Sage Investment Counsel LLC Acquires New Stake in Agree Realty Co. (NYSE:ADC)

Sage Investment Counsel LLC acquired a new stake in Agree Realty Co. (NYSE:ADC) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 4,667 shares of the real estate investment trust’s stock, valued at approximately $329,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. CIBC Asset Management Inc raised its stake in Agree Realty by 5.2% in the 4th quarter. CIBC Asset Management Inc now owns 3,122 shares of the real estate investment trust’s stock valued at $220,000 after purchasing an additional 153 shares during the last quarter. UMB Bank n.a. raised its stake in Agree Realty by 17.3% in the 4th quarter. UMB Bank n.a. now owns 1,139 shares of the real estate investment trust’s stock valued at $80,000 after purchasing an additional 168 shares during the last quarter. Private Advisor Group LLC grew its holdings in Agree Realty by 3.6% in the 4th quarter. Private Advisor Group LLC now owns 4,909 shares of the real estate investment trust’s stock valued at $346,000 after buying an additional 170 shares in the last quarter. MassMutual Private Wealth & Trust FSB grew its holdings in Agree Realty by 34.4% in 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 buying an additional 230 shares in the last quarter. Finally, Principal Securities Inc. grew its holdings in Agree Realty by 26.2% in the 4th quarter. Principal Securities Inc. now owns 1,142 shares of the real estate investment trust’s stock valued at $80,000 after buying an additional 237 shares in the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have issued reports on ADC. Mizuho dropped their target price on Agree Realty from $80.00 to $74.00 and set a “neutral” rating for the company in a report on Wednesday, January 8th. Royal Bank of Canada dropped their target price on Agree Realty from $79.00 to $78.00 and set an “outperform” rating for the company in a report on Thursday, February 13th. Citizens Jmp cut Agree Realty from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 17th. JMP Securities cut Agree Realty from an “outperform” rating to a “market perform” rating in a report on Tuesday, December 17th. Finally, StockNews.com upgraded Agree Realty from a “sell” rating to a “hold” rating in a report on Sunday, February 16th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $79.62.

Agree Realty Stock Performance

NYSE ADC opened at $73.81 on Friday. The stock has a fifty day simple moving average of $71.55 and a 200-day simple moving average of $73.54. Agree Realty Co. has a twelve month low of $54.28 and a twelve month high of $78.39. The stock has a market cap of $7.92 billion, a PE ratio of 41.46, a P/E/G ratio of 2.88 and a beta of 0.65. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52.

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

Agree Realty Announces Dividend

The company also recently announced a feb 25 dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be issued a dividend of $0.253 per share. This represents a yield of 4.2%. The ex-dividend date of this dividend is Friday, February 28th. Agree Realty’s dividend payout ratio (DPR) is 170.22%.

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.