2,990 Shares in Agree Realty Co. (NYSE:ADC) Bought by Longboard Asset Management LP

Longboard Asset Management LP bought a new position in shares of Agree Realty Co. (NYSE:ADC) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund bought 2,990 shares of the real estate investment trust’s stock, valued at approximately $211,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of ADC. UMB Bank n.a. boosted its position in shares of Agree Realty by 17.3% during the 4th quarter. UMB Bank n.a. now owns 1,139 shares of the real estate investment trust’s stock worth $80,000 after acquiring an additional 168 shares in the last quarter. State of Alaska Department of Revenue boosted its position in shares of Agree Realty by 0.4% during the 3rd quarter. State of Alaska Department of Revenue now owns 58,934 shares of the real estate investment trust’s stock worth $4,438,000 after acquiring an additional 224 shares in the last quarter. MassMutual Private Wealth & Trust FSB boosted its position 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 worth $63,000 after acquiring an additional 230 shares in the last quarter. US Bancorp DE boosted its position in shares of Agree Realty by 1.5% during the 3rd quarter. US Bancorp DE now owns 17,130 shares of the real estate investment trust’s stock worth $1,290,000 after acquiring an additional 252 shares in the last quarter. Finally, Carmel Capital Partners LLC boosted its position in shares of Agree Realty by 4.0% during the 3rd quarter. Carmel Capital Partners LLC now owns 6,727 shares of the real estate investment trust’s stock worth $507,000 after acquiring an additional 257 shares in the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.

Agree Realty Stock Down 0.5 %

ADC opened at $72.53 on Wednesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66. The business has a 50 day simple moving average of $72.29 and a 200-day simple moving average of $73.29. The stock has a market capitalization of $7.51 billion, a P/E ratio of 40.07, a P/E/G ratio of 2.56 and a beta of 0.65. Agree Realty Co. has a 12 month low of $54.28 and a 12 month high of $78.39.

Agree Realty Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, January 31st will be issued a $0.253 dividend. The ex-dividend date of this dividend is Friday, January 31st. This represents a $3.04 annualized dividend and a dividend yield of 4.19%. Agree Realty’s dividend payout ratio is currently 167.96%.

Analyst Ratings Changes

ADC has been the subject of several analyst reports. Stifel Nicolaus lowered their price objective on Agree Realty from $81.50 to $81.00 and set a “buy” rating for the company in a research report on Tuesday, January 7th. Wells Fargo & Company reduced their target price on Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a report on Monday, November 4th. Barclays reduced their target price on Agree Realty from $76.00 to $74.00 and set an “underweight” rating for the company in a report on Tuesday. Deutsche Bank Aktiengesellschaft started coverage on Agree Realty in a report on Wednesday, December 11th. They issued a “buy” rating and a $88.00 target price for the company. Finally, Mizuho reduced 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. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Agree Realty currently has a consensus rating of “Moderate Buy” and an average price target of $78.93.

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.