7,810 Shares in Agree Realty Co. (NYSE:ADC) Acquired by Point72 DIFC Ltd

Point72 DIFC Ltd purchased a new stake in Agree Realty Co. (NYSE:ADC) during the third quarter, according to the company in its most recent filing with the SEC. The firm purchased 7,810 shares of the real estate investment trust’s stock, valued at approximately $588,000.

A number of other hedge funds also recently made changes to their positions in ADC. GAMMA Investing LLC boosted its holdings in Agree Realty by 125.9% in the second quarter. GAMMA Investing LLC now owns 1,403 shares of the real estate investment trust’s stock valued at $87,000 after acquiring an additional 782 shares during the last quarter. CWM LLC lifted its stake in shares of Agree Realty by 52.9% in the 2nd quarter. CWM LLC now owns 3,187 shares of the real estate investment trust’s stock valued at $197,000 after purchasing an additional 1,102 shares in the last quarter. Manning & Napier Advisors LLC purchased a new stake in shares of Agree Realty during the 2nd quarter worth about $5,915,000. Wealth Enhancement Advisory Services LLC acquired a new stake in Agree Realty during the 2nd quarter worth approximately $564,000. Finally, PGGM Investments purchased a new position in Agree Realty in the second quarter valued at approximately $70,225,000. Institutional investors and hedge funds own 97.83% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on ADC shares. Royal Bank of Canada boosted their price objective on shares of Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Mizuho increased their price target on Agree Realty from $75.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. UBS Group raised their price objective on Agree Realty from $77.00 to $79.00 and gave the company a “neutral” rating in a research report on Thursday, November 14th. BTIG Research upped their target price on Agree Realty from $74.00 to $78.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Finally, StockNews.com upgraded Agree Realty from a “sell” rating to a “hold” rating in a report on Friday, November 22nd. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $76.04.

Agree Realty Price Performance

ADC stock opened at $75.12 on Friday. The stock’s 50 day moving average is $75.31 and its two-hundred day moving average is $70.16. Agree Realty Co. has a 52-week low of $54.28 and a 52-week high of $78.39. The company has a market capitalization of $7.78 billion, a PE ratio of 41.50, a P/E/G ratio of 3.67 and a beta of 0.62. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). The company had revenue of $154.33 million for the quarter, compared to analyst estimates of $152.83 million. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The firm’s quarterly revenue was up 12.8% compared to the same quarter last year. During the same period in the previous year, the business posted $1.00 EPS. Analysts predict that Agree Realty Co. will post 4.12 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be paid a $0.253 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.04%. Agree Realty’s dividend payout ratio (DPR) is presently 167.96%.

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.