Arcadia Investment Management Corp MI Takes $75,000 Position in Agree Realty Co. (NYSE:ADC)

Arcadia Investment Management Corp MI bought a new stake in Agree Realty Co. (NYSE:ADC) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,000 shares of the real estate investment trust’s stock, valued at approximately $75,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. James Investment Research Inc. boosted its holdings in Agree Realty by 5.9% during the third quarter. James Investment Research Inc. now owns 10,821 shares of the real estate investment trust’s stock valued at $815,000 after purchasing an additional 600 shares in the last quarter. New York State Common Retirement Fund boosted its stake in Agree Realty by 8.5% in the 3rd quarter. New York State Common Retirement Fund now owns 353,194 shares of the real estate investment trust’s stock valued at $26,606,000 after buying an additional 27,682 shares in the last quarter. US Bancorp DE boosted its stake in Agree Realty by 1.5% in the 3rd quarter. US Bancorp DE now owns 17,130 shares of the real estate investment trust’s stock valued at $1,290,000 after buying an additional 252 shares in the last quarter. Golden State Equity Partners raised its stake in Agree Realty by 10.5% during the third quarter. Golden State Equity Partners now owns 7,359 shares of the real estate investment trust’s stock worth $554,000 after acquiring an additional 698 shares in the last quarter. Finally, Pathway Financial Advisers LLC lifted its holdings in shares of Agree Realty by 22.4% during the third quarter. Pathway Financial Advisers LLC now owns 16,298 shares of the real estate investment trust’s stock valued at $1,228,000 after acquiring an additional 2,979 shares during the period. Institutional investors and hedge funds own 97.83% of the company’s stock.

Agree Realty Price Performance

ADC opened at $73.93 on Friday. The company has a fifty day moving average price of $74.72 and a two-hundred day moving average price of $67.30. The firm has a market capitalization of $7.65 billion, a PE ratio of 40.85, a P/E/G ratio of 2.51 and a beta of 0.61. Agree Realty Co. has a 52 week low of $54.28 and a 52 week high of $77.47. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66.

Agree Realty (NYSE:ADC) last released its quarterly earnings data 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). 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 the consensus estimate of $152.83 million. During the same quarter in the prior year, the company posted $1.00 EPS. The company’s revenue for the quarter was up 12.8% compared to the same quarter last year. As a group, analysts anticipate that Agree Realty Co. will post 4.12 earnings per share for the current year.

Agree Realty Increases Dividend

The company also recently disclosed a monthly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be issued a dividend of $0.253 per share. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $3.04 dividend on an annualized basis and a yield of 4.11%. This is a boost from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s payout ratio is currently 165.75%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ADC. UBS Group increased their target price on shares of Agree Realty from $72.00 to $77.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 16th. KeyCorp raised their price objective on shares of Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, October 4th. Truist Financial boosted their target price on Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday. BTIG Research raised their price target on Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a report on Monday, August 12th. Finally, Royal Bank of Canada boosted their price objective on Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Four investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $74.27.

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.