Wealthspire Advisors LLC Invests $240,000 in Agree Realty Co. (NYSE:ADC)

Wealthspire Advisors LLC bought a new position in Agree Realty Co. (NYSE:ADC) during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 3,867 shares of the real estate investment trust’s stock, valued at approximately $240,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. MCF Advisors LLC purchased a new position in shares of Agree Realty in the 2nd quarter worth approximately $26,000. Massmutual Trust Co. FSB ADV boosted its stake in shares of Agree Realty by 248.3% in the 2nd 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 last quarter. UMB Bank n.a. boosted its stake in shares of Agree Realty by 247.3% in the 1st quarter. UMB Bank n.a. now owns 719 shares of the real estate investment trust’s stock worth $41,000 after buying an additional 512 shares during the last quarter. Parallel Advisors LLC boosted its stake in shares of Agree Realty by 35.9% in the 4th quarter. Parallel Advisors LLC now owns 1,129 shares of the real estate investment trust’s stock worth $71,000 after buying an additional 298 shares during the last quarter. Finally, Headlands Technologies LLC boosted its stake in shares of Agree Realty by 232.0% in the 2nd quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock worth $71,000 after buying an additional 798 shares during the last quarter. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on ADC. Royal Bank of Canada lifted their price target on shares of Agree Realty from $63.00 to $70.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a report on Tuesday, June 11th. Truist Financial lifted their price target on shares of Agree Realty from $68.00 to $77.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Wells Fargo & Company lifted their price target on shares of Agree Realty from $75.00 to $77.00 and gave the stock an “overweight” rating in a report on Monday, August 26th. Finally, Raymond James lifted their price target on shares of Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a report on Wednesday, August 21st. Five equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $70.42.

Agree Realty Trading Down 1.0 %

Agree Realty stock opened at $75.97 on Wednesday. The stock has a market cap of $7.64 billion, a P/E ratio of 44.69, a PEG ratio of 2.54 and a beta of 0.61. Agree Realty Co. has a fifty-two week low of $52.69 and a fifty-two week high of $77.30. The firm’s fifty day moving average price is $71.17 and its 200-day moving average price is $63.16. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.79 and a current ratio of 0.79.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.51). The firm had revenue of $152.58 million during the quarter, compared to the consensus estimate of $150.35 million. Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The company’s revenue for the quarter was up 17.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.98 EPS. Equities research analysts forecast that Agree Realty Co. will post 4.11 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $3.00 annualized dividend and a dividend yield of 3.95%. 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.