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

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

A number of other large investors have also made changes to their positions in the stock. Versant Capital Management Inc raised its stake in shares of Agree Realty by 230.7% during the 4th quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust's stock worth $30,000 after buying an additional 293 shares during the last quarter. Financial Life Planners purchased a new stake in shares of Agree Realty in the fourth quarter valued at about $44,000. MassMutual Private Wealth & Trust FSB grew its position in shares of Agree Realty by 34.4% in 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 last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of Agree Realty in the third quarter valued at approximately $77,000. Finally, UMB Bank n.a. increased its stake in shares of 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 purchasing an additional 168 shares in the last quarter. Hedge funds and other institutional investors own 97.83% of the company's stock.

Agree Realty Trading Up 0.3 %

Shares of ADC traded up $0.25 during trading hours on Monday, hitting $75.72. The stock had a trading volume of 956,371 shares, compared to its average volume of 925,955. Agree Realty Co. has a 12-month low of $54.78 and a 12-month high of $78.39. The firm has a market cap of $8.12 billion, a P/E ratio of 42.54, a P/E/G ratio of 2.88 and a beta of 0.64. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.78 and a current ratio of 0.78. The company's fifty day simple moving average is $73.32 and its 200 day simple moving average is $73.90.

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Agree Realty (NYSE:ADC - Get Free Report) last released its quarterly earnings data on Tuesday, February 11th. The real estate investment trust reported $1.04 EPS for the quarter, topping analysts' consensus estimates of $0.43 by $0.61. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. Equities research analysts forecast that Agree Realty Co. will post 4.27 EPS for the current fiscal year.

Agree Realty Announces Dividend

The firm also recently disclosed 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. This represents a $3.04 annualized dividend and a dividend yield of 4.01%. The ex-dividend date of this dividend is Monday, March 31st. Agree Realty's payout ratio is currently 170.22%.

Analyst Ratings Changes

A number of equities research analysts have commented on ADC shares. BTIG Research increased their target price on Agree Realty from $74.00 to $78.00 and gave the company a "buy" rating in a report on Wednesday, November 27th. Stifel Nicolaus decreased their price objective on Agree Realty from $81.50 to $81.00 and set a "buy" rating on the stock in a research note on Tuesday, January 7th. Evercore ISI assumed coverage on shares of Agree Realty in a research note on Thursday, December 12th. They issued an "outperform" rating and a $82.00 target price for the company. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Agree Realty in a research note on Wednesday, December 11th. They set a "buy" rating and a $88.00 price target on the stock. Finally, JMP Securities lowered shares of Agree Realty from an "outperform" rating to a "market perform" rating in a research report on Tuesday, December 17th. Five research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $79.85.

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.