EP Wealth Advisors LLC Invests $294,000 in Agree Realty Co. (NYSE:ADC)

EP Wealth Advisors LLC acquired a new stake in Agree Realty Co. (NYSE:ADC) during the 3rd quarter, according to its most recent disclosure with the SEC. The fund acquired 3,904 shares of the real estate investment trust’s stock, valued at approximately $294,000.

A number of other institutional investors also recently modified their holdings of ADC. FMR LLC raised its position in Agree Realty by 729.3% in the 3rd quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust’s stock valued at $168,648,000 after buying an additional 1,968,811 shares during the last quarter. Pathway Financial Advisers LLC raised its holdings in shares of Agree Realty by 9,118.1% in the third quarter. Pathway Financial Advisers LLC now owns 1,227,756 shares of the real estate investment trust’s stock valued at $92,487,000 after purchasing an additional 1,214,437 shares during the last quarter. Daiwa Securities Group Inc. lifted its position in shares of Agree Realty by 55.9% in the second quarter. Daiwa Securities Group Inc. now owns 1,815,511 shares of the real estate investment trust’s stock worth $112,453,000 after purchasing an additional 650,921 shares in the last quarter. Leeward Investments LLC MA acquired a new position in Agree Realty during the second quarter worth $30,306,000. Finally, Lighthouse Investment Partners LLC acquired a new stake in Agree Realty in the 2nd quarter valued at $25,086,000. 97.83% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on ADC shares. Evercore ISI started coverage on Agree Realty in a report on Thursday. They issued an “outperform” rating and a $82.00 price objective for the company. Wells Fargo & Company decreased their price target on Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a research note on Monday, November 4th. Truist Financial upped their price objective on Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Royal Bank of Canada raised their target price on shares of Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Finally, Raymond James increased their price target on shares of Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research note on Wednesday, August 21st. One analyst has rated the stock with a sell rating, two have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Agree Realty presently has a consensus rating of “Moderate Buy” and a consensus target price of $78.18.

Agree Realty Stock Performance

NYSE:ADC opened at $74.67 on Friday. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. The stock has a 50 day simple moving average of $75.23 and a 200 day simple moving average of $70.76. Agree Realty Co. has a 1-year low of $54.28 and a 1-year high of $78.39. The stock has a market cap of $7.73 billion, a P/E ratio of 41.25, a PEG ratio of 3.66 and a beta of 0.62.

Agree Realty (NYSE:ADC) last announced its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The business 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 firm posted $1.00 EPS. The company’s revenue was up 12.8% compared to the same quarter last year. Research analysts anticipate that Agree Realty Co. will post 4.12 earnings per share for the current year.

Agree Realty Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a $0.253 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.07%. 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.