Easterly Investment Partners LLC Invests $8.28 Million in Agree Realty Co. (NYSE:ADC)

Easterly Investment Partners LLC purchased a new position in shares of Agree Realty Co. (NYSE:ADC - Free Report) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 117,540 shares of the real estate investment trust's stock, valued at approximately $8,281,000. Easterly Investment Partners LLC owned approximately 0.11% of Agree Realty as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in ADC. Versant Capital Management Inc grew its stake in shares of Agree Realty by 230.7% during the fourth quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust's stock valued at $30,000 after purchasing an additional 293 shares during the last quarter. Financial Life Planners bought a new position in Agree Realty in the 4th quarter valued at $44,000. MassMutual Private Wealth & Trust FSB increased its stake in shares of Agree Realty by 34.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust's stock valued at $63,000 after buying an additional 230 shares during the period. Wilmington Savings Fund Society FSB bought a new stake in shares of Agree Realty during the third quarter worth $77,000. Finally, UMB Bank n.a. lifted its stake in shares of Agree Realty by 17.3% during the fourth 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 during the period. Institutional investors own 97.83% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Stifel Nicolaus dropped their price objective on Agree Realty from $81.50 to $81.00 and set a "buy" rating for the company in a report on Tuesday, January 7th. Citizens Jmp lowered shares of Agree Realty from a "strong-buy" rating to a "hold" rating in a report on Tuesday, December 17th. Royal Bank of Canada lowered their target price on shares of Agree Realty from $79.00 to $78.00 and set an "outperform" rating for the company in a report on Thursday, February 13th. Evercore ISI began coverage on shares of Agree Realty in a research report on Thursday, December 12th. They set an "outperform" rating and a $82.00 target price for the company. Finally, Barclays raised Agree Realty from an "underweight" rating to an "equal weight" rating and lifted their price objective for the stock from $74.00 to $75.00 in a research note on Tuesday, March 4th. Five equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $79.85.

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Agree Realty Stock Up 1.3 %

Shares of NYSE ADC traded up $0.98 during midday trading on Monday, reaching $77.36. The company's stock had a trading volume of 279,879 shares, compared to its average volume of 949,481. Agree Realty Co. has a fifty-two week low of $54.78 and a fifty-two week high of $78.39. The stock has a 50 day simple moving average of $73.80 and a 200-day simple moving average of $73.90. The stock has a market capitalization of $8.30 billion, a price-to-earnings ratio of 43.44, a PEG ratio of 2.88 and a beta of 0.64. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52.

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, beating the consensus estimate 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 predict that Agree Realty Co. will post 4.27 earnings per share for the current year.

Agree Realty Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Monday, April 14th. Shareholders of record on Monday, March 31st will be given a dividend of $0.253 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $3.04 annualized dividend and a yield of 3.92%. Agree Realty's dividend payout ratio (DPR) is presently 170.22%.

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.