Squarepoint Ops LLC Has $268,000 Stock Position in Agree Realty Co. (NYSE:ADC)

Squarepoint Ops LLC lowered its position in shares of Agree Realty Co. (NYSE:ADC) by 92.2% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,329 shares of the real estate investment trust’s stock after selling 51,019 shares during the quarter. Squarepoint Ops LLC’s holdings in Agree Realty were worth $268,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in ADC. Vanguard Group Inc. lifted its position in Agree Realty by 1.8% during the 1st 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 during the period. Long Pond Capital LP lifted its stake in Agree Realty by 489.8% in the first quarter. Long Pond Capital LP now owns 2,868,640 shares of the real estate investment trust’s stock valued at $163,857,000 after buying an additional 2,382,252 shares during the period. Daiwa Securities Group Inc. boosted its holdings in Agree Realty by 55.9% during the second quarter. Daiwa Securities Group Inc. now owns 1,815,511 shares of the real estate investment trust’s stock worth $112,453,000 after buying an additional 650,921 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Agree Realty by 5.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,522,014 shares of the real estate investment trust’s stock worth $94,273,000 after buying an additional 76,818 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in shares of Agree Realty by 3.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,284,143 shares of the real estate investment trust’s stock valued at $79,540,000 after acquiring an additional 43,768 shares during the last quarter. Institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Up 0.3 %

Shares of Agree Realty stock opened at $73.49 on Friday. The firm has a market cap of $7.40 billion, a PE ratio of 43.23, a P/E/G ratio of 2.47 and a beta of 0.61. The business’s 50 day simple moving average is $73.79 and its 200 day simple moving average is $65.29. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.79 and a current ratio of 0.79. Agree Realty Co. has a 52-week low of $52.69 and a 52-week high of $77.30.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share (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 business had revenue of $152.58 million during the quarter, compared to analyst estimates of $150.35 million. During the same quarter last year, the business earned $0.98 earnings per share. Agree Realty’s revenue for the quarter was up 17.5% on a year-over-year basis. On average, analysts predict that Agree Realty Co. will post 4.11 earnings per share for the current fiscal year.

Agree Realty Increases Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be paid a dividend of $0.253 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.13%. This is an increase from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date is Thursday, October 31st. Agree Realty’s dividend payout ratio is currently 176.47%.

Analyst Ratings Changes

ADC has been the subject of a number of analyst reports. Raymond James boosted their price objective on shares of Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a report on Wednesday, August 21st. Stifel Nicolaus upped their price objective on shares of Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a research report on Wednesday, July 24th. KeyCorp raised their price objective on Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, October 4th. BTIG Research boosted their target price on Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a research note on Monday, August 12th. Finally, UBS Group raised their price target on Agree Realty from $60.00 to $67.00 and gave the stock a “neutral” rating in a research report on Thursday, July 18th. Four analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Agree Realty presently has an average rating of “Moderate Buy” and an average target price of $72.21.

About Agree Realty

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.