22,459 Shares in Agree Realty Co. (NYSE:ADC) Purchased by Redmond Asset Management LLC

Redmond Asset Management 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 Securities and Exchange Commission. The firm purchased 22,459 shares of the real estate investment trust's stock, valued at approximately $1,582,000.

Several other institutional investors and hedge funds have also modified their holdings of ADC. Versant Capital Management Inc raised its holdings in Agree Realty by 230.7% in the 4th quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust's stock worth $30,000 after purchasing an additional 293 shares during the period. Financial Life Planners purchased a new stake in Agree Realty in the fourth quarter worth about $44,000. MassMutual Private Wealth & Trust FSB raised its stake in shares of Agree Realty by 34.4% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust's stock worth $63,000 after buying an additional 230 shares during the period. Arcadia Investment Management Corp MI purchased a new position in shares of Agree Realty during the 3rd quarter valued at about $75,000. Finally, Wilmington Savings Fund Society FSB purchased a new position in shares of Agree Realty during the 3rd quarter valued at about $77,000. Hedge funds and other institutional investors own 97.83% of the company's stock.

Agree Realty Price Performance

Shares of ADC stock traded down $1.11 during trading hours on Wednesday, hitting $72.69. The stock had a trading volume of 651,495 shares, compared to its average volume of 910,738. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78. The stock has a market capitalization of $7.80 billion, a price-to-earnings ratio of 40.84, a PEG ratio of 2.88 and a beta of 0.65. Agree Realty Co. has a one year low of $54.28 and a one year high of $78.39. The stock's 50-day moving average price is $71.42 and its two-hundred day moving average price is $73.54.

Agree Realty (NYSE:ADC - Get Free Report) last released its quarterly earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share 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 analysts forecast that Agree Realty Co. will post 4.27 EPS for the current year.

Agree Realty Dividend Announcement

The firm also recently declared a feb 25 dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be given a $0.253 dividend. This represents a yield of 4.2%. The ex-dividend date of this dividend is Friday, February 28th. Agree Realty's dividend payout ratio is presently 170.79%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. UBS Group upgraded shares of Agree Realty from a "neutral" rating to a "buy" rating and raised their target price for the stock from $79.00 to $84.00 in a research note on Monday, January 6th. Citizens Jmp cut shares of Agree Realty from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, December 17th. JMP Securities cut shares of Agree Realty from an "outperform" rating to a "market perform" rating in a research note on Tuesday, December 17th. Royal Bank of Canada cut their price target on Agree Realty from $79.00 to $78.00 and set an "outperform" rating for the company in a research note on Thursday, February 13th. Finally, BTIG Research raised their price target on Agree Realty from $74.00 to $78.00 and gave the company a "buy" rating in a report on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $79.62.

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.