State of Alaska Department of Revenue Buys 224 Shares of Agree Realty Co. (NYSE:ADC)

State of Alaska Department of Revenue lifted its stake in shares of Agree Realty Co. (NYSE:ADC) by 0.4% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 58,934 shares of the real estate investment trust’s stock after acquiring an additional 224 shares during the period. State of Alaska Department of Revenue owned 0.06% of Agree Realty worth $4,438,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Dana Investment Advisors Inc. boosted its position in shares of Agree Realty by 0.6% during the 2nd quarter. Dana Investment Advisors Inc. now owns 29,274 shares of the real estate investment trust’s stock worth $1,813,000 after purchasing an additional 170 shares in the last quarter. Capital Square LLC increased its stake in Agree Realty by 1.0% during the 2nd quarter. Capital Square LLC now owns 17,995 shares of the real estate investment trust’s stock valued at $1,193,000 after purchasing an additional 179 shares in the last quarter. Blue Trust Inc. raised its holdings in Agree Realty by 8.8% during the second quarter. Blue Trust Inc. now owns 2,634 shares of the real estate investment trust’s stock worth $150,000 after buying an additional 213 shares during the last quarter. Commonwealth Equity Services LLC grew its holdings in shares of Agree Realty by 3.2% during the second quarter. Commonwealth Equity Services LLC now owns 6,895 shares of the real estate investment trust’s stock valued at $427,000 after buying an additional 216 shares during the last quarter. Finally, CWM LLC increased its position in shares of Agree Realty by 8.5% during the third quarter. CWM LLC now owns 3,458 shares of the real estate investment trust’s stock worth $260,000 after acquiring an additional 271 shares in the last quarter. 97.83% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Wells Fargo & Company reissued an “overweight” rating and issued a $80.00 price objective (up from $77.00) on shares of Agree Realty in a research note on Tuesday, October 1st. Raymond James lifted their target price on shares of Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, August 21st. Robert W. Baird upped their target price on Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a report on Tuesday. Stifel Nicolaus lifted their price target on Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Finally, UBS Group upped their price objective on Agree Realty from $72.00 to $77.00 and gave the company a “neutral” rating in a research note on Wednesday, October 16th. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $74.04.

Agree Realty Stock Down 0.8 %

Shares of NYSE ADC opened at $73.88 on Wednesday. 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 company has a market cap of $7.43 billion, a P/E ratio of 43.46, a P/E/G ratio of 2.47 and a beta of 0.61. Agree Realty Co. has a 52 week low of $52.69 and a 52 week high of $77.47. The business has a 50-day simple moving average of $74.58 and a two-hundred day simple moving average of $66.85.

Agree Realty (NYSE:ADC) last released its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The firm had revenue of $154.33 million during the quarter, compared to the consensus estimate of $152.83 million. During the same quarter last year, the business posted $1.00 earnings per share. Agree Realty’s revenue was up 12.8% compared to the same quarter last year. Research analysts anticipate 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. Investors of record on Thursday, October 31st will be paid a dividend of $0.253 per share. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date is Thursday, October 31st. This represents a $3.04 annualized dividend and a yield of 4.11%. Agree Realty’s dividend payout ratio (DPR) is currently 178.24%.

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.