Signaturefd LLC Increases Holdings in Agree Realty Co. (NYSE:ADC)

Signaturefd LLC increased its stake in Agree Realty Co. (NYSE:ADC) by 3.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 9,240 shares of the real estate investment trust’s stock after purchasing an additional 325 shares during the quarter. Signaturefd LLC’s holdings in Agree Realty were worth $696,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Swiss National Bank raised its stake in shares of Agree Realty by 4.6% during the 1st quarter. Swiss National Bank now owns 198,382 shares of the real estate investment trust’s stock valued at $11,332,000 after purchasing an additional 8,700 shares during the period. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of Agree Realty by 1.4% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 886,527 shares of the real estate investment trust’s stock valued at $50,638,000 after acquiring an additional 12,159 shares during the last quarter. FORA Capital LLC purchased a new stake in shares of Agree Realty during the first quarter valued at approximately $1,600,000. Quantbot Technologies LP purchased a new stake in Agree Realty during the 1st quarter valued at $2,280,000. Finally, Virtu Financial LLC purchased a new stake in shares of Agree Realty during the first quarter worth about $599,000. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on ADC. Royal Bank of Canada lifted their target price on shares of Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a research note on Thursday. Raymond James increased their target price on Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, August 21st. Wells Fargo & Company reissued an “overweight” rating and set a $80.00 price target (up previously from $77.00) on shares of Agree Realty in a research report on Tuesday, October 1st. KeyCorp boosted their target price on Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. Finally, BTIG Research raised their price target on Agree Realty from $65.00 to $74.00 and gave the stock a “buy” rating in a research note on Monday, August 12th. Four research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $73.88.

Agree Realty Stock Performance

Shares of ADC stock opened at $75.00 on Friday. The business’s fifty day simple moving average is $74.46 and its 200-day simple moving average is $66.48. 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 $77.47. The company has a market cap of $7.55 billion, a PE ratio of 44.12, a PEG ratio of 2.47 and a beta of 0.61.

Agree Realty (NYSE:ADC) last released its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). The firm had revenue of $154.33 million for the quarter, compared to analyst estimates of $152.83 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 12.8% compared to the same quarter last year. During the same period last year, the firm earned $1.00 EPS. Analysts expect that Agree Realty Co. will post 4.11 earnings per share for the current fiscal year.

Agree Realty Increases Dividend

The firm also recently declared a monthly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be given a dividend of $0.253 per share. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $3.04 dividend on an annualized basis and a yield of 4.05%. This is an increase from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s dividend payout ratio is currently 178.24%.

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.