11,616 Shares in Agree Realty Corporation (NYSE:ADC) Bought by Friedenthal Financial

Friedenthal Financial acquired a new position in Agree Realty Corporation (NYSE:ADC - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 11,616 shares of the real estate investment trust's stock, valued at approximately $897,000.

A number of other large investors have also recently bought and sold shares of the business. CIBC Asset Management Inc raised its position in shares of Agree Realty by 5.2% during the fourth quarter. CIBC Asset Management Inc now owns 3,122 shares of the real estate investment trust's stock valued at $220,000 after buying an additional 153 shares during the last quarter. Carmel Capital Partners LLC raised its position in shares of Agree Realty by 2.5% during the fourth quarter. Carmel Capital Partners LLC now owns 6,894 shares of the real estate investment trust's stock valued at $486,000 after buying an additional 167 shares during the last quarter. Sequoia Financial Advisors LLC raised its position in shares of Agree Realty by 3.8% during the fourth quarter. Sequoia Financial Advisors LLC now owns 4,590 shares of the real estate investment trust's stock valued at $323,000 after buying an additional 169 shares during the last quarter. Private Advisor Group LLC raised its position in shares of Agree Realty by 3.6% during the fourth quarter. Private Advisor Group LLC now owns 4,909 shares of the real estate investment trust's stock valued at $346,000 after buying an additional 170 shares during the last quarter. Finally, Azzad Asset Management Inc. ADV raised its position in shares of Agree Realty by 2.8% during the first quarter. Azzad Asset Management Inc. ADV now owns 6,884 shares of the real estate investment trust's stock valued at $531,000 after buying an additional 187 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors.

Agree Realty Stock Performance

NYSE ADC opened at $75.33 on Thursday. The firm has a market cap of $8.29 billion, a price-to-earnings ratio of 42.56, a PEG ratio of 2.34 and a beta of 0.56. The company has a 50 day moving average of $75.54 and a 200-day moving average of $73.92. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.54. Agree Realty Corporation has a 1-year low of $60.42 and a 1-year high of $79.65.

Agree Realty (NYSE:ADC - Get Free Report) last posted its quarterly earnings data on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.01. The company had revenue of $169.16 million during the quarter, compared to analyst estimates of $167.77 million. Agree Realty had a net margin of 30.05% and a return on equity of 3.66%. During the same quarter last year, the business posted $0.43 earnings per share. On average, equities analysts forecast that Agree Realty Corporation will post 4.27 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The business also recently declared a jun 25 dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be issued a $0.256 dividend. This represents a dividend yield of 4.1%. The ex-dividend date is Monday, June 30th. Agree Realty's dividend payout ratio is currently 173.45%.

Analysts Set New Price Targets

A number of research analysts have recently commented on ADC shares. Wall Street Zen raised shares of Agree Realty from a "sell" rating to a "hold" rating in a research report on Friday, May 30th. BTIG Research lowered shares of Agree Realty from a "buy" rating to a "neutral" rating in a research report on Wednesday, May 7th. Barclays set a $77.00 target price on shares of Agree Realty and gave the company an "equal weight" rating in a research note on Wednesday, May 21st. Wells Fargo & Company raised their price target on shares of Agree Realty from $78.00 to $81.00 and gave the stock an "overweight" rating in a research note on Monday, March 10th. Finally, Robert W. Baird raised their price target on shares of Agree Realty from $76.00 to $80.00 and gave the stock an "outperform" rating in a research note on Friday, April 25th. Six equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued 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 $80.96.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.