Waterfront Capital Partners LLC Sells 29,629 Shares of Agree Realty Co. (NYSE:ADC)

Waterfront Capital Partners LLC lessened its position in shares of Agree Realty Co. (NYSE:ADC - Free Report) by 10.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 253,466 shares of the real estate investment trust's stock after selling 29,629 shares during the quarter. Agree Realty comprises about 3.3% of Waterfront Capital Partners LLC's investment portfolio, making the stock its 17th largest position. Waterfront Capital Partners LLC owned approximately 0.24% of Agree Realty worth $17,857,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Spire Wealth Management acquired a new position in Agree Realty in the fourth quarter valued at about $411,000. abrdn plc lifted its stake in Agree Realty by 33.7% in the fourth quarter. abrdn plc now owns 27,497 shares of the real estate investment trust's stock valued at $1,922,000 after buying an additional 6,924 shares during the period. Envestnet Asset Management Inc. lifted its stake in Agree Realty by 3.6% in the fourth quarter. Envestnet Asset Management Inc. now owns 301,751 shares of the real estate investment trust's stock valued at $21,258,000 after buying an additional 10,446 shares during the period. JPMorgan Chase & Co. lifted its stake in Agree Realty by 37.3% in the third quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust's stock valued at $274,693,000 after buying an additional 990,362 shares during the period. Finally, Sage Investment Counsel LLC acquired a new position in Agree Realty in the fourth quarter valued at about $329,000. Institutional investors and hedge funds own 97.83% of the company's stock.

Agree Realty Stock Up 0.8 %

Shares of ADC stock traded up $0.60 during trading on Wednesday, reaching $77.67. The company's stock had a trading volume of 504,492 shares, compared to its average volume of 1,010,275. The business has a fifty day moving average price of $75.49 and a 200-day moving average price of $74.08. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.52. The company has a market cap of $8.55 billion, a price-to-earnings ratio of 43.64, a price-to-earnings-growth ratio of 2.88 and a beta of 0.55. Agree Realty Co. has a one year low of $57.02 and a one year high of $79.65.

Agree Realty (NYSE:ADC - Get Free Report) last announced its quarterly earnings data on Tuesday, April 22nd. The real estate investment trust reported $1.06 EPS for the quarter, topping analysts' consensus estimates of $1.05 by $0.01. The business had revenue of $169.16 million for 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 quarter in the previous year, the firm posted $0.43 earnings per share. Analysts anticipate that Agree Realty Co. will post 4.27 earnings per share for the current year.

Agree Realty Increases Dividend

The company 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 dividend of $0.256 per share. This is a positive change from Agree Realty's previous apr 25 dividend of $0.25. This represents a yield of 4.1%. The ex-dividend date of this dividend is Wednesday, April 30th. Agree Realty's dividend payout ratio is 173.45%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on ADC shares. StockNews.com lowered Agree Realty from a "hold" rating to a "sell" rating in a research note on Friday, April 25th. Royal Bank of Canada lowered their price target on Agree Realty from $79.00 to $78.00 and set an "outperform" rating for the company in a report on Thursday, February 13th. Stifel Nicolaus increased their price target on Agree Realty from $81.00 to $82.50 and gave the stock a "buy" rating in a report on Wednesday, April 23rd. Robert W. Baird increased their price target on Agree Realty from $76.00 to $80.00 and gave the stock an "outperform" rating in a report on Friday, April 25th. Finally, JMP Securities restated a "market perform" rating on shares of Agree Realty in a report on Wednesday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $80.88.

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.