Proficio Capital Partners LLC Makes New $1.46 Million Investment in Agree Realty Co. (NYSE:ADC)

Proficio Capital Partners LLC acquired a new position in shares of Agree Realty Co. (NYSE:ADC - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 20,712 shares of the real estate investment trust's stock, valued at approximately $1,459,000.

A number of other institutional investors also recently modified their holdings of ADC. Versant Capital Management Inc boosted its stake in Agree Realty by 230.7% in the fourth quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust's stock worth $30,000 after purchasing an additional 293 shares in the last quarter. Financial Life Planners acquired a new position in Agree Realty during the 4th quarter worth about $44,000. MassMutual Private Wealth & Trust FSB lifted its position in Agree Realty by 34.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust's stock worth $63,000 after buying an additional 230 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in Agree Realty during the 3rd quarter worth about $77,000. Finally, UMB Bank n.a. increased its position in Agree Realty by 17.3% in the 4th quarter. UMB Bank n.a. now owns 1,139 shares of the real estate investment trust's stock valued at $80,000 after acquiring an additional 168 shares in the last quarter. Institutional investors own 97.83% of the company's stock.

Agree Realty Trading Up 1.3 %

Agree Realty stock traded up $0.95 during midday trading on Monday, hitting $76.97. 2,011,958 shares of the stock were exchanged, compared to its average volume of 975,733. The stock has a market capitalization of $8.26 billion, a PE ratio of 43.24, a P/E/G ratio of 2.88 and a beta of 0.64. The company has a fifty day simple moving average of $72.05 and a two-hundred day simple moving average of $73.68. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.52. Agree Realty Co. has a 52 week low of $54.78 and a 52 week high of $78.39.

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Agree Realty (NYSE:ADC - Get Free Report) last announced its quarterly earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share for the quarter, topping 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%. Equities research analysts anticipate that Agree Realty Co. will post 4.27 EPS for the current fiscal year.

Agree Realty Announces Dividend

The firm also recently declared a feb 25 dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be issued a $0.253 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a dividend yield of 4.2%. Agree Realty's dividend payout ratio (DPR) is currently 170.22%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ADC. Barclays raised shares of Agree Realty from an "underweight" rating to an "equal weight" rating and increased their price target for the company from $74.00 to $75.00 in a research note on Tuesday, March 4th. Mizuho decreased their price objective on Agree Realty from $80.00 to $74.00 and set a "neutral" rating on the stock in a research report on Wednesday, January 8th. Royal Bank of Canada dropped their target price on Agree Realty from $79.00 to $78.00 and set an "outperform" rating for the company in a research report on Thursday, February 13th. JMP Securities cut Agree Realty from an "outperform" rating to a "market perform" rating in a report on Tuesday, December 17th. Finally, Citizens Jmp cut Agree Realty from a "strong-buy" rating to a "hold" rating in a report on Tuesday, December 17th. Five analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $79.85.

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.