HighTower Advisors LLC Acquires 2,453 Shares of Agree Realty Co. (NYSE:ADC)

HighTower Advisors LLC grew its stake in shares of Agree Realty Co. (NYSE:ADC) by 24.5% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 12,472 shares of the real estate investment trust’s stock after acquiring an additional 2,453 shares during the quarter. HighTower Advisors LLC’s holdings in Agree Realty were worth $957,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. MCF Advisors LLC purchased a new stake in Agree Realty in the second quarter worth approximately $26,000. UMB Bank n.a. boosted its stake in shares of Agree Realty by 44.5% in the 3rd quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock worth $73,000 after buying an additional 299 shares during the last quarter. Arcadia Investment Management Corp MI bought a new stake in shares of Agree Realty in the third quarter worth $75,000. Headlands Technologies LLC lifted its holdings in 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 during the period. Finally, GAMMA Investing LLC grew its stake in shares of Agree Realty by 53.5% during the 3rd quarter. GAMMA Investing LLC now owns 2,154 shares of the real estate investment trust’s stock valued at $162,000 after purchasing an additional 751 shares during the period. 97.83% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on ADC. Wells Fargo & Company cut their target price on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. Robert W. Baird lifted their target price on Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. UBS Group raised their price objective on Agree Realty from $77.00 to $79.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. Barclays started coverage on Agree Realty in a research note on Tuesday. They set an “underweight” rating and a $76.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Agree Realty in a report on Wednesday, December 11th. They set a “buy” rating and a $88.00 price target on the stock. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Agree Realty has an average rating of “Moderate Buy” and a consensus price target of $78.03.

Agree Realty Price Performance

Shares of Agree Realty stock opened at $73.29 on Wednesday. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. Agree Realty Co. has a 12 month low of $54.28 and a 12 month high of $78.39. The stock has a 50 day moving average of $75.25 and a 200 day moving average of $71.02. The firm has a market cap of $7.59 billion, a PE ratio of 40.97, a PEG ratio of 3.66 and a beta of 0.62.

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). Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The business had revenue of $154.33 million during the quarter, compared to the consensus estimate of $152.83 million. During the same quarter in the prior year, the firm posted $1.00 EPS. The company’s revenue for the quarter was up 12.8% on a year-over-year basis. On average, research analysts expect that Agree Realty Co. will post 4.12 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a $0.253 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $3.04 annualized dividend and a yield of 4.14%. Agree Realty’s dividend payout ratio is currently 167.40%.

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.