GAMMA Investing LLC Grows Position in Agree Realty Co. (NYSE:ADC)

GAMMA Investing LLC raised its position in shares of Agree Realty Co. (NYSE:ADC) by 53.5% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,154 shares of the real estate investment trust’s stock after buying an additional 751 shares during the quarter. GAMMA Investing LLC’s holdings in Agree Realty were worth $162,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of ADC. MCF Advisors LLC purchased a new stake in shares of Agree Realty during the second quarter valued at about $26,000. Massmutual Trust Co. FSB ADV lifted its position in shares of 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 last quarter. Headlands Technologies LLC lifted its position in shares of Agree Realty by 232.0% during the second quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock valued at $71,000 after buying an additional 798 shares during the last quarter. Twin Tree Management LP purchased a new stake in shares of Agree Realty during the first quarter valued at about $134,000. Finally, Private Ocean LLC purchased a new stake in shares of Agree Realty during the second quarter valued at about $146,000. 97.83% of the stock is owned by hedge funds and other institutional investors.

Agree Realty Price Performance

Shares of NYSE:ADC opened at $73.49 on Friday. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.54. Agree Realty Co. has a twelve month low of $52.69 and a twelve month high of $77.30. The company’s 50 day moving average is $73.79 and its 200 day moving average is $65.36. The company has a market cap of $7.40 billion, a PE ratio of 43.23, a price-to-earnings-growth ratio of 2.47 and a beta of 0.61.

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

Agree Realty Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be given a $0.253 dividend. This represents a $3.04 annualized dividend and a yield of 4.13%. The ex-dividend date is Thursday, October 31st. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s dividend payout ratio is currently 176.47%.

Wall Street Analysts Forecast Growth

ADC has been the subject of several analyst reports. Truist Financial increased their price target on shares of Agree Realty from $68.00 to $77.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Raymond James upped their price objective on shares of Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a report on Wednesday, August 21st. KeyCorp upped their price objective on shares of Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, October 4th. UBS Group upped their price objective on shares of Agree Realty from $60.00 to $67.00 and gave the company a “neutral” rating in a report on Thursday, July 18th. Finally, Wells Fargo & Company restated an “overweight” rating and set a $80.00 price objective (up previously from $77.00) on shares of Agree Realty in a report on Tuesday, October 1st. Four equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $72.21.

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.