New Age Alpha Advisors LLC Increases Stake in Agree Realty Corporation (NYSE:ADC)

Key Points

• New Age Alpha Advisors LLC increased its stake in Agree Realty Corporation by 53.5%, owning 101,843 shares valued at approximately $7.86 million as of the latest reporting period.
• Analysts have set new price targets for Agree Realty, with a current average target price of $80.32, reflecting a mix of ratings including nine buy ratings and one strong buy.
• The company declared a monthly dividend of $0.256, representing an annualized yield of 4.1%, with a high dividend payout ratio of 182.74%.

New Age Alpha Advisors LLC boosted its stake in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 53.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 101,843 shares of the real estate investment trust's stock after acquiring an additional 35,491 shares during the quarter. New Age Alpha Advisors LLC owned 0.09% of Agree Realty worth $7,861,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Cullen Frost Bankers Inc. purchased a new position in Agree Realty during the first quarter valued at approximately $27,000. Bernard Wealth Management Corp. purchased a new stake in shares of Agree Realty in the fourth quarter valued at approximately $31,000. Capital Advisors Ltd. LLC increased its position in shares of Agree Realty by 137.8% in the first quarter. Capital Advisors Ltd. LLC now owns 466 shares of the real estate investment trust's stock valued at $36,000 after buying an additional 270 shares in the last quarter. Headlands Technologies LLC increased its position in shares of 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 in the last quarter. Finally, NBC Securities Inc. purchased a new stake in shares of Agree Realty in the first quarter valued at approximately $39,000. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently commented on ADC shares. JMP Securities restated a "market perform" rating on shares of Agree Realty in a research report on Monday, June 30th. Stifel Nicolaus boosted their price objective 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 cut Agree Realty from a "buy" rating to a "neutral" rating in a research report on Wednesday, May 7th. Barclays boosted their price objective on Agree Realty from $77.00 to $78.00 and gave the company an "equal weight" rating in a research report on Monday, July 21st. Finally, UBS Group set a $80.00 price target on Agree Realty and gave the stock a "buy" rating in a research report on Wednesday, July 16th. 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 issued a strong buy rating to the stock. According to data from MarketBeat.com, Agree Realty currently has an average rating of "Moderate Buy" and an average target price of $80.32.

Agree Realty Stock Performance

NYSE ADC opened at $75.10 on Tuesday. The stock's fifty day moving average is $73.56 and its two-hundred day moving average is $74.23. The firm has a market capitalization of $8.26 billion, a P/E ratio of 44.70, a price-to-earnings-growth ratio of 2.32 and a beta of 0.55. 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 Corporation has a fifty-two week low of $67.58 and a fifty-two week high of $79.65.

Agree Realty (NYSE:ADC - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. 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 return on equity of 3.47% and a net margin of 28.16%. The business had revenue of $175.53 million for the quarter, compared to analyst estimates of $173.95 million. During the same quarter in the prior year, the company posted $1.04 EPS. The company's quarterly revenue was up 15.0% on a year-over-year basis. On average, research analysts anticipate that Agree Realty Corporation will post 4.27 earnings per share for the current year.

Agree Realty Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Thursday, August 14th. Stockholders of record on Thursday, July 31st will be paid a $0.256 dividend. This represents a c) annualized dividend and a dividend yield of 4.1%. The ex-dividend date of this dividend is Thursday, July 31st. Agree Realty's dividend payout ratio is 182.74%.

Agree Realty Company 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.

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