Oak Thistle LLC Purchases Shares of 9,886 Agree Realty Corporation (NYSE:ADC)

Oak Thistle LLC acquired a new position in Agree Realty Corporation (NYSE:ADC - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 9,886 shares of the real estate investment trust's stock, valued at approximately $763,000.

Several other hedge funds have also added to or reduced their stakes in the stock. Cullen Frost Bankers Inc. bought a new stake in Agree Realty in the 1st quarter worth $27,000. Bernard Wealth Management Corp. purchased a new stake in shares of Agree Realty in the 4th quarter worth about $31,000. Capital Advisors Ltd. LLC grew its position in shares of Agree Realty by 137.8% in the 1st quarter. Capital Advisors Ltd. LLC now owns 466 shares of the real estate investment trust's stock worth $36,000 after buying an additional 270 shares during the period. NBC Securities Inc. purchased a new stake in shares of Agree Realty in the 1st quarter worth about $39,000. Finally, Larson Financial Group LLC grew its position in shares of Agree Realty by 415.1% in the 1st quarter. Larson Financial Group LLC now owns 546 shares of the real estate investment trust's stock worth $42,000 after buying an additional 440 shares during the period. Institutional investors own 97.83% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Barclays upped their target price on shares of Agree Realty from $77.00 to $78.00 and gave the stock an "equal weight" rating in a research report on Monday. Stifel Nicolaus increased 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. Truist Financial raised their price target on shares of Agree Realty from $77.00 to $82.00 and gave the company a "buy" rating in a report on Monday, May 5th. Evercore ISI raised their price target on shares of Agree Realty from $82.00 to $83.00 and gave the company an "outperform" rating in a report on Thursday, April 24th. Finally, Mizuho decreased their target price on shares of Agree Realty from $81.00 to $78.00 and set a "neutral" rating on the stock in a research note on Monday, June 16th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $80.32.

Agree Realty Stock Down 0.2%

Agree Realty stock traded down $0.17 during mid-day trading on Friday, hitting $73.57. The company had a trading volume of 1,391,935 shares, compared to its average volume of 1,160,637. The stock has a market cap of $8.09 billion, a price-to-earnings ratio of 41.57, a PEG ratio of 2.39 and a beta of 0.54. Agree Realty Corporation has a 1 year low of $67.58 and a 1 year high of $79.65. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.54. The business has a fifty day moving average of $73.81 and a 200 day moving average of $74.03.

Agree Realty (NYSE:ADC - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 analyst estimates of $167.77 million. During the same period last year, the firm posted $0.43 earnings per share. On average, sell-side analysts expect that Agree Realty Corporation will post 4.27 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Thursday, August 14th. Shareholders of record on Thursday, July 31st will be issued a $0.256 dividend. This represents a $3.07 dividend on an annualized basis and a yield of 4.18%. The ex-dividend date of this dividend is Thursday, July 31st. Agree Realty's dividend payout ratio (DPR) 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.