Evergreen Capital Management LLC Buys New Shares in Agree Realty Co. (NYSE:ADC)

Evergreen Capital Management LLC bought a new stake in shares of Agree Realty Co. (NYSE:ADC) during the 2nd quarter, Holdings Channel reports. The firm bought 3,759 shares of the real estate investment trust’s stock, valued at approximately $234,000.

Several other institutional investors and hedge funds also recently bought and sold shares of ADC. MCF Advisors LLC purchased a new position in Agree Realty during the second quarter valued at $26,000. Massmutual Trust Co. FSB ADV lifted its position in shares of Agree Realty by 248.3% in the second quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock valued at $38,000 after acquiring an additional 442 shares in the last quarter. UMB Bank n.a. lifted its position in shares of Agree Realty by 247.3% in the first quarter. UMB Bank n.a. now owns 719 shares of the real estate investment trust’s stock valued at $41,000 after acquiring an additional 512 shares in the last quarter. Parallel Advisors LLC lifted its position in shares of Agree Realty by 35.9% in the fourth quarter. Parallel Advisors LLC now owns 1,129 shares of the real estate investment trust’s stock valued at $71,000 after acquiring an additional 298 shares in the last quarter. Finally, Headlands Technologies LLC lifted its position in shares of Agree Realty by 232.0% in the second quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock valued at $71,000 after acquiring an additional 798 shares in the last quarter. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Agree Realty Stock Performance

NYSE ADC opened at $74.79 on Friday. The business’s 50 day moving average price is $72.69 and its 200-day moving average price is $64.04. Agree Realty Co. has a fifty-two week low of $52.69 and a fifty-two week high of $77.30. The company has a market cap of $7.53 billion, a P/E ratio of 43.99, a P/E/G ratio of 2.51 and a beta of 0.61. 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 posted 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 firm had revenue of $152.58 million for the quarter, compared to the consensus estimate of $150.35 million. During the same quarter last year, the firm earned $0.98 EPS. The company’s revenue was up 17.5% on a year-over-year basis. Sell-side analysts predict that Agree Realty Co. will post 4.11 earnings per share for the current year.

Agree Realty Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be paid a $0.25 dividend. This represents a $3.00 annualized dividend and a yield of 4.01%. The ex-dividend date of this dividend is Monday, September 30th. Agree Realty’s payout ratio is currently 176.47%.

Analyst Upgrades and Downgrades

ADC has been the topic of several research analyst reports. KeyCorp initiated 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. Truist Financial boosted their price objective on Agree Realty from $68.00 to $77.00 and gave the company a “buy” rating in a research report on Monday, August 5th. StockNews.com upgraded Agree Realty from a “sell” rating to a “hold” rating in a research report on Tuesday, June 11th. Raymond James boosted their price objective on Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research report on Wednesday, August 21st. Finally, Wells Fargo & Company boosted their target price on Agree Realty from $75.00 to $77.00 and gave the stock an “overweight” rating in a research report on Monday, August 26th. 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 stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $70.96.

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.