Pathstone Holdings LLC Has $1.95 Million Stock Position in Agree Realty Co. (NYSE:ADC)

Pathstone Holdings LLC boosted its position in Agree Realty Co. (NYSE:ADC) by 15.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,833 shares of the real estate investment trust’s stock after buying an additional 3,535 shares during the period. Pathstone Holdings LLC’s holdings in Agree Realty were worth $1,946,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Daiwa Securities Group Inc. raised its position in shares of Agree Realty by 55.9% during the second quarter. Daiwa Securities Group Inc. now owns 1,815,511 shares of the real estate investment trust’s stock worth $112,453,000 after purchasing an additional 650,921 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Agree Realty by 5.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,522,014 shares of the real estate investment trust’s stock valued at $94,273,000 after buying an additional 76,818 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Agree Realty by 3.5% during the second quarter. Bank of New York Mellon Corp now owns 1,284,143 shares of the real estate investment trust’s stock worth $79,540,000 after acquiring an additional 43,768 shares in the last quarter. Pathway Financial Advisers LLC raised its holdings in shares of Agree Realty by 9,118.1% in the 3rd quarter. Pathway Financial Advisers LLC now owns 1,227,756 shares of the real estate investment trust’s stock worth $92,487,000 after acquiring an additional 1,214,437 shares during the last quarter. Finally, PGGM Investments bought a new position in Agree Realty in the 2nd quarter valued at about $70,225,000. 97.83% of the stock is owned by institutional investors and hedge funds.

Agree Realty Stock Performance

NYSE:ADC opened at $76.97 on Wednesday. The business’s fifty day moving average is $75.09 and its 200 day moving average is $69.40. The firm has a market cap of $7.97 billion, a price-to-earnings ratio of 42.21, a PEG ratio of 3.10 and a beta of 0.61. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66. Agree Realty Co. has a 52-week low of $54.28 and a 52-week high of $77.58.

Agree Realty (NYSE:ADC) last announced 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 the consensus estimate of $152.83 million. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The company’s quarterly revenue was up 12.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.00 earnings per share. Research analysts predict that Agree Realty Co. will post 4.12 EPS for the current year.

Agree Realty Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be given a dividend of $0.253 per share. The ex-dividend date is Friday, November 29th. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.94%. Agree Realty’s dividend payout ratio (DPR) is currently 167.40%.

Analyst Ratings Changes

Several analysts have recently commented on the company. Raymond James increased their price objective 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. Truist Financial raised their price target on shares of Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Royal Bank of Canada upped their target price on Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. KeyCorp increased their price target on Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, October 4th. Finally, StockNews.com raised Agree Realty from a “sell” rating to a “hold” rating in a research report on Friday, November 22nd. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $75.73.

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.