Verition Fund Management LLC lowered its holdings in Agree Realty Co. (NYSE:ADC - Free Report) by 61.6% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 56,786 shares of the real estate investment trust's stock after selling 91,136 shares during the quarter. Verition Fund Management LLC owned about 0.05% of Agree Realty worth $4,278,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in the business. FMR LLC increased its stake in Agree Realty by 729.3% in the third quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust's stock valued at $168,648,000 after purchasing an additional 1,968,811 shares during the last quarter. Pathway Financial Advisers LLC lifted its position in Agree Realty by 9,118.1% in the third quarter. Pathway Financial Advisers LLC now owns 1,227,756 shares of the real estate investment trust's stock valued at $92,487,000 after acquiring an additional 1,214,437 shares during the last quarter. PGGM Investments purchased a new stake in Agree Realty in the second quarter valued at $70,225,000. Daiwa Securities Group Inc. boosted its stake in Agree Realty by 55.9% in the second quarter. Daiwa Securities Group Inc. now owns 1,815,511 shares of the real estate investment trust's stock valued at $112,453,000 after acquiring an additional 650,921 shares in the last quarter. Finally, Leeward Investments LLC MA purchased a new position in shares of Agree Realty during the second quarter worth about $30,306,000. Institutional investors and hedge funds own 97.83% of the company's stock.
Agree Realty Trading Up 1.3 %
Shares of Agree Realty stock traded up $0.99 during trading hours on Wednesday, reaching $75.52. 529,495 shares of the company's stock were exchanged, compared to its average volume of 954,932. Agree Realty Co. has a 52-week low of $54.28 and a 52-week high of $78.39. The company has a fifty day moving average of $75.28 and a 200-day moving average of $70.08. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. The firm has a market capitalization of $7.82 billion, a price-to-earnings ratio of 41.18, a price-to-earnings-growth ratio of 3.72 and a beta of 0.62.
Agree Realty (NYSE:ADC - Get Free Report) last released its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.61). The business had revenue of $154.33 million for the quarter, compared to analysts' expectations of $152.83 million. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The business's quarterly revenue was up 12.8% compared to the same quarter last year. During the same quarter last year, the company posted $1.00 earnings per share. Sell-side analysts forecast that Agree Realty Co. will post 4.12 EPS for the current fiscal year.
Agree Realty Announces Dividend
The business also recently announced a monthly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be issued a $0.253 dividend. The ex-dividend date is Friday, November 29th. This represents a $3.04 dividend on an annualized basis and a yield of 4.02%. Agree Realty's payout ratio is 167.96%.
Wall Street Analysts Forecast Growth
ADC has been the topic of a number of research reports. StockNews.com upgraded Agree Realty from a "sell" rating to a "hold" rating in a research note on Friday, November 22nd. KeyCorp raised their price objective on shares of Agree Realty from $68.00 to $80.00 and gave the stock an "overweight" rating in a research report on Friday, October 4th. Mizuho upped their target price on shares of Agree Realty from $75.00 to $80.00 and gave the company a "neutral" rating in a report on Thursday, November 14th. Truist Financial raised their price target on Agree Realty from $77.00 to $80.00 and gave the stock a "buy" rating in a report on Wednesday, October 30th. Finally, BTIG Research upped their price objective on Agree Realty from $74.00 to $78.00 and gave the company a "buy" rating in a research note on Wednesday, November 27th. Four analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $76.04.
Get Our Latest Analysis on ADC
Agree Realty Profile
(
Free Report)
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.
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