Lighthouse Investment Partners LLC Boosts Holdings in Agree Realty Co. (NYSE:ADC)

Lighthouse Investment Partners LLC boosted its holdings in Agree Realty Co. (NYSE:ADC - Free Report) by 5.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 210,000 shares of the real estate investment trust's stock after acquiring an additional 10,000 shares during the quarter. Lighthouse Investment Partners LLC owned 0.20% of Agree Realty worth $14,794,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in ADC. Vanguard Group Inc. raised its stake in shares of 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 purchasing an additional 219,806 shares during the period. Cohen & Steers Inc. lifted its stake in Agree Realty by 43.0% in 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 purchasing an additional 2,937,147 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Agree Realty by 37.3% during the third 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 period. Invesco Ltd. grew its holdings in shares of Agree Realty by 85.6% during the fourth quarter. Invesco Ltd. now owns 2,212,852 shares of the real estate investment trust's stock worth $155,895,000 after purchasing an additional 1,020,512 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Agree Realty by 2.8% in the 4th 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. Institutional investors and hedge funds own 97.83% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. Barclays raised Agree Realty from an "underweight" rating to an "equal weight" rating and raised their price objective for the company from $74.00 to $75.00 in a report on Tuesday, March 4th. BTIG Research downgraded shares of Agree Realty from a "buy" rating to a "neutral" rating in a research note on Wednesday, May 7th. Wells Fargo & Company upped their price objective on Agree Realty from $78.00 to $81.00 and gave the company an "overweight" rating in a research report on Monday, March 10th. StockNews.com lowered Agree Realty from a "hold" rating to a "sell" rating in a report on Sunday. Finally, JMP Securities reissued a "market perform" rating on shares of Agree Realty in a research note on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $81.04.

Agree Realty Trading Up 2.1%

Agree Realty stock traded up $1.49 during midday trading on Thursday, reaching $73.91. The stock had a trading volume of 1,141,225 shares, compared to its average volume of 1,041,639. The firm has a market cap of $8.13 billion, a price-to-earnings ratio of 41.52, a price-to-earnings-growth ratio of 2.88 and a beta of 0.57. Agree Realty Co. has a 52-week low of $58.52 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. The company has a fifty day moving average of $75.71 and a 200 day moving average of $74.08.

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

Agree Realty Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, June 13th. Shareholders of record on Friday, May 30th will be given a dividend of $0.256 per share. This represents a $3.07 annualized dividend and a yield of 4.16%. The ex-dividend date is Friday, May 30th. This is an increase from Agree Realty's previous monthly dividend of $0.25. Agree Realty's payout ratio is currently 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.