Wilmington Savings Fund Society FSB Takes $77,000 Position in Agree Realty Co. (NYSE:ADC)

Wilmington Savings Fund Society FSB bought a new stake in shares of Agree Realty Co. (NYSE:ADC) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 1,019 shares of the real estate investment trust’s stock, valued at approximately $77,000.

Other institutional investors have also recently added to or reduced their stakes in the company. MCF Advisors LLC purchased a new position in Agree Realty during the second quarter valued at $26,000. Headlands Technologies LLC lifted its stake in Agree Realty by 232.0% in the 2nd quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock valued at $71,000 after buying an additional 798 shares in the last quarter. UMB Bank n.a. lifted its stake in Agree Realty by 44.5% in the 3rd quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock valued at $73,000 after buying an additional 299 shares in the last quarter. Arcadia Investment Management Corp MI acquired a new stake in Agree Realty in the 3rd quarter worth about $75,000. Finally, Vestcor Inc purchased a new stake in Agree Realty during the 3rd quarter worth approximately $111,000. Institutional investors and hedge funds own 97.83% of the company’s stock.

Agree Realty Stock Up 1.1 %

Shares of NYSE:ADC opened at $70.17 on Friday. Agree Realty Co. has a 12-month low of $54.28 and a 12-month high of $78.39. The company has a market capitalization of $7.26 billion, a price-to-earnings ratio of 38.77, a PEG ratio of 3.66 and a beta of 0.62. The business has a 50-day moving average price of $75.03 and a 200 day moving average price of $71.16. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS for the quarter, missing the consensus estimate of $1.03 by ($0.61). The company had revenue of $154.33 million during the quarter, compared to analyst estimates of $152.83 million. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The business’s revenue was up 12.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.00 earnings per share. Sell-side analysts expect that Agree Realty Co. will post 4.12 EPS for the current year.

Agree Realty Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $0.253 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.33%. Agree Realty’s payout ratio is presently 167.40%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on ADC shares. Barclays started coverage on Agree Realty in a research note on Tuesday. They issued an “underweight” rating and a $76.00 price target on the stock. Mizuho lifted their target price on shares of Agree Realty from $75.00 to $80.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a research note on Tuesday. JMP Securities cut shares of Agree Realty from an “outperform” rating to a “market perform” rating in a research note on Tuesday. Finally, Wells Fargo & Company decreased their target price on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Agree Realty currently has an average rating of “Moderate Buy” and a consensus target price of $78.03.

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.