Phocas Financial Corp. Raises Holdings in Agree Realty Co. (NYSE:ADC)

Phocas Financial Corp. lifted its position in shares of Agree Realty Co. (NYSE:ADC) by 74.9% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 105,721 shares of the real estate investment trust’s stock after acquiring an additional 45,266 shares during the quarter. Phocas Financial Corp. owned approximately 0.10% of Agree Realty worth $7,964,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. MCF Advisors LLC bought a new position in shares of Agree Realty in the second quarter worth $26,000. Massmutual Trust Co. FSB ADV increased its position in shares of Agree Realty by 248.3% during the second quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock valued at $38,000 after buying an additional 442 shares during the period. UMB Bank n.a. increased its holdings in shares of Agree Realty by 44.5% in the 3rd quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock worth $73,000 after buying an additional 299 shares during the last quarter. Arcadia Investment Management Corp MI purchased a new stake in shares of Agree Realty during the 3rd quarter valued at $75,000. Finally, Headlands Technologies LLC lifted its holdings in shares of Agree Realty by 232.0% during the 2nd quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock worth $71,000 after acquiring an additional 798 shares during the last quarter. 97.83% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on ADC. Truist Financial increased their price objective on Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Raymond James increased their price target on shares of Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research report on Wednesday, August 21st. Mizuho boosted their price objective on shares of Agree Realty from $75.00 to $80.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. KeyCorp upped their price target on shares of Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, October 4th. Finally, BTIG Research lifted their price objective on Agree Realty from $65.00 to $74.00 and gave the stock a “buy” rating in a report on Monday, August 12th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $75.73.

Agree Realty Stock Performance

Shares of ADC opened at $76.75 on Tuesday. The company has a 50-day simple moving average of $75.03 and a two-hundred day simple moving average of $68.63. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66. The firm has a market capitalization of $7.95 billion, a PE ratio of 42.40, a price-to-earnings-growth ratio of 3.08 and a beta of 0.61. Agree Realty Co. has a one year low of $54.28 and a one year high of $77.47.

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

Agree Realty Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be given a $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.96%. The ex-dividend date is Friday, November 29th. Agree Realty’s dividend payout ratio is presently 167.96%.

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.