Pathway Financial Advisers LLC Purchases 1,214,437 Shares of Agree Realty Co. (NYSE:ADC)

Pathway Financial Advisers LLC grew its stake in shares of Agree Realty Co. (NYSE:ADC - Free Report) by 9,118.1% in the third quarter, according to its most recent filing with the SEC. The fund owned 1,227,756 shares of the real estate investment trust's stock after acquiring an additional 1,214,437 shares during the period. Pathway Financial Advisers LLC owned about 1.22% of Agree Realty worth $92,487,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Dana Investment Advisors Inc. raised its holdings in 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 worth $1,813,000 after buying an additional 170 shares during the period. Capital Square LLC raised its stake in Agree Realty by 1.0% during the 2nd quarter. Capital Square LLC now owns 17,995 shares of the real estate investment trust's stock valued at $1,193,000 after purchasing an additional 179 shares during the period. Blue Trust Inc. lifted its holdings in shares of Agree Realty by 8.8% in the second quarter. Blue Trust Inc. now owns 2,634 shares of the real estate investment trust's stock valued at $150,000 after purchasing an additional 213 shares in the last quarter. Commonwealth Equity Services LLC grew its holdings in shares of 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 buying an additional 216 shares in the last quarter. Finally, CWM LLC raised its position in Agree Realty by 8.5% during the third quarter. CWM LLC now owns 3,458 shares of the real estate investment trust's stock valued at $260,000 after buying an additional 271 shares during the period. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Raymond James lifted 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. BTIG Research upped their price objective on shares of Agree Realty from $65.00 to $74.00 and gave the company a "buy" rating in a research note on Monday, August 12th. Truist Financial lifted their target price on shares of Agree Realty from $68.00 to $77.00 and gave the company a "buy" rating in a research note on Monday, August 5th. Wells Fargo & Company reiterated an "overweight" rating and set a $80.00 price objective (up from $77.00) on shares of Agree Realty in a report on Tuesday, October 1st. Finally, Stifel Nicolaus boosted their target price on Agree Realty from $67.50 to $71.50 and gave the company a "buy" rating in a research note on Wednesday, July 24th. Four investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Agree Realty has a consensus rating of "Moderate Buy" and an average target price of $73.88.

Agree Realty Stock Performance

NYSE:ADC traded up $0.03 during midday trading on Friday, reaching $75.03. The stock had a trading volume of 3,399,426 shares, compared to its average volume of 961,406. The stock has a market capitalization of $7.55 billion, a P/E ratio of 44.14, a PEG ratio of 2.47 and a beta of 0.61. Agree Realty Co. has a 1-year low of $52.69 and a 1-year high of $77.47. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.79 and a quick ratio of 0.79. The firm's fifty day simple moving average is $74.53 and its 200-day simple moving average is $66.66.

Agree Realty (NYSE:ADC - Get Free Report) last issued its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.61). Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The business had revenue of $154.33 million during the quarter, compared to analyst estimates of $152.83 million. During the same period in the prior year, the business posted $1.00 earnings per share. The company's revenue for the quarter was up 12.8% compared to the same quarter last year. On average, equities research analysts forecast that Agree Realty Co. will post 4.11 EPS for the current fiscal year.

Agree Realty Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be given a dividend of $0.253 per share. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $3.04 dividend on an annualized basis and a yield of 4.05%. This is a positive change from Agree Realty's previous monthly dividend of $0.25. Agree Realty's payout ratio is 178.24%.

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.