Golden State Equity Partners Has $517,000 Holdings in Agree Realty Co. (NYSE:ADC)

Golden State Equity Partners lifted its stake in shares of Agree Realty Co. (NYSE:ADC) by 161.7% in the 4th quarter, Holdings Channel reports. The institutional investor owned 7,342 shares of the real estate investment trust’s stock after purchasing an additional 4,537 shares during the quarter. Golden State Equity Partners’ holdings in Agree Realty were worth $517,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the stock. UMB Bank n.a. increased its holdings in shares of Agree Realty by 17.3% during the fourth quarter. UMB Bank n.a. now owns 1,139 shares of the real estate investment trust’s stock worth $80,000 after buying an additional 168 shares in the last quarter. State of Alaska Department of Revenue increased its holdings in shares of Agree Realty by 0.4% during the third quarter. State of Alaska Department of Revenue now owns 58,934 shares of the real estate investment trust’s stock worth $4,438,000 after buying an additional 224 shares in the last quarter. MassMutual Private Wealth & Trust FSB increased its holdings in shares of Agree Realty by 34.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust’s stock worth $63,000 after buying an additional 230 shares in the last quarter. US Bancorp DE increased its holdings in shares of Agree Realty by 1.5% during the third quarter. US Bancorp DE now owns 17,130 shares of the real estate investment trust’s stock worth $1,290,000 after buying an additional 252 shares in the last quarter. Finally, Carmel Capital Partners LLC increased its holdings in Agree Realty by 4.0% in the third quarter. Carmel Capital Partners LLC now owns 6,727 shares of the real estate investment trust’s stock valued at $507,000 after purchasing an additional 257 shares during the period. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ADC has been the subject of a number of recent research reports. BTIG Research increased their price objective on Agree Realty from $74.00 to $78.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Barclays initiated coverage on Agree Realty in a report on Tuesday, December 17th. They issued an “underweight” rating and a $76.00 price objective for the company. Citizens Jmp downgraded Agree Realty from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 17th. Evercore ISI initiated coverage on Agree Realty in a report on Thursday, December 12th. They issued an “outperform” rating and a $82.00 price objective for the company. Finally, Wells Fargo & Company decreased their price objective on Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a report on Monday, November 4th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $79.07.

Agree Realty Price Performance

ADC stock opened at $72.60 on Monday. The stock has a market capitalization of $7.52 billion, a PE ratio of 40.11, a price-to-earnings-growth ratio of 2.54 and a beta of 0.64. The company’s 50-day moving average is $72.45 and its 200-day moving average is $73.20. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66. Agree Realty Co. has a 1 year low of $54.28 and a 1 year high of $78.39.

Agree Realty Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, January 31st will be given a dividend of $0.253 per share. The ex-dividend date of this dividend is Friday, January 31st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.18%. Agree Realty’s dividend payout ratio (DPR) 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.