Point72 DIFC Ltd Makes New $588,000 Investment in Agree Realty Co. (NYSE:ADC)

Point72 DIFC Ltd purchased a new stake in shares of Agree Realty Co. (NYSE:ADC - Free Report) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 7,810 shares of the real estate investment trust's stock, valued at approximately $588,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Dana Investment Advisors Inc. increased its holdings in shares of Agree Realty by 0.6% during the 2nd quarter. Dana Investment Advisors Inc. now owns 29,274 shares of the real estate investment trust's stock valued at $1,813,000 after acquiring an additional 170 shares during the last quarter. Capital Square LLC raised its holdings in Agree Realty by 1.0% in the 2nd quarter. Capital Square LLC now owns 17,995 shares of the real estate investment trust's stock worth $1,193,000 after acquiring an additional 179 shares during the period. Blue Trust Inc. lifted its position in Agree Realty by 8.8% during the 2nd quarter. Blue Trust Inc. now owns 2,634 shares of the real estate investment trust's stock worth $150,000 after acquiring an additional 213 shares during the last quarter. Commonwealth Equity Services LLC boosted its holdings in Agree Realty by 3.2% during the second quarter. Commonwealth Equity Services LLC now owns 6,895 shares of the real estate investment trust's stock valued at $427,000 after acquiring an additional 216 shares during the period. Finally, State of Alaska Department of Revenue increased its stake in shares of Agree Realty by 0.4% in the third quarter. State of Alaska Department of Revenue now owns 58,934 shares of the real estate investment trust's stock worth $4,438,000 after purchasing an additional 224 shares during the period. Hedge funds and other institutional investors own 97.83% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ADC. BTIG Research increased their price objective on Agree Realty from $74.00 to $78.00 and gave the company a "buy" rating in a research report on Wednesday, November 27th. UBS Group upped their target price on shares of Agree Realty from $77.00 to $79.00 and gave the company a "neutral" rating in a research note on Thursday, November 14th. Truist Financial increased their price objective on Agree Realty from $77.00 to $80.00 and gave the stock a "buy" rating in a research note on Wednesday, October 30th. Wells Fargo & Company dropped their price objective on shares of Agree Realty from $80.00 to $79.00 and set an "overweight" rating for the company in a report on Monday, November 4th. Finally, Robert W. Baird boosted their target price on Agree Realty from $67.00 to $76.00 and gave the stock an "outperform" rating in a report on Tuesday, October 29th. Four equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Agree Realty has a consensus rating of "Moderate Buy" and an average target price of $76.04.

Agree Realty Trading Down 0.5 %

Shares of NYSE ADC traded down $0.38 during mid-day trading on Friday, hitting $74.72. The company's stock had a trading volume of 533,260 shares, compared to its average volume of 950,795. Agree Realty Co. has a one year low of $54.28 and a one year high of $78.39. The company's fifty day simple moving average is $75.31 and its 200-day simple moving average is $70.25. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66. The stock has a market cap of $7.74 billion, a price-to-earnings ratio of 41.28, a price-to-earnings-growth ratio of 3.67 and a beta of 0.62.

Agree Realty (NYSE:ADC - Get Free Report) last announced 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). The business had revenue of $154.33 million during the quarter, compared to the consensus estimate of $152.83 million. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. Agree Realty's revenue was up 12.8% compared to the same quarter last year. During the same period in the previous year, the business posted $1.00 earnings per share. On average, sell-side analysts anticipate that Agree Realty Co. will post 4.12 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be paid a $0.253 dividend. This represents a $3.04 annualized dividend and a yield of 4.06%. The ex-dividend date of this dividend is Friday, November 29th. Agree Realty's payout ratio is 167.96%.

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.