Edgestream Partners L.P. Makes New Investment in Agree Realty Corporation (NYSE:ADC)

Edgestream Partners L.P. purchased a new position in shares of Agree Realty Corporation (NYSE:ADC - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 86,707 shares of the real estate investment trust's stock, valued at approximately $6,693,000. Edgestream Partners L.P. owned 0.08% of Agree Realty as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Securian Asset Management Inc. grew its stake in Agree Realty by 4.1% in the 1st quarter. Securian Asset Management Inc. now owns 8,129 shares of the real estate investment trust's stock valued at $627,000 after acquiring an additional 322 shares during the last quarter. Louisiana State Employees Retirement System grew its stake in Agree Realty by 4.5% in the 1st quarter. Louisiana State Employees Retirement System now owns 30,000 shares of the real estate investment trust's stock valued at $2,316,000 after acquiring an additional 1,300 shares during the last quarter. Mutual of America Capital Management LLC grew its stake in Agree Realty by 1.0% in the 1st quarter. Mutual of America Capital Management LLC now owns 55,086 shares of the real estate investment trust's stock valued at $4,252,000 after acquiring an additional 519 shares during the last quarter. Arizona State Retirement System grew its stake in Agree Realty by 1.7% in the 1st quarter. Arizona State Retirement System now owns 29,694 shares of the real estate investment trust's stock valued at $2,292,000 after acquiring an additional 490 shares during the last quarter. Finally, State of Michigan Retirement System grew its stake in Agree Realty by 4.5% in the 1st quarter. State of Michigan Retirement System now owns 25,600 shares of the real estate investment trust's stock valued at $1,976,000 after acquiring an additional 1,100 shares during the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. BTIG Research cut shares of Agree Realty from a "buy" rating to a "neutral" rating in a research note on Wednesday, May 7th. Robert W. Baird upped their target price on shares of Agree Realty from $76.00 to $80.00 and gave the company an "outperform" rating in a report on Friday, April 25th. Stifel Nicolaus upped their target price on shares of Agree Realty from $81.00 to $82.50 and gave the company a "buy" rating in a report on Wednesday, April 23rd. Barclays set a $77.00 target price on shares of Agree Realty and gave the company an "equal weight" rating in a report on Wednesday, May 21st. Finally, Mizuho reduced their target price on shares of Agree Realty from $81.00 to $78.00 and set a "neutral" rating on the stock in a report on Monday, June 16th. One research analyst has rated the stock with a sell rating, six have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $80.25.

Agree Realty Trading Down 0.4%

NYSE ADC traded down $0.31 during mid-day trading on Thursday, hitting $71.92. The company's stock had a trading volume of 578,690 shares, compared to its average volume of 1,104,097. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.72 and a quick ratio of 0.72. Agree Realty Corporation has a 52-week low of $65.60 and a 52-week high of $79.65. The stock's fifty day simple moving average is $73.95 and its two-hundred day simple moving average is $73.93. The firm has a market capitalization of $7.91 billion, a P/E ratio of 40.64, a price-to-earnings-growth ratio of 2.32 and a beta of 0.54.

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

Agree Realty Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Thursday, August 14th. Stockholders of record on Thursday, July 31st will be given a dividend of $0.256 per share. This represents a $3.07 dividend on an annualized basis and a dividend yield of 4.27%. The ex-dividend date of this dividend is Thursday, July 31st. Agree Realty's payout ratio is currently 173.45%.

Agree Realty 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.