Dimensional Fund Advisors LP Buys 76,818 Shares of Agree Realty Co. (NYSE:ADC)

Dimensional Fund Advisors LP raised its stake in Agree Realty Co. (NYSE:ADC) by 5.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,522,014 shares of the real estate investment trust’s stock after purchasing an additional 76,818 shares during the period. Dimensional Fund Advisors LP’s holdings in Agree Realty were worth $94,273,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Oppenheimer Asset Management Inc. raised its stake in Agree Realty by 15.8% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 14,869 shares of the real estate investment trust’s stock worth $921,000 after buying an additional 2,028 shares during the period. Wealthspire Advisors LLC bought a new stake in shares of Agree Realty during the second quarter valued at approximately $240,000. William Blair Investment Management LLC raised its position in shares of Agree Realty by 0.6% during the second quarter. William Blair Investment Management LLC now owns 462,067 shares of the real estate investment trust’s stock worth $28,620,000 after purchasing an additional 2,811 shares during the period. DekaBank Deutsche Girozentrale lifted its holdings in shares of Agree Realty by 41.3% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 84,186 shares of the real estate investment trust’s stock worth $5,212,000 after purchasing an additional 24,603 shares in the last quarter. Finally, American Century Companies Inc. grew its position in Agree Realty by 84.0% in the 2nd quarter. American Century Companies Inc. now owns 683,289 shares of the real estate investment trust’s stock valued at $42,323,000 after purchasing an additional 311,979 shares during the period. Institutional investors and hedge funds own 97.83% of the company’s stock.

Analyst Ratings Changes

ADC has been the topic of several research reports. Royal Bank of Canada upped their price objective 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. UBS Group raised their price target on shares of Agree Realty from $60.00 to $67.00 and gave the company a “neutral” rating in a research report on Thursday, July 18th. KeyCorp initiated coverage on Agree Realty in a research note on Wednesday, June 12th. They set an “overweight” rating and a $68.00 price target for the company. Stifel Nicolaus increased their price objective on Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Finally, StockNews.com raised Agree Realty from a “sell” rating to a “hold” rating in a research report on Tuesday, June 11th. Four analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Agree Realty currently has a consensus rating of “Moderate Buy” and a consensus target price of $70.96.

Agree Realty Stock Performance

Shares of Agree Realty stock opened at $74.62 on Wednesday. The business’s fifty day simple moving average is $72.23 and its 200 day simple moving average is $63.77. 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 Co. has a 12 month low of $52.69 and a 12 month high of $77.30. The firm has a market capitalization of $7.51 billion, a P/E ratio of 43.89, a price-to-earnings-growth ratio of 2.54 and a beta of 0.61.

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 (EPS) for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.51). Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The business had revenue of $152.58 million during the quarter, compared to analysts’ expectations of $150.35 million. During the same quarter last year, the business posted $0.98 EPS. The company’s quarterly revenue was up 17.5% on a year-over-year basis. As a group, analysts anticipate that Agree Realty Co. will post 4.11 EPS for the current 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 $0.25 dividend. This represents a $3.00 annualized dividend and a dividend yield of 4.02%. The ex-dividend date of this dividend is Monday, September 30th. Agree Realty’s dividend payout ratio (DPR) is 176.47%.

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.