Harvest Portfolios Group Inc. Acquires 12,717 Shares of Agree Realty Co. (NYSE:ADC)

Harvest Portfolios Group Inc. raised its holdings in Agree Realty Co. (NYSE:ADC - Free Report) by 115.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 23,759 shares of the real estate investment trust's stock after buying an additional 12,717 shares during the period. Harvest Portfolios Group Inc.'s holdings in Agree Realty were worth $1,790,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Long Pond Capital LP boosted its stake in shares of Agree Realty by 489.8% during 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 during the last quarter. Pathway Financial Advisers LLC boosted its stake in shares of Agree Realty by 9,118.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 1,227,756 shares of the real estate investment trust's stock worth $92,487,000 after buying an additional 1,214,437 shares during the last quarter. PGGM Investments acquired a new position in shares of Agree Realty during the 2nd quarter worth about $70,225,000. Daiwa Securities Group Inc. boosted its stake in shares of Agree Realty by 55.9% during the 2nd quarter. Daiwa Securities Group Inc. now owns 1,815,511 shares of the real estate investment trust's stock worth $112,453,000 after buying an additional 650,921 shares during the last quarter. Finally, Leeward Investments LLC MA acquired a new position in shares of Agree Realty during the 2nd quarter worth about $30,306,000. 97.83% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on ADC shares. KeyCorp raised their target price on shares of Agree Realty from $68.00 to $80.00 and gave the company an "overweight" rating in a research note on Friday, October 4th. Robert W. Baird lifted their target price on Agree Realty from $67.00 to $76.00 and gave the stock an "outperform" rating in a research note on Tuesday, October 29th. 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. Truist Financial raised their price target on Agree Realty from $77.00 to $80.00 and gave the company a "buy" rating in a report on Wednesday, October 30th. Finally, Stifel Nicolaus upped their price objective on shares of Agree Realty from $67.50 to $71.50 and gave the company a "buy" rating in a report on Wednesday, July 24th. Four 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 company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $74.19.

Agree Realty Stock Performance

Shares of NYSE:ADC traded up $0.19 on Thursday, reaching $73.38. 422,649 shares of the company's stock were exchanged, compared to its average volume of 970,963. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. Agree Realty Co. has a twelve month low of $54.28 and a twelve month high of $77.47. The company has a fifty day moving average of $74.77 and a 200-day moving average of $67.67. The company has a market capitalization of $7.60 billion, a price-to-earnings ratio of 40.43, a PEG ratio of 2.48 and a beta of 0.61.

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). Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The firm had revenue of $154.33 million during the quarter, compared to the consensus estimate of $152.83 million. During the same period last year, the business earned $1.00 earnings per share. The business's revenue was up 12.8% compared to the same quarter last year. On average, research analysts predict that Agree Realty Co. will post 4.11 EPS for the current fiscal year.

Agree Realty Increases Dividend

The business also recently declared a monthly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be given a $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.14%. The ex-dividend date of this dividend is Thursday, October 31st. This is a positive change from Agree Realty's previous monthly dividend of $0.25. 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.