Agree Realty Corporation (NYSE:ADC) Position Lifted by Burkehill Global Management LP

Key Points

• Burkehill Global Management LP significantly increased its holdings in Agree Realty Corporation by 450%, purchasing an additional 450,000 shares, making it the fund's 10th largest investment.
• While various hedge funds have also adjusted their positions in Agree Realty, 97.83% of the company's stock is owned by institutional investors and hedge funds.
• Agree Realty recently declared a monthly dividend of $0.256 per share, resulting in an annualized yield of 4.2%, despite a high dividend payout ratio of 182.74%.

Burkehill Global Management LP lifted its position in Agree Realty Corporation (NYSE:ADC - Free Report) by 450.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 550,000 shares of the real estate investment trust's stock after acquiring an additional 450,000 shares during the period. Agree Realty accounts for 3.2% of Burkehill Global Management LP's holdings, making the stock its 10th largest position. Burkehill Global Management LP owned about 0.50% of Agree Realty worth $42,454,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Nuveen LLC acquired a new position in Agree Realty during the first quarter worth $64,759,000. Virtu Financial LLC purchased a new stake in Agree Realty in the first quarter valued at $478,000. Entropy Technologies LP purchased a new stake in Agree Realty in the first quarter valued at $1,789,000. JPMorgan Chase & Co. raised its position in Agree Realty by 17.8% in the first quarter. JPMorgan Chase & Co. now owns 2,338,219 shares of the real estate investment trust's stock valued at $180,487,000 after purchasing an additional 353,884 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Agree Realty in the first quarter valued at $913,000. Institutional investors and hedge funds own 97.83% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on ADC shares. Stifel Nicolaus lifted their target price on Agree Realty from $81.00 to $82.50 and gave the company a "buy" rating in a research report on Wednesday, April 23rd. BTIG Research downgraded Agree Realty from a "buy" rating to a "neutral" rating in a research report on Wednesday, May 7th. Evercore ISI lifted their target price on Agree Realty from $82.00 to $83.00 and gave the company an "outperform" rating in a research report on Thursday, April 24th. UBS Group boosted their price objective on Agree Realty from $80.00 to $82.00 and gave the company a "buy" rating in a report on Tuesday. Finally, Morgan Stanley downgraded Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 price objective on the stock. in a report on Friday, July 11th. One analyst has rated the stock with a sell rating, six have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $80.61.

Agree Realty Stock Down 0.3%

Shares of NYSE:ADC traded down $0.25 on Tuesday, hitting $72.62. 1,004,246 shares of the company's stock were exchanged, compared to its average volume of 1,096,052. The firm's 50-day moving average is $73.35 and its 200 day moving average is $74.27. The company has a market capitalization of $8.04 billion, a PE ratio of 43.23, a P/E/G ratio of 2.37 and a beta of 0.55. Agree Realty Corporation has a 1-year low of $67.58 and a 1-year high of $79.65. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.71 and a current ratio of 0.71.

Agree Realty (NYSE:ADC - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.01. The business had revenue of $175.53 million during the quarter, compared to analysts' expectations of $173.95 million. Agree Realty had a return on equity of 3.47% and a net margin of 28.16%. The business's quarterly revenue was up 15.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.04 EPS. Sell-side analysts predict that Agree Realty Corporation will post 4.27 EPS for the current year.

Agree Realty Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Thursday, August 14th. Investors of record on Thursday, July 31st will be paid a dividend of $0.256 per share. This represents a c) dividend on an annualized basis and a yield of 4.2%. The ex-dividend date is Thursday, July 31st. Agree Realty's dividend payout ratio (DPR) is currently 182.74%.

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.