Eagle Asset Management Inc. Grows Stock Holdings in Agree Realty Co. (NYSE:ADC)

Eagle Asset Management Inc. boosted its stake in shares of Agree Realty Co. (NYSE:ADC) by 29.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 142,515 shares of the real estate investment trust’s stock after acquiring an additional 32,113 shares during the quarter. Eagle Asset Management Inc. owned 0.14% of Agree Realty worth $10,804,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. MCF Advisors LLC acquired a new position in Agree Realty in the second quarter valued at approximately $26,000. Massmutual Trust Co. FSB ADV raised its stake in Agree Realty by 248.3% in 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 buying an additional 442 shares in the last quarter. UMB Bank n.a. lifted its stake in Agree Realty by 44.5% during the third 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 during the last quarter. Arcadia Investment Management Corp MI acquired a new position in shares of Agree Realty in the 3rd quarter valued at $75,000. Finally, Headlands Technologies LLC grew its holdings 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 during the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

ADC has been the topic of several analyst reports. BTIG Research lifted their target price on Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a research note on Monday, August 12th. KeyCorp lifted their price objective on Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. Robert W. Baird increased their price target on Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a research report on Friday. Finally, Raymond James raised their price objective on Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a report on Wednesday, August 21st. Four analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $75.73.

Agree Realty Price Performance

Shares of ADC stock opened at $76.45 on Friday. Agree Realty Co. has a 1 year low of $54.28 and a 1 year high of $77.58. The firm’s 50 day moving average is $75.10 and its 200-day moving average is $69.13. The firm has a market capitalization of $7.91 billion, a price-to-earnings ratio of 42.24, a PEG ratio of 3.13 and a beta of 0.61. 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 issued its 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 net margin of 31.62% and a return on equity of 3.77%. The firm had revenue of $154.33 million during the quarter, compared to the consensus estimate of $152.83 million. During the same period in the previous year, the company posted $1.00 EPS. The firm’s revenue for the quarter was up 12.8% on a year-over-year basis. Sell-side analysts forecast that Agree Realty Co. will post 4.12 EPS for the current fiscal year.

Agree Realty Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be issued a dividend of $0.253 per share. This represents a $3.04 annualized dividend and a yield of 3.97%. The ex-dividend date of this dividend is Friday, November 29th. Agree Realty’s payout ratio 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.