Wealth Enhancement Advisory Services LLC Purchases 531 Shares of Agree Realty Co. (NYSE:ADC)

Wealth Enhancement Advisory Services LLC grew its position in shares of Agree Realty Co. (NYSE:ADC) by 5.8% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,635 shares of the real estate investment trust’s stock after buying an additional 531 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Agree Realty were worth $726,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. MCF Advisors LLC purchased a new stake in shares of Agree Realty during the second quarter valued at approximately $26,000. Massmutual Trust Co. FSB ADV raised its stake in shares of Agree Realty by 248.3% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 442 shares during the period. UMB Bank n.a. boosted its holdings in shares of Agree Realty by 44.5% in the 3rd quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock worth $73,000 after buying an additional 299 shares during the last quarter. Headlands Technologies LLC grew its position 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 buying an additional 798 shares during the period. Finally, GAMMA Investing LLC increased its holdings in Agree Realty by 125.9% during the second quarter. GAMMA Investing LLC now owns 1,403 shares of the real estate investment trust’s stock worth $87,000 after buying an additional 782 shares during the last quarter. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on ADC shares. Robert W. Baird increased their target price on shares of Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. KeyCorp increased their price objective 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 boosted their target price on Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Truist Financial increased their price target on Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, Wells Fargo & Company lowered their price objective on Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a research note on Monday. Four equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Agree Realty currently has a consensus rating of “Moderate Buy” and an average price target of $74.19.

Agree Realty Price Performance

Shares of NYSE:ADC opened at $73.18 on Thursday. The stock has a market cap of $7.58 billion, a P/E ratio of 40.43, a P/E/G ratio of 2.48 and a beta of 0.61. Agree Realty Co. has a 12 month low of $54.28 and a 12 month high of $77.47. The company has a 50 day moving average of $74.77 and a 200 day moving average of $67.67. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52.

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 analysts’ consensus estimates of $1.03 by ($0.61). Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The company had revenue of $154.33 million during the quarter, compared to analysts’ expectations of $152.83 million. During the same period in the prior year, the firm earned $1.00 EPS. Agree Realty’s quarterly revenue was up 12.8% on a year-over-year basis. As a group, sell-side analysts forecast that Agree Realty Co. will post 4.11 EPS for the current fiscal year.

Agree Realty Increases Dividend

The firm also recently declared a monthly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be paid a dividend of $0.253 per share. The ex-dividend date of this dividend is Thursday, October 31st. This is an increase from Agree Realty’s previous monthly dividend of $0.25. This represents a $3.04 annualized dividend and a dividend yield of 4.15%. Agree Realty’s dividend payout ratio (DPR) is 167.96%.

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.