Systematic Financial Management LP Increases Stock Position in Agree Realty Co. (NYSE:ADC)

Systematic Financial Management LP increased its holdings in Agree Realty Co. (NYSE:ADC) by 0.6% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 286,868 shares of the real estate investment trust’s stock after purchasing an additional 1,609 shares during the period. Systematic Financial Management LP’s holdings in Agree Realty were worth $17,769,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. MCF Advisors LLC bought a new stake in shares of Agree Realty during the 2nd quarter valued at $26,000. Massmutual Trust Co. FSB ADV increased its position in shares of Agree Realty by 248.3% during the second quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock valued at $38,000 after buying an additional 442 shares during the period. UMB Bank n.a. lifted its holdings in shares of Agree Realty by 247.3% in the first quarter. UMB Bank n.a. now owns 719 shares of the real estate investment trust’s stock worth $41,000 after buying an additional 512 shares in the last quarter. Parallel Advisors LLC boosted its position in shares of Agree Realty by 35.9% in the fourth quarter. Parallel Advisors LLC now owns 1,129 shares of the real estate investment trust’s stock valued at $71,000 after acquiring an additional 298 shares during the period. Finally, Headlands Technologies LLC grew its stake in Agree Realty by 232.0% during the second quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock valued at $71,000 after acquiring an additional 798 shares in the last quarter. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Agree Realty Price Performance

Shares of Agree Realty stock opened at $74.83 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.79 and a quick ratio of 0.79. Agree Realty Co. has a one year low of $52.69 and a one year high of $77.30. The business’s 50 day simple moving average is $72.69 and its two-hundred day simple moving average is $64.04. The stock has a market capitalization of $7.53 billion, a P/E ratio of 44.02, a price-to-earnings-growth ratio of 2.51 and a beta of 0.61.

Agree Realty (NYSE:ADC) last posted its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.51). Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The firm had revenue of $152.58 million for the quarter, compared to the consensus estimate of $150.35 million. During the same quarter in the prior year, the company earned $0.98 earnings per share. The company’s quarterly revenue was up 17.5% compared to the same quarter last year. Analysts forecast that Agree Realty Co. will post 4.11 EPS for the current year.

Agree Realty Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be issued a $0.25 dividend. This represents a $3.00 annualized dividend and a yield of 4.01%. The ex-dividend date is Monday, September 30th. Agree Realty’s dividend payout ratio (DPR) is currently 176.47%.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Royal Bank of Canada increased their target price on shares of Agree Realty from $63.00 to $70.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. StockNews.com raised Agree Realty from a “sell” rating to a “hold” rating in a research note on Tuesday, June 11th. KeyCorp began coverage on Agree Realty in a research report on Wednesday, June 12th. They set an “overweight” rating and a $68.00 target price for the company. UBS Group lifted their price target on Agree Realty from $60.00 to $67.00 and gave the company a “neutral” rating in a research report on Thursday, July 18th. Finally, Truist Financial upped their price objective on shares of Agree Realty from $68.00 to $77.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Four 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 company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $70.96.

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.