Leeward Investments LLC MA Trims Position in Agree Realty Corporation (NYSE:ADC)

Leeward Investments LLC MA cut its stake in Agree Realty Corporation (NYSE:ADC - Free Report) by 4.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 454,016 shares of the real estate investment trust's stock after selling 19,368 shares during the quarter. Agree Realty makes up 1.9% of Leeward Investments LLC MA's portfolio, making the stock its 3rd biggest holding. Leeward Investments LLC MA owned 0.41% of Agree Realty worth $35,045,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of ADC. Oregon Public Employees Retirement Fund boosted its holdings in Agree Realty by 3.3% in the first quarter. Oregon Public Employees Retirement Fund now owns 21,754 shares of the real estate investment trust's stock worth $1,679,000 after purchasing an additional 700 shares in the last quarter. Teacher Retirement System of Texas boosted its holdings in Agree Realty by 52.4% in the first quarter. Teacher Retirement System of Texas now owns 24,400 shares of the real estate investment trust's stock worth $1,883,000 after purchasing an additional 8,391 shares in the last quarter. Keybank National Association OH boosted its holdings in Agree Realty by 6.6% in the first quarter. Keybank National Association OH now owns 17,866 shares of the real estate investment trust's stock worth $1,379,000 after purchasing an additional 1,104 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in Agree Realty by 1.5% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 21,745 shares of the real estate investment trust's stock worth $1,678,000 after purchasing an additional 326 shares in the last quarter. Finally, New York State Teachers Retirement System boosted its holdings in Agree Realty by 1.2% during the first quarter. New York State Teachers Retirement System now owns 113,976 shares of the real estate investment trust's stock valued at $8,798,000 after acquiring an additional 1,400 shares during the period. 97.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. UBS Group decreased their price target on shares of Agree Realty from $86.00 to $84.00 and set a "buy" rating for the company in a report on Tuesday, May 13th. Wall Street Zen raised shares of Agree Realty from a "sell" rating to a "hold" rating in a research report on Saturday. Stifel Nicolaus upped their price objective on shares of Agree Realty from $81.00 to $82.50 and gave the company a "buy" rating in a research report on Wednesday, April 23rd. Barclays set a $77.00 price objective on shares of Agree Realty and gave the company an "equal weight" rating in a research report on Wednesday, May 21st. Finally, Mizuho cut their price objective on shares of Agree Realty from $81.00 to $78.00 and set a "neutral" rating for the company in a research report on Monday, June 16th. Six investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $80.96.

Agree Realty Price Performance

Shares of NYSE ADC traded down $0.03 during mid-day trading on Monday, hitting $71.94. 1,624,312 shares of the stock were exchanged, compared to its average volume of 1,096,697. The company has a market cap of $7.91 billion, a P/E ratio of 40.64, a PEG ratio of 2.29 and a beta of 0.54. The stock's fifty day simple moving average is $74.75 and its two-hundred day simple moving average is $73.91. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.72 and a current ratio of 0.72. Agree Realty Corporation has a twelve month low of $61.34 and a twelve month high of $79.65.

Agree Realty (NYSE:ADC - Get Free Report) last released its quarterly earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 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 business had revenue of $169.16 million for the quarter, compared to analysts' expectations of $167.77 million. During the same period in the prior year, the firm earned $0.43 earnings per share. As a group, analysts forecast that Agree Realty Corporation will post 4.27 EPS for the current fiscal year.

Agree Realty Dividend Announcement

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

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.