Soros Fund Management 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 and Exchange Commission (SEC). The firm purchased 215,000 shares of the real estate investment trust's stock, valued at approximately $15,147,000. Soros Fund Management LLC owned 0.21% of Agree Realty as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Versant Capital Management Inc increased its stake in shares of Agree Realty by 230.7% during the fourth quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust's stock valued at $30,000 after acquiring an additional 293 shares during the period. Bernard Wealth Management Corp. bought a new position in Agree Realty during the fourth quarter valued at about $31,000. Headlands Technologies LLC grew its holdings 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 worth $39,000 after acquiring an additional 235 shares during the period. Financial Life Planners bought a new stake in Agree Realty in the fourth quarter worth about $44,000. Finally, Quarry LP acquired a new stake in Agree Realty in the 4th quarter valued at about $52,000. 97.83% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
Several research analysts have issued reports on the stock. UBS Group upgraded shares of Agree Realty from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $79.00 to $84.00 in a research report on Monday, January 6th. JMP Securities reaffirmed a "market perform" rating on shares of Agree Realty in a research note on Wednesday. Evercore ISI raised their target price on Agree Realty from $82.00 to $83.00 and gave the stock an "outperform" rating in a research report on Thursday, April 24th. StockNews.com lowered Agree Realty from a "hold" rating to a "sell" rating in a research report on Friday, April 25th. Finally, Stifel Nicolaus raised their price target on shares of Agree Realty from $81.00 to $82.50 and gave the stock a "buy" rating in a report on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $80.88.
Read Our Latest Report on ADC
Agree Realty Stock Performance
Shares of Agree Realty stock traded down $0.70 on Thursday, reaching $76.91. The stock had a trading volume of 1,306,785 shares, compared to its average volume of 1,016,052. Agree Realty Co. has a fifty-two week low of $57.73 and a fifty-two week high of $79.65. The business's 50-day moving average price is $75.58 and its two-hundred day moving average price is $74.10. 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 has a market cap of $8.46 billion, a P/E ratio of 43.21, a price-to-earnings-growth ratio of 2.88 and a beta of 0.55.
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 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.01. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. 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 business posted $0.43 earnings per share. On average, sell-side analysts forecast that Agree Realty Co. will post 4.27 EPS for the current year.
Agree Realty Increases Dividend
The business also recently declared a apr 25 dividend, which will be paid on Wednesday, May 14th. Shareholders of record on Wednesday, April 30th will be given a $0.256 dividend. This represents a yield of 4.1%. This is a positive change from Agree Realty's previous apr 25 dividend of $0.25. The ex-dividend date is Wednesday, April 30th. Agree Realty's dividend payout ratio (DPR) is currently 173.45%.
Agree Realty Profile
(
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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