Sophron Capital Management L.P. Makes New Investment in Agree Realty Co. (NYSE:ADC)

Sophron Capital Management L.P. bought a new position in Agree Realty Co. (NYSE:ADC - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 190,100 shares of the real estate investment trust's stock, valued at approximately $13,393,000. Agree Realty accounts for approximately 5.3% of Sophron Capital Management L.P.'s portfolio, making the stock its 5th largest position. Sophron Capital Management L.P. owned about 0.18% of Agree Realty at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Bernard Wealth Management Corp. purchased a new stake in Agree Realty during the fourth quarter valued at about $31,000. Headlands Technologies LLC grew its position in Agree Realty by 72.8% during the fourth quarter. Headlands Technologies LLC now owns 558 shares of the real estate investment trust's stock valued at $39,000 after acquiring an additional 235 shares during the period. Financial Life Planners purchased a new stake in Agree Realty during the fourth quarter valued at about $44,000. Quarry LP purchased a new stake in Agree Realty during the fourth quarter valued at about $52,000. Finally, MassMutual Private Wealth & Trust FSB grew its position in 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 valued at $63,000 after acquiring an additional 230 shares during the period. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ADC has been the subject of a number of research reports. Wall Street Zen raised Agree Realty from a "sell" rating to a "hold" rating in a research report on Monday, May 19th. Robert W. Baird upped their price target on shares of Agree Realty from $76.00 to $80.00 and gave the stock an "outperform" rating in a research report on Friday, April 25th. Truist Financial upped their price target on shares of Agree Realty from $77.00 to $82.00 and gave the stock a "buy" rating in a research report on Monday, May 5th. Wells Fargo & Company upped their price target on shares of Agree Realty from $78.00 to $81.00 and gave the stock an "overweight" rating in a research report on Monday, March 10th. Finally, Royal Bank of Canada decreased their price target on shares of Agree Realty from $79.00 to $78.00 and set an "outperform" rating for the company in a research report on Thursday, February 13th. Six analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Agree Realty presently has a consensus rating of "Moderate Buy" and a consensus target price of $81.19.

Agree Realty Stock Up 0.7%

ADC traded up $0.53 on Friday, reaching $75.03. The company's stock had a trading volume of 1,002,913 shares, compared to its average volume of 1,051,585. The stock has a market cap of $8.25 billion, a price-to-earnings ratio of 42.15, a price-to-earnings-growth 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. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78. The business's 50 day moving average is $75.57 and its 200 day moving average is $74.12.

Agree Realty (NYSE:ADC - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 EPS for the quarter, beating analysts' consensus estimates of $1.05 by $0.01. The firm had revenue of $169.16 million during 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 quarter in the prior year, the business posted $0.43 earnings per share. As a group, research analysts forecast that Agree Realty Co. will post 4.27 EPS for the current fiscal year.

Agree Realty Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, June 13th. Stockholders of record on Friday, May 30th will be given a $0.256 dividend. The ex-dividend date is Friday, May 30th. This represents a $3.07 annualized dividend and a dividend yield of 4.09%. This is an increase from Agree Realty's previous monthly dividend of $0.25. Agree Realty's payout ratio is presently 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.