Concurrent Investment Advisors LLC Takes $508,000 Position in Agree Realty Co. (NYSE:ADC)

Concurrent Investment Advisors LLC bought a new stake in shares of Agree Realty Co. (NYSE:ADC - Free Report) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 6,740 shares of the real estate investment trust's stock, valued at approximately $508,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. grew its position in Agree Realty by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 14,480,463 shares of the real estate investment trust's stock worth $827,124,000 after purchasing an additional 258,217 shares during the last quarter. Long Pond Capital LP grew its holdings in Agree Realty by 489.8% in the 1st quarter. Long Pond Capital LP now owns 2,868,640 shares of the real estate investment trust's stock worth $163,857,000 after buying an additional 2,382,252 shares in the last quarter. Daiwa Securities Group Inc. increased its position in Agree Realty by 55.9% in the 2nd 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 acquiring an additional 650,921 shares during the period. Dimensional Fund Advisors LP raised its stake in Agree Realty by 5.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,522,014 shares of the real estate investment trust's stock valued at $94,273,000 after acquiring an additional 76,818 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Agree Realty by 3.5% in the second quarter. Bank of New York Mellon Corp now owns 1,284,143 shares of the real estate investment trust's stock worth $79,540,000 after purchasing an additional 43,768 shares in the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Agree Realty Trading Up 2.9 %

Shares of Agree Realty stock traded up $2.13 during trading on Friday, hitting $75.81. The stock had a trading volume of 755,808 shares, compared to its average volume of 1,154,319. Agree Realty Co. has a 1 year low of $54.28 and a 1 year high of $77.47. The stock has a 50 day simple moving average of $74.84 and a 200 day simple moving average of $67.98. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $7.85 billion, a PE ratio of 41.88, a P/E/G ratio of 2.45 and a beta of 0.61.

Agree Realty (NYSE:ADC - Get Free Report) last posted its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.61). The firm had revenue of $154.33 million for the quarter, compared to analysts' expectations of $152.83 million. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The company's revenue for the quarter was up 12.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.00 earnings per share. On average, research analysts expect that Agree Realty Co. will post 4.11 EPS for the current fiscal year.

Agree Realty Increases Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be paid a $0.253 dividend. This is an increase from Agree Realty's previous monthly dividend of $0.25. This represents a $3.04 annualized dividend and a yield of 4.00%. The ex-dividend date is Thursday, October 31st. Agree Realty's dividend payout ratio is currently 167.96%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ADC. Stifel Nicolaus lifted their price objective on shares of Agree Realty from $67.50 to $71.50 and gave the company a "buy" rating in a research note on Wednesday, July 24th. UBS Group boosted their target price on Agree Realty from $72.00 to $77.00 and gave the stock a "neutral" rating in a report on Wednesday, October 16th. BTIG Research increased their price target on Agree Realty from $65.00 to $74.00 and gave the company a "buy" rating in a research note on Monday, August 12th. Raymond James raised their target price on Agree Realty from $70.00 to $81.00 and gave the company a "strong-buy" rating in a research note on Wednesday, August 21st. Finally, Robert W. Baird boosted their price target on shares of Agree Realty from $67.00 to $76.00 and gave the stock an "outperform" rating in a research report on Tuesday, October 29th. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $74.19.

Agree Realty Company 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.