Sophron Capital Management L.P. bought a new stake in Agree Realty Co. (NYSE:ADC - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 190,100 shares of the real estate investment trust's stock, valued at approximately $13,393,000. Agree Realty makes up approximately 5.3% of Sophron Capital Management L.P.'s investment portfolio, making the stock its 5th largest position. Sophron Capital Management L.P. owned approximately 0.18% of Agree Realty as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. Bernard Wealth Management Corp. purchased a new stake in shares of Agree Realty during the fourth quarter worth $31,000. Headlands Technologies LLC raised its holdings in shares of Agree Realty by 72.8% during the fourth quarter. Headlands Technologies LLC now owns 558 shares of the real estate investment trust's stock worth $39,000 after acquiring an additional 235 shares in the last quarter. Financial Life Planners purchased a new stake in shares of Agree Realty during the fourth quarter worth $44,000. Quarry LP purchased a new stake in shares of Agree Realty during the fourth quarter worth $52,000. Finally, MassMutual Private Wealth & Trust FSB raised its holdings in shares of Agree Realty by 34.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust's stock worth $63,000 after acquiring an additional 230 shares in the last quarter. Hedge funds and other institutional investors own 97.83% of the company's stock.
Agree Realty Price Performance
NYSE ADC traded down $0.44 during trading on Thursday, reaching $74.49. 1,086,156 shares of the company traded hands, compared to its average volume of 1,050,582. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.78 and a current ratio of 0.78. The stock's 50 day moving average price is $75.61 and its two-hundred day moving average price is $74.11. The company has a market cap of $8.19 billion, a price-to-earnings ratio of 41.85, a P/E/G ratio of 2.88 and a beta of 0.57. Agree Realty Co. has a 1-year low of $58.52 and a 1-year high of $79.65.
Agree Realty (NYSE:ADC - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share for the quarter, beating analysts' consensus estimates of $1.05 by $0.01. The company had revenue of $169.16 million for the quarter, compared to the consensus estimate of $167.77 million. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. During the same period in the previous year, the business earned $0.43 earnings per share. As a group, analysts anticipate that Agree Realty Co. will post 4.27 EPS for the current year.
Agree Realty Increases Dividend
The business also recently disclosed a monthly dividend, which will be paid on Friday, June 13th. Shareholders of record on Friday, May 30th will be issued a dividend of $0.256 per share. This represents a $3.07 dividend on an annualized basis and a yield of 4.12%. This is an increase from Agree Realty's previous monthly dividend of $0.25. The ex-dividend date of this dividend is Friday, May 30th. Agree Realty's payout ratio is presently 173.45%.
Analyst Upgrades and Downgrades
Several brokerages recently issued reports on ADC. Evercore ISI increased their price objective on Agree Realty from $82.00 to $83.00 and gave the stock an "outperform" rating in a report on Thursday, April 24th. Royal Bank of Canada cut their price objective on Agree Realty from $79.00 to $78.00 and set an "outperform" rating for the company in a report on Thursday, February 13th. Stifel Nicolaus raised their target price on Agree Realty from $81.00 to $82.50 and gave the company a "buy" rating in a report on Wednesday, April 23rd. Barclays raised their target price on Agree Realty from $75.00 to $77.00 and gave the company an "equal weight" rating in a report on Wednesday. Finally, Truist Financial raised their target price on Agree Realty from $77.00 to $82.00 and gave the company a "buy" rating in a report on Monday, May 5th. Six analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $81.19.
View Our Latest Stock Report on Agree Realty
About Agree Realty
(
Free Report)
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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