Blue Trust Inc. Boosts Position in Agree Realty Co. (NYSE:ADC)

Blue Trust Inc. grew its position in Agree Realty Co. (NYSE:ADC) by 18.6% in the third quarter, HoldingsChannel reports. The institutional investor owned 3,123 shares of the real estate investment trust’s stock after purchasing an additional 489 shares during the period. Blue Trust Inc.’s holdings in Agree Realty were worth $235,000 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 ADC. MCF Advisors LLC acquired a new position in shares of Agree Realty during the 2nd quarter worth approximately $26,000. Massmutual Trust Co. FSB ADV boosted its stake 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 acquiring an additional 442 shares during the last quarter. UMB Bank n.a. increased its position in Agree Realty by 44.5% during the 3rd quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock worth $73,000 after purchasing an additional 299 shares in the last quarter. Headlands Technologies LLC raised its stake in Agree Realty by 232.0% in the 2nd quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock valued at $71,000 after purchasing an additional 798 shares during the last quarter. Finally, GAMMA Investing LLC lifted its holdings in Agree Realty by 125.9% in the 2nd quarter. GAMMA Investing LLC now owns 1,403 shares of the real estate investment trust’s stock valued at $87,000 after purchasing an additional 782 shares in the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on ADC. UBS Group lifted their price target on shares of Agree Realty from $72.00 to $77.00 and gave the stock a “neutral” rating in a report on Wednesday, October 16th. KeyCorp boosted their price target on Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, October 4th. Royal Bank of Canada raised their price objective on Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a report on Thursday. Truist Financial upped their target price on Agree Realty from $68.00 to $77.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Finally, Wells Fargo & Company restated an “overweight” rating and issued a $80.00 price target (up previously from $77.00) on shares of Agree Realty in a report on Tuesday, October 1st. Four equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $73.88.

Agree Realty Price Performance

Agree Realty stock opened at $75.03 on Friday. Agree Realty Co. has a 52-week low of $52.69 and a 52-week high of $77.47. The firm has a market capitalization of $7.55 billion, a P/E ratio of 44.14, a PEG ratio of 2.47 and a beta of 0.61. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.54. The firm has a fifty day moving average of $74.53 and a 200-day moving average of $66.60.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS for the quarter, missing the consensus estimate of $1.03 by ($0.61). Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The company had revenue of $154.33 million for the quarter, compared to analyst estimates of $152.83 million. During the same period last year, the firm posted $1.00 earnings per share. The business’s revenue was up 12.8% on a year-over-year basis. As a group, analysts predict that Agree Realty Co. will post 4.11 EPS for the current year.

Agree Realty Increases Dividend

The company also recently disclosed a monthly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be given a $0.253 dividend. This is a boost from Agree Realty’s previous monthly dividend of $0.25. This represents a $3.04 dividend on an annualized basis and a yield of 4.05%. The ex-dividend date of this dividend is Thursday, October 31st. Agree Realty’s dividend payout ratio is presently 178.24%.

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.