Phocas Financial Corp. Boosts Stock Position in Agree Realty Co. (NYSE:ADC)

Phocas Financial Corp. boosted its stake in shares of Agree Realty Co. (NYSE:ADC) by 74.9% in the third quarter, Holdings Channel reports. The institutional investor owned 105,721 shares of the real estate investment trust’s stock after purchasing an additional 45,266 shares during the period. Phocas Financial Corp.’s holdings in Agree Realty were worth $7,964,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Caprock Group LLC bought a new position in Agree Realty during the 3rd quarter valued at about $262,000. Pathstone Holdings LLC increased its position in Agree Realty by 15.9% in the third quarter. Pathstone Holdings LLC now owns 25,833 shares of the real estate investment trust’s stock worth $1,946,000 after buying an additional 3,535 shares in the last quarter. Napa Wealth Management increased its holdings in Agree Realty by 20.8% in the 3rd quarter. Napa Wealth Management now owns 4,253 shares of the real estate investment trust’s stock worth $320,000 after acquiring an additional 733 shares in the last quarter. Quest Partners LLC lifted its holdings in Agree Realty by 1,415.3% during the third quarter. Quest Partners LLC now owns 48,157 shares of the real estate investment trust’s stock valued at $3,628,000 after purchasing an additional 44,979 shares in the last quarter. Finally, Natixis Advisors LLC increased its stake in shares of Agree Realty by 20.7% in the third quarter. Natixis Advisors LLC now owns 105,874 shares of the real estate investment trust’s stock worth $7,975,000 after purchasing an additional 18,171 shares in the last quarter. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Price Performance

ADC stock opened at $76.75 on Tuesday. Agree Realty Co. has a 52 week low of $54.28 and a 52 week high of $77.47. The firm has a market capitalization of $7.95 billion, a P/E ratio of 42.40, a price-to-earnings-growth ratio of 3.08 and a beta of 0.61. The company has a fifty day simple moving average of $75.03 and a two-hundred day simple moving average of $68.63. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52.

Agree Realty (NYSE:ADC) last announced its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 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 business posted $1.00 EPS. The firm’s revenue was up 12.8% on a year-over-year basis. Analysts anticipate that Agree Realty Co. will post 4.12 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be given 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 3.96%. Agree Realty’s dividend payout ratio is presently 167.96%.

Analysts Set New Price Targets

Several research analysts recently weighed in on ADC shares. Mizuho upped their target price on shares of Agree Realty from $75.00 to $80.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. 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. Wells Fargo & Company cut their target price on Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. Royal Bank of Canada boosted their price target on Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Finally, Raymond James increased their price objective on shares of Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a report on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $75.73.

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.