Citigroup Inc. Buys 270,093 Shares of Agree Realty Co. (NYSE:ADC)

Citigroup Inc. grew its position in shares of Agree Realty Co. (NYSE:ADC) by 348.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 347,496 shares of the real estate investment trust’s stock after buying an additional 270,093 shares during the quarter. Citigroup Inc. owned 0.34% of Agree Realty worth $26,177,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of ADC. MCF Advisors LLC bought a new position in Agree Realty in the second quarter valued at about $26,000. Massmutual Trust Co. FSB ADV grew its position in Agree Realty by 248.3% during 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 buying an additional 442 shares during the period. UMB Bank n.a. increased its holdings in Agree Realty by 44.5% during the third quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock valued at $73,000 after buying an additional 299 shares during the last quarter. Arcadia Investment Management Corp MI bought a new position in Agree Realty in the third quarter worth approximately $75,000. Finally, Headlands Technologies LLC boosted its stake in shares of Agree Realty by 232.0% during the 2nd quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock worth $71,000 after acquiring an additional 798 shares during the last quarter. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Mizuho raised their target price on Agree Realty from $75.00 to $80.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. KeyCorp boosted their price objective on Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, October 4th. UBS Group raised their target price on shares of Agree Realty from $77.00 to $79.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. StockNews.com upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a research report on Friday. Finally, Wells Fargo & Company decreased their price objective on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. 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 data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $75.73.

Agree Realty Stock Performance

Shares of NYSE:ADC opened at $76.41 on Tuesday. The firm has a fifty day simple moving average of $75.10 and a two-hundred day simple moving average of $69.28. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $7.91 billion, a P/E ratio of 42.21, a PEG ratio of 3.10 and a beta of 0.61. Agree Realty Co. has a 52 week low of $54.28 and a 52 week high of $77.58.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.61). The company had revenue of $154.33 million for the quarter, compared to analysts’ expectations of $152.83 million. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The business’s quarterly revenue was up 12.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.00 EPS. On average, analysts expect that Agree Realty Co. will post 4.12 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be issued a dividend of $0.253 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $3.04 annualized dividend and a yield of 3.97%. Agree Realty’s payout ratio is 167.40%.

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.