GSA Capital Partners LLP Has $813,000 Position in Agree Realty Corporation (NYSE:ADC)

Key Points

• GSA Capital Partners LLP sold 4,407 shares of Agree Realty Corporation, reducing its stake by 29.5%, leaving it with 10,531 shares valued at approximately $813,000.
• The company reported a quarterly EPS of $1.06, exceeding estimates, along with a 15% increase in revenue year-over-year, totaling $175.53 million.
• Agree Realty declared a monthly dividend of $0.256, representing an annual yield of 4.2%, despite a high dividend payout ratio of 173.45%.

GSA Capital Partners LLP lowered its holdings in Agree Realty Corporation (NYSE:ADC - Free Report) by 29.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 10,531 shares of the real estate investment trust's stock after selling 4,407 shares during the quarter. GSA Capital Partners LLP's holdings in Agree Realty were worth $813,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. GF Fund Management CO. LTD. lifted its stake in Agree Realty by 7.2% in the first quarter. GF Fund Management CO. LTD. now owns 1,961 shares of the real estate investment trust's stock valued at $151,000 after buying an additional 132 shares during the period. Sequoia Financial Advisors LLC lifted its stake in Agree Realty by 3.0% in the first quarter. Sequoia Financial Advisors LLC now owns 4,729 shares of the real estate investment trust's stock valued at $365,000 after buying an additional 139 shares during the period. Azzad Asset Management Inc. ADV lifted its stake in Agree Realty by 2.8% in 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 period. Journey Strategic Wealth LLC lifted its stake in Agree Realty by 3.6% in the first quarter. Journey Strategic Wealth LLC now owns 6,592 shares of the real estate investment trust's stock valued at $509,000 after buying an additional 229 shares during the period. Finally, Headlands Technologies LLC lifted its stake in Agree Realty by 72.8% in the fourth quarter. Headlands Technologies LLC now owns 558 shares of the real estate investment trust's stock valued at $39,000 after buying an additional 235 shares during the period. Institutional investors own 97.83% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. JMP Securities restated a "market perform" rating on shares of Agree Realty in a report on Monday, June 30th. Stifel Nicolaus increased their price objective on Agree Realty from $81.00 to $82.50 and gave the stock a "buy" rating in a report on Wednesday, April 23rd. Mizuho decreased their price objective on Agree Realty from $81.00 to $78.00 and set a "neutral" rating for the company in a report on Monday, June 16th. Morgan Stanley downgraded Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 price objective for the company. in a report on Friday, July 11th. Finally, Truist Financial increased their price objective on Agree Realty from $77.00 to $82.00 and gave the stock a "buy" rating in a report on Monday, May 5th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $80.32.

Agree Realty Stock Performance

Shares of ADC traded up $1.97 during mid-day trading on Friday, reaching $73.67. The company's stock had a trading volume of 1,459,467 shares, compared to its average volume of 1,125,183. Agree Realty Corporation has a 1-year low of $67.58 and a 1-year high of $79.65. The stock has a market cap of $8.11 billion, a P/E ratio of 43.85, a PEG ratio of 2.39 and a beta of 0.55. The business has a 50-day simple moving average of $73.55 and a two-hundred day simple moving average of $74.19. 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 (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, beating analysts' consensus estimates of $1.05 by $0.01. Agree Realty had a return on equity of 3.50% and a net margin of 28.16%. The company had revenue of $175.53 million during the quarter, compared to analysts' expectations of $173.95 million. During the same period last year, the firm posted $1.04 earnings per share. The business's revenue was up 15.0% on a year-over-year basis. As a group, equities research analysts anticipate that Agree Realty Corporation will post 4.27 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

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 issued a dividend of $0.256 per share. This represents a c) annualized dividend and a yield of 4.2%. The ex-dividend date of this dividend is Thursday, July 31st. Agree Realty's dividend payout ratio (DPR) is presently 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.