Agree Realty Co. (NYSE:ADC) Shares Bought by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. increased its position in Agree Realty Co. (NYSE:ADC) by 34.8% during the third quarter, HoldingsChannel.com reports. The fund owned 3,906 shares of the real estate investment trust’s stock after acquiring an additional 1,008 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Agree Realty were worth $292,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Spirit of America Management Corp NY grew its holdings in Agree Realty by 4.5% during the 3rd quarter. Spirit of America Management Corp NY now owns 8,100 shares of the real estate investment trust’s stock valued at $610,000 after buying an additional 350 shares during the last quarter. International Assets Investment Management LLC grew its holdings in Agree Realty by 5,609.0% in the 3rd quarter. International Assets Investment Management LLC now owns 281,282 shares of the real estate investment trust’s stock valued at $211,890,000 after buying an additional 276,355 shares during the period. Lecap Asset Management Ltd. acquired a new position in shares of Agree Realty during the 3rd quarter valued at about $1,015,000. Private Advisor Group LLC lifted its holdings in shares of Agree Realty by 11.4% during the 3rd quarter. Private Advisor Group LLC now owns 4,739 shares of the real estate investment trust’s stock worth $357,000 after acquiring an additional 485 shares during the period. Finally, Signaturefd LLC boosted its position in shares of Agree Realty by 3.6% in the third quarter. Signaturefd LLC now owns 9,240 shares of the real estate investment trust’s stock worth $696,000 after acquiring an additional 325 shares during the last quarter. 97.83% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on ADC shares. KeyCorp increased their price target on shares of Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, October 4th. Stifel Nicolaus boosted their price target on Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a research report on Wednesday, July 24th. BTIG Research raised their price objective on Agree Realty from $65.00 to $74.00 and gave the stock a “buy” rating in a report on Monday, August 12th. Royal Bank of Canada increased their target price on shares of Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Finally, Raymond James lifted their price target on shares of Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research report on Wednesday, August 21st. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $74.27.

Agree Realty Price Performance

Shares of ADC stock opened at $73.93 on Monday. Agree Realty Co. has a twelve month low of $54.28 and a twelve month high of $77.47. The company has a market capitalization of $7.65 billion, a PE ratio of 40.85, a price-to-earnings-growth ratio of 2.49 and a beta of 0.61. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. The firm has a fifty day simple moving average of $74.72 and a 200-day simple moving average of $67.38.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The firm had revenue of $154.33 million during the quarter, compared to analysts’ expectations of $152.83 million. During the same period in the previous year, the company earned $1.00 earnings per share. The business’s quarterly revenue was up 12.8% on a year-over-year basis. Equities research analysts anticipate that Agree Realty Co. will post 4.11 earnings per share for the current fiscal year.

Agree Realty Increases Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be paid a dividend of $0.253 per share. This represents a $3.04 dividend on an annualized basis and a yield of 4.11%. The ex-dividend date is Thursday, October 31st. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s dividend payout ratio (DPR) is 167.96%.

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.