Town & Country Bank & Trust CO dba First Bankers Trust CO Acquires New Position in Agree Realty Co. (NYSE:ADC)

Town & Country Bank & Trust CO dba First Bankers Trust CO bought a new stake in shares of Agree Realty Co. (NYSE:ADC - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 17,535 shares of the real estate investment trust's stock, valued at approximately $1,354,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ADC. Bernard Wealth Management Corp. purchased a new position in Agree Realty in the fourth quarter valued at $31,000. Headlands Technologies LLC increased its holdings in 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. Financial Life Planners purchased a new position in Agree Realty in the fourth quarter valued at $44,000. Quarry LP purchased a new position in Agree Realty in the fourth quarter valued at $52,000. Finally, Principal Securities Inc. increased its holdings in Agree Realty by 26.2% in the fourth quarter. Principal Securities Inc. now owns 1,142 shares of the real estate investment trust's stock valued at $80,000 after buying an additional 237 shares in the last quarter. Hedge funds and other institutional investors own 97.83% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently commented on ADC shares. Evercore ISI boosted their target price on shares of Agree Realty from $82.00 to $83.00 and gave the stock an "outperform" rating in a research note on Thursday, April 24th. JMP Securities reaffirmed a "market perform" rating on shares of Agree Realty in a research note on Friday, May 16th. BTIG Research cut shares of Agree Realty from a "buy" rating to a "neutral" rating in a research note on Wednesday, May 7th. Royal Bank of Canada decreased their price objective on shares of Agree Realty from $79.00 to $78.00 and set an "outperform" rating on the stock in a report on Thursday, February 13th. Finally, UBS Group decreased their price objective on shares of Agree Realty from $86.00 to $84.00 and set a "buy" rating on the stock in a report on Tuesday, May 13th. Six investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $81.19.

Agree Realty Stock Performance

NYSE ADC traded down $0.61 during trading hours on Tuesday, hitting $74.87. The company had a trading volume of 203,318 shares, compared to its average volume of 1,056,093. Agree Realty Co. has a 1-year low of $59.66 and a 1-year high of $79.65. 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 company has a market cap of $8.24 billion, a PE ratio of 42.06, a price-to-earnings-growth ratio of 2.88 and a beta of 0.57. The business has a 50 day moving average of $75.52 and a 200-day moving average of $74.09.

Agree Realty (NYSE:ADC - Get Free Report) last issued its quarterly earnings data on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.01. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. The company had revenue of $169.16 million for the quarter, compared to the consensus estimate of $167.77 million. During the same period last year, the firm posted $0.43 EPS. As a group, equities research analysts expect that Agree Realty Co. will post 4.27 EPS for the current year.

Agree Realty Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, June 13th. Stockholders of record on Friday, May 30th will be paid a $0.256 dividend. This represents a $3.07 annualized dividend and a dividend yield of 4.10%. The ex-dividend date of this dividend is Friday, May 30th. This is a boost from Agree Realty's previous monthly dividend of $0.25. Agree Realty's dividend payout ratio (DPR) is 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.