Duff & Phelps Investment Management Co. Makes New $372,000 Investment in Agree Realty Co. (NYSE:ADC)

Duff & Phelps Investment Management Co. bought a new position in shares of Agree Realty Co. (NYSE:ADC) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 6,000 shares of the real estate investment trust’s stock, valued at approximately $372,000.

Other hedge funds also recently bought and sold shares of the company. MCF Advisors LLC purchased a new position in Agree Realty during the second quarter worth about $26,000. Massmutual Trust Co. FSB ADV lifted its position 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 worth $38,000 after purchasing an additional 442 shares in the last quarter. UMB Bank n.a. lifted its position in shares of Agree Realty by 247.3% during the first quarter. UMB Bank n.a. now owns 719 shares of the real estate investment trust’s stock worth $41,000 after purchasing an additional 512 shares in the last quarter. Parallel Advisors LLC lifted its position in shares of Agree Realty by 35.9% during the fourth quarter. Parallel Advisors LLC now owns 1,129 shares of the real estate investment trust’s stock worth $71,000 after purchasing an additional 298 shares in the last quarter. Finally, Headlands Technologies LLC lifted its position in shares of 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 worth $71,000 after purchasing an additional 798 shares in the last quarter. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Up 0.6 %

ADC stock opened at $74.83 on Monday. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.54. Agree Realty Co. has a twelve month low of $52.69 and a twelve month high of $77.30. The company’s 50 day moving average is $72.69 and its two-hundred day moving average is $64.08. The stock has a market cap of $7.53 billion, a P/E ratio of 44.02, a PEG ratio of 2.51 and a beta of 0.61.

Agree Realty (NYSE:ADC) last released its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.51). Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The company had revenue of $152.58 million for the quarter, compared to analyst estimates of $150.35 million. During the same period in the previous year, the business posted $0.98 EPS. The firm’s revenue for the quarter was up 17.5% compared to the same quarter last year. Research analysts expect that Agree Realty Co. will post 4.11 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be issued a dividend of $0.25 per share. The ex-dividend date is Monday, September 30th. This represents a $3.00 dividend on an annualized basis and a yield of 4.01%. Agree Realty’s payout ratio is currently 176.47%.

Analyst Ratings Changes

Several analysts have recently issued reports on ADC shares. Stifel Nicolaus increased their price target on shares of Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Royal Bank of Canada increased their price target on shares of Agree Realty from $63.00 to $70.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Wells Fargo & Company increased their price target on shares of Agree Realty from $75.00 to $77.00 and gave the stock an “overweight” rating in a research report on Monday, August 26th. UBS Group increased their price target on shares of Agree Realty from $60.00 to $67.00 and gave the stock a “neutral” rating in a research report on Thursday, July 18th. Finally, BTIG Research raised their target price on shares of Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a report on Monday, August 12th. Four analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $70.96.

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.