USA Financial Formulas Purchases New Holdings in Agree Realty Co. (NYSE:ADC)

USA Financial Formulas acquired a new position in shares of Agree Realty Co. (NYSE:ADC) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 5,093 shares of the real estate investment trust’s stock, valued at approximately $359,000.

A number of other hedge funds have also recently added to or reduced their stakes in ADC. Citigroup Inc. lifted its stake in shares of Agree Realty by 348.9% in the third quarter. Citigroup Inc. now owns 347,496 shares of the real estate investment trust’s stock valued at $26,177,000 after purchasing an additional 270,093 shares during the period. AQR Capital Management LLC lifted its position in shares of Agree Realty by 67.4% during the 2nd quarter. AQR Capital Management LLC now owns 462,868 shares of the real estate investment trust’s stock valued at $28,476,000 after acquiring an additional 186,285 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Agree Realty by 37.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust’s stock worth $274,693,000 after acquiring an additional 990,362 shares during the period. Vanderbilt University increased its stake in Agree Realty by 148.9% in the 3rd quarter. Vanderbilt University now owns 16,933 shares of the real estate investment trust’s stock valued at $1,276,000 after purchasing an additional 10,129 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in Agree Realty by 40.2% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 118,306 shares of the real estate investment trust’s stock worth $8,912,000 after purchasing an additional 33,914 shares during the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Analyst Ratings Changes

ADC has been the subject of a number of research analyst reports. Truist Financial raised their price target on Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Stifel Nicolaus reduced their price target on shares of Agree Realty from $81.50 to $81.00 and set a “buy” rating on the stock in a report on Tuesday, January 7th. Wells Fargo & Company dropped their price objective on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a research note on Monday, November 4th. Deutsche Bank Aktiengesellschaft initiated coverage on Agree Realty in a research note on Wednesday, December 11th. They issued a “buy” rating and a $88.00 target price on the stock. Finally, JMP Securities downgraded Agree Realty from an “outperform” rating to a “market perform” rating in a research report on Tuesday, December 17th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $78.53.

Agree Realty Price Performance

Shares of NYSE:ADC opened at $70.62 on Thursday. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52. The company has a market cap of $7.31 billion, a P/E ratio of 39.02, a P/E/G ratio of 3.66 and a beta of 0.64. The business has a fifty day simple moving average of $73.35 and a 200-day simple moving average of $72.35. Agree Realty Co. has a 52 week low of $54.28 and a 52 week high of $78.39.

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 the consensus estimate of $1.03 by ($0.61). Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The firm had revenue of $154.33 million for the quarter, compared to analyst estimates of $152.83 million. During the same quarter in the prior year, the company earned $1.00 earnings per share. The business’s revenue was up 12.8% compared to the same quarter last year. Equities research analysts forecast that Agree Realty Co. will post 4.12 EPS for the current year.

Agree Realty Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be given a $0.253 dividend. This represents a $3.04 annualized dividend and a yield of 4.30%. The ex-dividend date of this dividend is Friday, January 31st. Agree Realty’s dividend payout ratio (DPR) is presently 167.40%.

Agree Realty Company 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.