Ballentine Partners LLC Takes $384,000 Position in Agree Realty Co. (NYSE:ADC)

Ballentine Partners LLC purchased a new position in Agree Realty Co. (NYSE:ADC) in the fourth quarter, Holdings Channel reports. The fund purchased 5,450 shares of the real estate investment trust’s stock, valued at approximately $384,000.

A number of other hedge funds also recently bought and sold shares of the business. UMB Bank n.a. increased its position in shares of Agree Realty by 17.3% in the fourth quarter. UMB Bank n.a. now owns 1,139 shares of the real estate investment trust’s stock valued at $80,000 after buying an additional 168 shares in the last quarter. Dana Investment Advisors Inc. increased its holdings in Agree Realty by 0.6% in the 2nd quarter. Dana Investment Advisors Inc. now owns 29,274 shares of the real estate investment trust’s stock worth $1,813,000 after acquiring an additional 170 shares in the last quarter. State of Alaska Department of Revenue raised its position in 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 acquiring an additional 224 shares during the period. MassMutual Private Wealth & Trust FSB grew its position in shares of Agree Realty by 34.4% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust’s stock valued at $63,000 after purchasing an additional 230 shares during the period. Finally, US Bancorp DE increased its stake 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 purchasing an additional 252 shares in the last quarter. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Down 0.0 %

Shares of NYSE:ADC opened at $71.48 on Friday. The business has a 50-day moving average price of $73.02 and a 200 day moving average price of $72.72. Agree Realty Co. has a 12-month low of $54.28 and a 12-month high of $78.39. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $7.40 billion, a price-to-earnings ratio of 39.49, a PEG ratio of 2.58 and a beta of 0.64.

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 (EPS) for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The company had revenue of $154.33 million during the quarter, compared to analysts’ expectations of $152.83 million. During the same period last year, the firm posted $1.00 earnings per share. Agree Realty’s revenue was up 12.8% on a year-over-year basis. Sell-side analysts expect that Agree Realty Co. will post 4.12 EPS for the current year.

Agree Realty Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be paid a dividend of $0.253 per share. This represents a $3.04 dividend on an annualized basis and a yield of 4.25%. The ex-dividend date of this dividend is Friday, January 31st. Agree Realty’s dividend payout ratio (DPR) is 167.96%.

Analysts Set New Price Targets

Several research firms recently issued reports on ADC. StockNews.com upgraded Agree Realty from a “sell” rating to a “hold” rating in a report on Wednesday, January 15th. Wells Fargo & Company dropped their price target on Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. Deutsche Bank Aktiengesellschaft initiated coverage on Agree Realty in a report on Wednesday, December 11th. They issued a “buy” rating and a $88.00 price objective on the stock. Royal Bank of Canada reduced their target price on shares of Agree Realty from $80.00 to $79.00 and set an “outperform” rating for the company in a research report on Tuesday, January 7th. Finally, KeyCorp boosted their price target on shares of Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. One analyst has rated the stock with a sell rating, four have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Agree Realty has a consensus rating of “Moderate Buy” and a consensus target price of $79.07.

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.