Boothbay Fund Management LLC Makes New Investment in Agree Realty Co. (NYSE:ADC)

Boothbay Fund Management LLC acquired a new position in shares of Agree Realty Co. (NYSE:ADC - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 86,188 shares of the real estate investment trust's stock, valued at approximately $6,072,000. Boothbay Fund Management LLC owned 0.08% of Agree Realty at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in Agree Realty by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 14,549,952 shares of the real estate investment trust's stock worth $1,025,044,000 after acquiring an additional 219,806 shares during the period. Cohen & Steers Inc. boosted its position in Agree Realty by 43.0% during the 4th quarter. Cohen & Steers Inc. now owns 9,767,632 shares of the real estate investment trust's stock worth $688,108,000 after acquiring an additional 2,937,147 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Agree Realty by 37.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust's stock valued at $274,693,000 after buying an additional 990,362 shares during the last quarter. Invesco Ltd. grew its stake in shares of Agree Realty by 85.6% in the 4th quarter. Invesco Ltd. now owns 2,212,852 shares of the real estate investment trust's stock valued at $155,895,000 after buying an additional 1,020,512 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in Agree Realty by 2.8% in the fourth quarter. Geode Capital Management LLC now owns 2,132,252 shares of the real estate investment trust's stock worth $150,255,000 after buying an additional 57,492 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on ADC shares. Stifel Nicolaus increased their price target on shares of Agree Realty from $81.00 to $82.50 and gave the stock a "buy" rating in a research note on Wednesday, April 23rd. StockNews.com lowered shares of Agree Realty from a "hold" rating to a "sell" rating in a research note on Friday, April 25th. JMP Securities restated a "market perform" rating on shares of Agree Realty in a research note on Wednesday. UBS Group upgraded shares of Agree Realty from a "neutral" rating to a "buy" rating and increased their price target for the stock from $79.00 to $84.00 in a research note on Monday, January 6th. Finally, Barclays raised shares of Agree Realty from an "underweight" rating to an "equal weight" rating and upped their price objective for the stock from $74.00 to $75.00 in a report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $80.88.

Agree Realty Trading Up 0.1 %

ADC stock traded up $0.11 during midday trading on Wednesday, reaching $77.44. The company's stock had a trading volume of 1,400,816 shares, compared to its average volume of 1,013,373. The business's 50-day simple moving average is $75.49 and its 200-day simple moving average is $74.08. The stock has a market cap of $8.52 billion, a PE ratio of 43.51, a price-to-earnings-growth ratio of 2.88 and a beta of 0.55. Agree Realty Co. has a 52 week low of $57.04 and a 52 week high of $79.65. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.52.

Agree Realty (NYSE:ADC - Get Free Report) last posted its quarterly earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share for the quarter, beating analysts' consensus estimates of $1.05 by $0.01. The company had revenue of $169.16 million for the quarter, compared to the consensus estimate of $167.77 million. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. During the same quarter in the prior year, the business posted $0.43 EPS. As a group, sell-side analysts expect that Agree Realty Co. will post 4.27 EPS for the current year.

Agree Realty Increases Dividend

The firm also recently disclosed a apr 25 dividend, which will be paid on Wednesday, May 14th. Investors of record on Wednesday, April 30th will be paid a dividend of $0.256 per share. This represents a yield of 4.1%. The ex-dividend date of this dividend is Wednesday, April 30th. This is an increase from Agree Realty's previous apr 25 dividend of $0.25. Agree Realty's dividend payout ratio (DPR) is presently 173.45%.

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.