Waterfront Capital Partners LLC Lowers Stock Holdings in Agree Realty Co. (NYSE:ADC)

Waterfront Capital Partners LLC lowered its stake in Agree Realty Co. (NYSE:ADC - Free Report) by 10.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 253,466 shares of the real estate investment trust's stock after selling 29,629 shares during the quarter. Agree Realty comprises about 3.3% of Waterfront Capital Partners LLC's portfolio, making the stock its 17th biggest holding. Waterfront Capital Partners LLC owned about 0.24% of Agree Realty worth $17,857,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently bought and sold shares of ADC. Nebula Research & Development LLC purchased a new position in shares of Agree Realty during the 4th quarter worth approximately $976,000. Voya Investment Management LLC lifted its stake in Agree Realty by 56.2% during the fourth quarter. Voya Investment Management LLC now owns 20,130 shares of the real estate investment trust's stock worth $1,418,000 after purchasing an additional 7,246 shares in the last quarter. Pinebridge Investments L.P. boosted its position in shares of Agree Realty by 42.7% during the fourth quarter. Pinebridge Investments L.P. now owns 28,259 shares of the real estate investment trust's stock worth $1,991,000 after buying an additional 8,454 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of Agree Realty by 3.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 427,968 shares of the real estate investment trust's stock valued at $30,151,000 after buying an additional 12,419 shares in the last quarter. Finally, Hsbc Holdings PLC raised its holdings in shares of Agree Realty by 24.7% in the 4th quarter. Hsbc Holdings PLC now owns 79,923 shares of the real estate investment trust's stock valued at $5,630,000 after buying an additional 15,820 shares during the period. Hedge funds and other institutional investors own 97.83% of the company's stock.

Analyst Upgrades and Downgrades

ADC has been the subject of a number of research analyst reports. UBS Group upgraded Agree Realty from a "neutral" rating to a "buy" rating and raised their target price for the company from $79.00 to $84.00 in a report on Monday, January 6th. Evercore ISI lifted their price objective on shares of Agree Realty from $82.00 to $83.00 and gave the company an "outperform" rating in a report on Thursday, April 24th. Stifel Nicolaus upped their target price on shares of Agree Realty from $81.00 to $82.50 and gave the stock a "buy" rating in a research note on Wednesday, April 23rd. Mizuho boosted their price target on shares of Agree Realty from $74.00 to $81.00 and gave the stock a "neutral" rating in a research note on Thursday, April 3rd. Finally, StockNews.com cut Agree Realty from a "hold" rating to a "sell" rating in a research note on Friday. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $80.88.

Agree Realty Stock Up 1.1 %

ADC stock traded up $0.85 during midday trading on Tuesday, reaching $77.28. 1,285,437 shares of the company were exchanged, compared to its average volume of 1,243,593. The company has a market cap of $8.50 billion, a price-to-earnings ratio of 43.42, a price-to-earnings-growth ratio of 2.88 and a beta of 0.55. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.78 and a current ratio of 0.78. Agree Realty Co. has a 1-year low of $57.02 and a 1-year high of $79.65. The stock's 50-day simple moving average is $75.37 and its 200 day simple moving average is $74.05.

Agree Realty (NYSE:ADC - Get Free Report) last announced its quarterly earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share for the quarter, beating analysts' consensus estimates of $1.05 by $0.01. The firm had revenue of $169.16 million during the quarter, compared to analysts' expectations of $167.77 million. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. During the same period in the previous year, the company earned $0.43 earnings per share. On average, equities analysts forecast that Agree Realty Co. will post 4.27 earnings per share for the current year.

Agree Realty Increases Dividend

The firm also recently announced a apr 25 dividend, which will be paid on Wednesday, May 14th. Stockholders of record on Wednesday, April 30th will be given a dividend of $0.256 per share. The ex-dividend date of this dividend is Wednesday, April 30th. This is a positive change from Agree Realty's previous apr 25 dividend of $0.25. This represents a dividend yield of 4.1%. Agree Realty's dividend payout ratio (DPR) is 173.45%.

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.