Redmond Asset Management LLC Makes New Investment in Agree Realty Co. (NYSE:ADC)

Redmond Asset Management LLC bought a new stake in Agree Realty Co. (NYSE:ADC) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 22,459 shares of the real estate investment trust’s stock, valued at approximately $1,582,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ADC. Versant Capital Management Inc increased its position in Agree Realty by 230.7% in the fourth quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust’s stock worth $30,000 after purchasing an additional 293 shares during the period. Financial Life Planners bought a new position in shares of Agree Realty during the 4th quarter valued at about $44,000. MassMutual Private Wealth & Trust FSB lifted its holdings in shares of Agree Realty by 34.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust’s stock valued at $63,000 after purchasing an additional 230 shares in the last quarter. Arcadia Investment Management Corp MI bought a new stake in Agree Realty in the 3rd quarter valued at approximately $75,000. Finally, Wilmington Savings Fund Society FSB bought a new stake in Agree Realty in the 3rd quarter valued at approximately $77,000. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Agree Realty Stock Up 1.9 %

ADC stock opened at $72.73 on Friday. Agree Realty Co. has a twelve month low of $54.28 and a twelve month high of $78.39. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.52. The firm has a market cap of $7.80 billion, a PE ratio of 40.86, a price-to-earnings-growth ratio of 2.82 and a beta of 0.65. The business has a 50 day moving average of $71.43 and a 200 day moving average of $73.50.

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

Agree Realty Dividend Announcement

The firm also recently declared a feb 25 dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be issued a dividend of $0.253 per share. The ex-dividend date is Friday, February 28th. This represents a yield of 4.2%. Agree Realty’s dividend payout ratio is presently 170.79%.

Analyst Upgrades and Downgrades

ADC has been the topic of a number of recent analyst reports. Wells Fargo & Company decreased their target price on Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. Royal Bank of Canada cut their target price on Agree Realty from $79.00 to $78.00 and set an “outperform” rating for the company in a research report on Thursday, February 13th. Robert W. Baird upped their price objective on Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. JMP Securities cut Agree Realty from an “outperform” rating to a “market perform” rating in a report on Tuesday, December 17th. Finally, Stifel Nicolaus decreased their price target on Agree Realty from $81.50 to $81.00 and set a “buy” rating for the company in a research note on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $79.62.

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.