised its holdings in Agree Realty by 3.4% during the 4th quarter. Vanguard Group Inc. now owns 14,222,246 shares of the real estate investment trust’s stock valued at $895,290,000 after buying an additional 462,828 shares during the period. 97.83% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ADC. Truist Financial increased their price target on Agree Realty from $68.00 to $77.00 and gave the company a “buy” rating in a report on Monday, August 5th. BTIG Research upped their price objective on Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a research report on Monday, August 12th. Royal Bank of Canada upped their price objective on Agree Realty from $63.00 to $70.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. KeyCorp started coverage on Agree Realty in a research report on Wednesday, June 12th. They issued an “overweight” rating and a $68.00 price objective on the stock. Finally, Wells Fargo & Company upped their price objective on Agree Realty from $75.00 to $77.00 and gave the company an “overweight” rating in a research report on Monday, August 26th. Five research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $70.42.

Agree Realty Price Performance

ADC opened at $76.69 on Friday. Agree Realty Co. has a 12-month low of $52.69 and a 12-month high of $77.14. The business’s fifty day simple moving average is $70.58 and its 200-day simple moving average is $62.81. The company has a market capitalization of $7.72 billion, a price-to-earnings ratio of 45.11, a PEG ratio of 2.54 and a beta of 0.61. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.54.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share 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 company had revenue of $152.58 million for the quarter, compared to the consensus estimate of $150.35 million. During the same period in the previous year, the business earned $0.98 EPS. Agree Realty’s revenue for the quarter was up 17.5% compared to the same quarter last year. On average, equities research analysts anticipate that Agree Realty Co. will post 4.11 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a dividend of $0.25 per share. This represents a $3.00 dividend on an annualized basis and a yield of 3.91%. The ex-dividend date of this dividend is Monday, September 30th. Agree Realty’s payout ratio is currently 176.47%.

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.