Phocas Financial Corp. Raises Stake in Agree Realty Co. (NYSE:ADC)

Phocas Financial Corp. increased its stake in shares of Agree Realty Co. (NYSE:ADC - Free Report) by 74.9% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 105,721 shares of the real estate investment trust's stock after buying an additional 45,266 shares during the quarter. Phocas Financial Corp. owned about 0.10% of Agree Realty worth $7,964,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in ADC. Janney Montgomery Scott LLC lifted its position in Agree Realty by 126.8% during the first quarter. Janney Montgomery Scott LLC now owns 9,100 shares of the real estate investment trust's stock worth $520,000 after buying an additional 5,087 shares in the last quarter. US Bancorp DE grew its position in Agree Realty by 4.8% in the 1st quarter. US Bancorp DE now owns 16,265 shares of the real estate investment trust's stock valued at $929,000 after acquiring an additional 749 shares in the last quarter. Orion Portfolio Solutions LLC boosted its stake in shares of Agree Realty by 12.3% in the first quarter. Orion Portfolio Solutions LLC now owns 28,132 shares of the real estate investment trust's stock valued at $1,607,000 after purchasing an additional 3,082 shares during the period. Vanguard Group Inc. grew its holdings in shares of Agree Realty by 1.8% in the first quarter. Vanguard Group Inc. now owns 14,480,463 shares of the real estate investment trust's stock valued at $827,124,000 after purchasing an additional 258,217 shares in the last quarter. Finally, Ontario Teachers Pension Plan Board purchased a new stake in Agree Realty during the 1st quarter worth approximately $828,000. Hedge funds and other institutional investors own 97.83% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. UBS Group upped their price objective on Agree Realty from $77.00 to $79.00 and gave the stock a "neutral" rating in a research report on Thursday, November 14th. Royal Bank of Canada lifted their price objective on Agree Realty from $79.00 to $80.00 and gave the company an "outperform" rating in a research note on Thursday, October 24th. Stifel Nicolaus raised their target price 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. Wells Fargo & Company lowered their price target 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, StockNews.com lowered shares of Agree Realty from a "hold" rating to a "sell" rating in a report on Thursday, November 14th. One analyst has rated the stock with a sell rating, three have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $75.73.

Agree Realty Stock Performance

Shares of ADC stock traded up $0.60 during trading hours on Tuesday, hitting $77.35. The stock had a trading volume of 363,324 shares, compared to its average volume of 966,072. 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 firm has a market capitalization of $8.01 billion, a PE ratio of 42.40, a PEG ratio of 3.08 and a beta of 0.61. The stock's 50 day moving average is $75.03 and its 200 day moving average is $68.63. Agree Realty Co. has a twelve month low of $54.28 and a twelve month high of $77.47.

Agree Realty (NYSE:ADC - Get Free Report) last released its quarterly earnings results 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 return on equity of 3.77% and a net margin of 31.62%. The company had revenue of $154.33 million for the quarter, compared to analysts' expectations of $152.83 million. During the same period in the prior year, the business earned $1.00 EPS. The business's quarterly revenue was up 12.8% compared to the same quarter last year. As a group, research analysts forecast that Agree Realty Co. will post 4.12 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be paid a $0.253 dividend. This represents a $3.04 annualized dividend and a dividend yield of 3.93%. The ex-dividend date of this dividend is Friday, November 29th. Agree Realty's dividend payout ratio (DPR) is presently 167.96%.

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.