Easterly Investment Partners LLC Makes New Investment in Agree Realty Co. (NYSE:ADC)

Easterly Investment Partners LLC purchased a new position in shares of Agree Realty Co. (NYSE:ADC) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 117,540 shares of the real estate investment trust’s stock, valued at approximately $8,281,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Pathstone Holdings LLC raised its holdings in Agree Realty by 15.9% during the third quarter. Pathstone Holdings LLC now owns 25,833 shares of the real estate investment trust’s stock valued at $1,946,000 after buying an additional 3,535 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in Agree Realty by 3.8% in the 3rd quarter. PNC Financial Services Group Inc. now owns 14,914 shares of the real estate investment trust’s stock worth $1,123,000 after purchasing an additional 549 shares during the last quarter. Cerity Partners LLC boosted its position in Agree Realty by 26.0% during the third quarter. Cerity Partners LLC now owns 36,371 shares of the real estate investment trust’s stock worth $2,740,000 after purchasing an additional 7,505 shares during the period. Harvest Fund Management Co. Ltd grew its holdings in Agree Realty by 104.2% during the third quarter. Harvest Fund Management Co. Ltd now owns 3,004 shares of the real estate investment trust’s stock valued at $226,000 after purchasing an additional 1,533 shares during the last quarter. Finally, FMR LLC raised its position in shares of Agree Realty by 729.3% in the third quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust’s stock valued at $168,648,000 after purchasing an additional 1,968,811 shares during the period. Institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Up 0.9 %

ADC opened at $75.80 on Thursday. The firm has a market cap of $8.13 billion, a price-to-earnings ratio of 42.59, a PEG ratio of 2.88 and a beta of 0.64. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.78 and a current ratio of 0.78. The firm’s 50-day simple moving average is $73.64 and its 200-day simple moving average is $73.92. Agree Realty Co. has a twelve month low of $54.78 and a twelve month high of $78.39.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.61. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. Equities research analysts anticipate that Agree Realty Co. will post 4.27 EPS for the current fiscal year.

Agree Realty Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Monday, April 14th. Shareholders of record on Monday, March 31st will be given a $0.253 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $3.04 annualized dividend and a yield of 4.01%. Agree Realty’s payout ratio is 170.22%.

Analysts Set New Price Targets

ADC has been the subject of several recent analyst reports. JMP Securities downgraded shares of Agree Realty from an “outperform” rating to a “market perform” rating in a report on Tuesday, December 17th. Mizuho lowered their price target on Agree Realty from $80.00 to $74.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 8th. Wells Fargo & Company lifted their price objective on Agree Realty from $78.00 to $81.00 and gave the stock an “overweight” rating in a research note on Monday, March 10th. Evercore ISI started coverage on shares of Agree Realty in a report on Thursday, December 12th. They issued an “outperform” rating and a $82.00 price target for the company. Finally, Citizens Jmp lowered Agree Realty from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 17th. Five analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $79.85.

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.