Agree Realty Co. (NYSE:ADC) Shares Purchased by International Assets Investment Management LLC

International Assets Investment Management LLC raised its position in shares of Agree Realty Co. (NYSE:ADC) by 5,609.0% in the third quarter, HoldingsChannel.com reports. The firm owned 281,282 shares of the real estate investment trust’s stock after buying an additional 276,355 shares during the period. International Assets Investment Management LLC’s holdings in Agree Realty were worth $211,890,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Long Pond Capital LP grew its holdings in Agree Realty by 489.8% during the first quarter. Long Pond Capital LP now owns 2,868,640 shares of the real estate investment trust’s stock worth $163,857,000 after acquiring an additional 2,382,252 shares during the period. PGGM Investments acquired a new position in shares of Agree Realty in the 2nd quarter worth approximately $70,225,000. Daiwa Securities Group Inc. lifted its stake in 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 valued at $112,453,000 after purchasing an additional 650,921 shares during the last quarter. Leeward Investments LLC MA bought a new stake in Agree Realty during the second quarter worth approximately $30,306,000. Finally, Cincinnati Insurance Co. grew its position in Agree Realty by 106.7% in the first quarter. Cincinnati Insurance Co. now owns 789,500 shares of the real estate investment trust’s stock worth $45,096,000 after buying an additional 407,500 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Agree Realty Trading Down 2.2 %

Shares of NYSE:ADC opened at $75.00 on Friday. The firm has a fifty day moving average of $74.46 and a two-hundred day moving average of $66.48. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.54. Agree Realty Co. has a 12-month low of $52.69 and a 12-month high of $77.47. The firm has a market capitalization of $7.55 billion, a P/E ratio of 44.12, 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, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The firm had revenue of $154.33 million for the quarter, compared to analyst estimates of $152.83 million. During the same period in the previous year, the business posted $1.00 EPS. Agree Realty’s revenue for the quarter was up 12.8% on a year-over-year basis. On average, equities analysts expect that Agree Realty Co. will post 4.11 EPS for the current fiscal year.

Agree Realty Increases Dividend

The company also recently disclosed a monthly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be issued a $0.253 dividend. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $3.04 dividend on an annualized basis and a yield of 4.05%. This is an increase from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s dividend payout ratio is currently 178.24%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on ADC shares. Wells Fargo & Company reiterated an “overweight” rating and set a $80.00 price objective (up previously from $77.00) on shares of Agree Realty in a research report on Tuesday, October 1st. Stifel Nicolaus increased 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. Raymond James boosted their price objective on Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a report on Wednesday, August 21st. Truist Financial raised their target price on shares of Agree Realty from $68.00 to $77.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Finally, KeyCorp boosted their price target 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. Four analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $73.88.

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.