GRS Advisors LLC Acquires New Position in Agree Realty Co. (NYSE:ADC)

GRS Advisors LLC purchased a new stake in shares of Agree Realty Co. (NYSE:ADC - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 509,719 shares of the real estate investment trust's stock, valued at approximately $35,910,000. Agree Realty makes up about 3.5% of GRS Advisors LLC's investment portfolio, making the stock its 14th largest position. GRS Advisors LLC owned 0.49% of Agree Realty at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in ADC. Barclays PLC increased its stake in shares of Agree Realty by 129.4% in the third quarter. Barclays PLC now owns 239,783 shares of the real estate investment trust's stock worth $18,062,000 after purchasing an additional 135,274 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new position in Agree Realty in the 3rd quarter worth approximately $77,000. Franklin Resources Inc. grew its stake in Agree Realty by 8.2% in the 3rd quarter. Franklin Resources Inc. now owns 66,153 shares of the real estate investment trust's stock worth $4,917,000 after buying an additional 5,039 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Agree Realty by 37.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust's stock worth $274,693,000 after acquiring an additional 990,362 shares during the last quarter. Finally, Community Trust & Investment Co. lifted its holdings in shares of Agree Realty by 2.7% in the 4th quarter. Community Trust & Investment Co. now owns 48,992 shares of the real estate investment trust's stock worth $3,451,000 after acquiring an additional 1,275 shares during the last quarter. Institutional investors own 97.83% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on ADC shares. Truist Financial upped 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. StockNews.com cut shares of Agree Realty from a "hold" rating to a "sell" rating in a research report on Sunday. JMP Securities reaffirmed a "market perform" rating on shares of Agree Realty in a research report on Wednesday, April 30th. Wells Fargo & Company raised their target price 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, Stifel Nicolaus raised their target price on shares of Agree Realty from $81.00 to $82.50 and gave the stock a "buy" rating in a research report on Wednesday, April 23rd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Agree Realty presently has a consensus rating of "Moderate Buy" and a consensus target price of $81.04.

Agree Realty Stock Performance

ADC stock traded up $1.20 during trading on Thursday, reaching $73.62. The company had a trading volume of 84,855 shares, compared to its average volume of 1,037,567. Agree Realty Co. has a twelve month low of $58.52 and a twelve month 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 $8.10 billion, a price-to-earnings ratio of 41.28, a price-to-earnings-growth ratio of 2.88 and a beta of 0.57. The firm has a 50-day simple moving average of $75.77 and a 200-day simple moving average of $74.08.

Agree Realty (NYSE:ADC - Get Free Report) last posted its quarterly 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. The company had revenue of $169.16 million during the quarter, compared to analyst estimates of $167.77 million. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. During the same period last year, the firm posted $0.43 EPS. As a group, sell-side analysts expect that Agree Realty Co. will post 4.27 earnings per share 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 issued a dividend of $0.256 per share. This represents a $3.07 annualized dividend and a dividend yield of 4.17%. This is a positive change 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 173.45%.

About Agree Realty

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.