Foresight Group Ltd Liability Partnership Makes New $1.26 Million Investment in Agree Realty Co. (NYSE:ADC)

Foresight Group Ltd Liability Partnership acquired a new position in Agree Realty Co. (NYSE:ADC) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 17,990 shares of the real estate investment trust’s stock, valued at approximately $1,257,000. Agree Realty comprises approximately 0.7% of Foresight Group Ltd Liability Partnership’s holdings, making the stock its 18th biggest position.

A number of other hedge funds also recently bought and sold shares of the company. Versant Capital Management Inc increased its stake in shares of Agree Realty by 230.7% in the fourth quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust’s stock worth $30,000 after purchasing an additional 293 shares during the period. UMB Bank n.a. increased its position 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 worth $73,000 after buying an additional 299 shares during the period. Arcadia Investment Management Corp MI bought a new position in Agree Realty in the 3rd quarter worth approximately $75,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Agree Realty during the third quarter worth approximately $77,000. Finally, Vestcor Inc bought a new stake in shares of Agree Realty in the third quarter valued at approximately $111,000. 97.83% of the stock is currently owned by institutional investors.

Agree Realty Trading Up 2.1 %

Shares of ADC opened at $72.17 on Friday. The stock’s fifty day simple moving average is $73.32 and its 200-day simple moving average is $72.35. The firm has a market capitalization of $7.47 billion, a PE ratio of 39.88, a price-to-earnings-growth ratio of 2.41 and a beta of 0.64. Agree Realty Co. has a 12-month low of $54.28 and a 12-month high of $78.39. 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 released its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (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 for the quarter, compared to analyst estimates of $152.83 million. During the same quarter in the previous year, the company posted $1.00 earnings per share. The business’s revenue for the quarter was up 12.8% on a year-over-year basis. As a group, research analysts predict that Agree Realty Co. will post 4.12 earnings per share for the current year.

Agree Realty Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be given a $0.253 dividend. The ex-dividend date is Friday, January 31st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.21%. Agree Realty’s dividend payout ratio is 167.96%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on ADC shares. BTIG Research boosted their target price on shares of Agree Realty from $74.00 to $78.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Barclays initiated coverage on shares of Agree Realty in a report on Tuesday, December 17th. They set an “underweight” rating and a $76.00 price objective on the stock. Evercore ISI initiated coverage on shares of Agree Realty in a research report on Thursday, December 12th. They set an “outperform” rating and a $82.00 price objective for the company. KeyCorp lifted their target price on Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. Finally, StockNews.com raised Agree Realty from a “sell” rating to a “hold” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, four have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Agree Realty presently has an average rating of “Moderate Buy” and an average price target of $78.53.

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.