Nicola Wealth Management LTD. Has $1.69 Million Stake in Agree Realty Co. (NYSE:ADC)

Nicola Wealth Management LTD. increased its stake in Agree Realty Co. (NYSE:ADC) by 6.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 22,400 shares of the real estate investment trust’s stock after purchasing an additional 1,400 shares during the period. Nicola Wealth Management LTD.’s holdings in Agree Realty were worth $1,687,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. MCF Advisors LLC acquired a new position in shares of Agree Realty during the 2nd quarter worth about $26,000. Massmutual Trust Co. FSB ADV increased 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 acquiring an additional 442 shares during the last quarter. UMB Bank n.a. raised its holdings in shares of Agree Realty by 44.5% during the 3rd quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock worth $73,000 after buying an additional 299 shares in the last quarter. Arcadia Investment Management Corp MI bought a new position in shares of Agree Realty in the third quarter worth about $75,000. Finally, Headlands Technologies LLC boosted its holdings in shares of Agree Realty by 232.0% during the 2nd quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock valued at $71,000 after acquiring an additional 798 shares in the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. UBS Group boosted their target price on shares of Agree Realty from $77.00 to $79.00 and gave the stock a “neutral” rating in a report on Thursday. Stifel Nicolaus upped their target price on Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. BTIG Research upped their target price on shares of Agree Realty from $65.00 to $74.00 and gave the stock a “buy” rating in a research note on Monday, August 12th. Mizuho upped their price target on Agree Realty from $75.00 to $80.00 and gave the company a “neutral” rating in a research report on Thursday. Finally, Robert W. Baird upped their price target on shares of Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $75.73.

Agree Realty Trading Down 0.8 %

Shares of Agree Realty stock traded down $0.58 on Thursday, hitting $76.07. 116,424 shares of the company traded hands, compared to its average volume of 968,770. 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 company has a market cap of $7.87 billion, a PE ratio of 42.15, a PEG ratio of 3.10 and a beta of 0.61. The stock’s 50 day moving average price is $75.00 and its 200-day moving average price is $68.30. Agree Realty Co. has a 52 week low of $54.28 and a 52 week high of $77.47.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The company had revenue of $154.33 million for the quarter, compared to analysts’ expectations of $152.83 million. During the same quarter last year, the company earned $1.00 earnings per share. The company’s revenue for the quarter was up 12.8% compared to the same quarter last year. Equities research analysts predict that Agree Realty Co. will post 4.11 EPS for the current year.

Agree Realty Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be paid a $0.253 dividend. The ex-dividend date is Friday, November 29th. This represents a $3.04 dividend on an annualized basis and a yield of 3.99%. Agree Realty’s dividend payout ratio (DPR) 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.