21,372 Shares in Agree Realty Co. (NYSE:ADC) Acquired by Sanctuary Advisors LLC

Sanctuary Advisors LLC purchased a new position in shares of Agree Realty Co. (NYSE:ADC) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 21,372 shares of the real estate investment trust’s stock, valued at approximately $1,235,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ADC. Brevan Howard Capital Management LP raised its position in shares of Agree Realty by 131.0% in the 4th quarter. Brevan Howard Capital Management LP now owns 21,424 shares of the real estate investment trust’s stock valued at $1,349,000 after purchasing an additional 12,150 shares in the last quarter. Heitman Real Estate Securities LLC raised its position in shares of Agree Realty by 7.4% in the 4th quarter. Heitman Real Estate Securities LLC now owns 823,954 shares of the real estate investment trust’s stock valued at $51,868,000 after purchasing an additional 56,692 shares in the last quarter. Abel Hall LLC acquired a new position in shares of Agree Realty in the 4th quarter valued at approximately $318,000. Wellington Management Group LLP acquired a new position in shares of Agree Realty in the 4th quarter valued at approximately $4,285,000. Finally, Vanguard Group Inc. raised its position in shares of Agree Realty by 3.4% in the 4th quarter. Vanguard Group Inc. now owns 14,222,246 shares of the real estate investment trust’s stock valued at $895,290,000 after purchasing an additional 462,828 shares in the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ADC. Raymond James upped their target price on Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research report on Wednesday, August 21st. KeyCorp upped 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. Stifel Nicolaus upped 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. Wells Fargo & Company reissued an “overweight” rating and set a $80.00 price target (up from $77.00) on shares of Agree Realty in a research report on Tuesday, October 1st. Finally, UBS Group upped their price target on Agree Realty from $60.00 to $67.00 and gave the company a “neutral” rating in a research report on Thursday, July 18th. Four investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Agree Realty currently has a consensus rating of “Moderate Buy” and an average target price of $72.21.

Agree Realty Price Performance

Shares of ADC opened at $73.27 on Friday. The company has a market cap of $7.37 billion, a P/E ratio of 43.10, a PEG ratio of 2.51 and a beta of 0.61. The stock has a fifty day moving average price of $73.75 and a 200 day moving average price of $65.17. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.79 and a quick ratio of 0.79. Agree Realty Co. has a 12 month low of $52.69 and a 12 month high of $77.30.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.51). The company had revenue of $152.58 million for the quarter, compared to the consensus estimate of $150.35 million. Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. Agree Realty’s quarterly revenue was up 17.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.98 earnings per share. On average, research analysts forecast that Agree Realty Co. will post 4.11 earnings per share for the current year.

Agree Realty Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $3.00 annualized dividend and a dividend yield of 4.09%. Agree Realty’s payout ratio is 176.47%.

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.