Proficio Capital Partners LLC Takes $1.46 Million Position in Agree Realty Co. (NYSE:ADC)

Proficio Capital Partners LLC bought a new position in Agree Realty Co. (NYSE:ADC) during the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 20,712 shares of the real estate investment trust’s stock, valued at approximately $1,459,000.

Other hedge funds have also added to or reduced their stakes in the company. CIBC Asset Management Inc grew its stake in shares of Agree Realty by 5.2% during the fourth quarter. CIBC Asset Management Inc now owns 3,122 shares of the real estate investment trust’s stock valued at $220,000 after buying an additional 153 shares during the last quarter. UMB Bank n.a. grew its position in Agree Realty by 17.3% during the 4th quarter. UMB Bank n.a. now owns 1,139 shares of the real estate investment trust’s stock worth $80,000 after acquiring an additional 168 shares during the last quarter. Private Advisor Group LLC increased its stake in Agree Realty by 3.6% in the 4th quarter. Private Advisor Group LLC now owns 4,909 shares of the real estate investment trust’s stock worth $346,000 after purchasing an additional 170 shares during the period. MassMutual Private Wealth & Trust FSB boosted its stake in shares of Agree Realty by 34.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust’s stock valued at $63,000 after purchasing an additional 230 shares during the period. Finally, Principal Securities Inc. boosted its stake in shares of Agree Realty by 26.2% during the fourth quarter. Principal Securities Inc. now owns 1,142 shares of the real estate investment trust’s stock valued at $80,000 after purchasing an additional 237 shares during the period. 97.83% of the stock is owned by institutional investors.

Agree Realty Stock Performance

Shares of Agree Realty stock opened at $76.29 on Friday. Agree Realty Co. has a 12 month low of $54.78 and a 12 month high of $78.39. The firm has a market capitalization of $8.18 billion, a P/E ratio of 42.86, a P/E/G ratio of 2.88 and a beta of 0.64. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52. The business has a fifty day simple moving average of $73.18 and a two-hundred day simple moving average of $73.89.

Agree Realty (NYSE:ADC) last issued its quarterly earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.61. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. On average, equities analysts forecast that Agree Realty Co. will post 4.27 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Monday, April 14th. Stockholders of record on Monday, March 31st will be given a $0.253 dividend. The ex-dividend date is Monday, March 31st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.98%. Agree Realty’s dividend payout ratio is currently 170.22%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on ADC shares. UBS Group raised shares of Agree Realty from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $79.00 to $84.00 in a research note on Monday, January 6th. Wells Fargo & Company increased their target price on shares of Agree Realty from $78.00 to $81.00 and gave the stock an “overweight” rating in a report on Monday, March 10th. Royal Bank of Canada reduced their price target on Agree Realty from $79.00 to $78.00 and set an “outperform” rating on the stock in a report on Thursday, February 13th. JMP Securities lowered Agree Realty from an “outperform” rating to a “market perform” rating in a research report on Tuesday, December 17th. Finally, BTIG Research lifted their price objective on Agree Realty from $74.00 to $78.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Five equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Agree Realty has a consensus rating of “Moderate Buy” and a consensus target price of $79.85.

Agree Realty Company 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.