Heritage Family Offices LLP Acquires Shares of 3,075 Agree Realty Co. (NYSE:ADC)

Heritage Family Offices LLP acquired a new stake in Agree Realty Co. (NYSE:ADC) during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 3,075 shares of the real estate investment trust’s stock, valued at approximately $232,000.

Several other large investors have also recently added to or reduced their stakes in ADC. Long Pond Capital LP increased its stake in Agree Realty by 489.8% in the 1st quarter. Long Pond Capital LP now owns 2,868,640 shares of the real estate investment trust’s stock valued at $163,857,000 after buying an additional 2,382,252 shares during the period. PGGM Investments acquired a new position in Agree Realty in the 2nd quarter valued at approximately $70,225,000. Daiwa Securities Group Inc. increased its stake in Agree Realty by 55.9% in the 2nd quarter. Daiwa Securities Group Inc. now owns 1,815,511 shares of the real estate investment trust’s stock valued at $112,453,000 after buying an additional 650,921 shares during the period. Leeward Investments LLC MA acquired a new position in Agree Realty in the 2nd quarter valued at approximately $30,306,000. Finally, Vanguard Group Inc. increased its stake in Agree Realty by 3.4% in the 4th quarter. Vanguard Group Inc. now owns 14,222,246 shares of the real estate investment trust’s stock valued at $895,290,000 after buying an additional 462,828 shares during the period. Institutional investors and hedge funds own 97.83% of the company’s stock.

Agree Realty Trading Up 1.8 %

Agree Realty stock opened at $76.69 on Thursday. The business has a 50 day moving average price of $74.02 and a two-hundred day moving average price of $65.75. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.54. The stock has a market cap of $7.72 billion, a price-to-earnings ratio of 45.11, a price-to-earnings-growth ratio of 2.47 and a beta of 0.61. Agree Realty Co. has a 12 month low of $52.69 and a 12 month high of $77.30.

Agree Realty (NYSE:ADC) last posted its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 EPS for the quarter, missing the consensus estimate of $1.03 by ($0.51). The firm had revenue of $152.58 million during the quarter, compared to analyst estimates of $150.35 million. Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The company’s revenue was up 17.5% on a year-over-year basis. During the same period last year, the company earned $0.98 EPS. As a group, equities analysts forecast that Agree Realty Co. will post 4.11 EPS for the current year.

Agree Realty Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be issued a $0.253 dividend. This is a boost from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $3.04 annualized dividend and a yield of 3.96%. Agree Realty’s dividend payout ratio is 178.24%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on ADC. Stifel Nicolaus increased their price target on shares of Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Raymond James increased their price target on shares of Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, August 21st. Wells Fargo & Company restated an “overweight” rating and set a $80.00 price target (up previously from $77.00) on shares of Agree Realty in a research note on Tuesday, October 1st. Truist Financial increased their price target on shares of Agree Realty from $68.00 to $77.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Finally, KeyCorp increased their price target on Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, October 4th. Four investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Agree Realty has a consensus rating of “Moderate Buy” and a consensus price target of $73.04.

Agree Realty Company 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.