Nebula Research & Development LLC Takes Position in Agree Realty Co. (NYSE:ADC)

Nebula Research & Development LLC purchased a new stake in Agree Realty Co. (NYSE:ADC - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 13,853 shares of the real estate investment trust's stock, valued at approximately $976,000.

Other institutional investors have also recently added to or reduced their stakes in the company. CIBC Asset Management Inc raised its stake in Agree Realty by 5.2% during the 4th quarter. CIBC Asset Management Inc now owns 3,122 shares of the real estate investment trust's stock valued at $220,000 after acquiring an additional 153 shares during the last quarter. Carmel Capital Partners LLC boosted its position in shares of Agree Realty by 2.5% during the 4th quarter. Carmel Capital Partners LLC now owns 6,894 shares of the real estate investment trust's stock worth $486,000 after purchasing an additional 167 shares in the last quarter. UMB Bank n.a. grew its stake in shares of Agree Realty by 17.3% during the 4th quarter. UMB Bank n.a. now owns 1,139 shares of the real estate investment trust's stock worth $80,000 after purchasing an additional 168 shares during the period. Sequoia Financial Advisors LLC lifted its stake in shares of Agree Realty by 3.8% in the fourth quarter. Sequoia Financial Advisors LLC now owns 4,590 shares of the real estate investment trust's stock valued at $323,000 after purchasing an additional 169 shares during the period. Finally, Private Advisor Group LLC lifted its stake in shares of Agree Realty by 3.6% in the fourth quarter. Private Advisor Group LLC now owns 4,909 shares of the real estate investment trust's stock valued at $346,000 after purchasing an additional 170 shares during the period. Hedge funds and other institutional investors own 97.83% of the company's stock.

Analysts Set New Price Targets

ADC has been the subject of several research reports. Robert W. Baird lifted their price target on Agree Realty from $76.00 to $80.00 and gave the stock an "outperform" rating in a research note on Friday, April 25th. Royal Bank of Canada reduced their price objective on Agree Realty from $79.00 to $78.00 and set an "outperform" rating on the stock in a research note on Thursday, February 13th. Wells Fargo & Company raised their price target on shares of Agree Realty from $78.00 to $81.00 and gave the company an "overweight" rating in a report on Monday, March 10th. UBS Group upgraded shares of Agree Realty from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $79.00 to $84.00 in a research note on Monday, January 6th. Finally, StockNews.com downgraded shares of Agree Realty from a "hold" rating to a "sell" rating in a research note on Friday, April 25th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $80.88.

Agree Realty Price Performance

NYSE:ADC traded down $0.41 during trading hours on Friday, reaching $76.51. 440,874 shares of the company's stock were exchanged, compared to its average volume of 1,013,836. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.52. Agree Realty Co. has a 12 month low of $57.73 and a 12 month high of $79.65. The company has a market capitalization of $8.42 billion, a P/E ratio of 42.98, a price-to-earnings-growth ratio of 2.88 and a beta of 0.55. The business's 50-day simple moving average is $75.66 and its two-hundred day simple moving average is $74.12.

Agree Realty (NYSE:ADC - Get Free Report) last released 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. The company had revenue of $169.16 million during the quarter, compared to the consensus estimate of $167.77 million. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. During the same quarter in the prior year, the firm earned $0.43 EPS. Sell-side analysts expect that Agree Realty Co. will post 4.27 EPS for the current fiscal year.

Agree Realty Increases Dividend

The firm also recently declared a apr 25 dividend, which will be paid on Wednesday, May 14th. Stockholders of record on Wednesday, April 30th will be paid a dividend of $0.256 per share. This is a positive change from Agree Realty's previous apr 25 dividend of $0.25. The ex-dividend date of this dividend is Wednesday, April 30th. This represents a dividend yield of 4.1%. Agree Realty's dividend 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.