Leeward Investments LLC MA Increases Position in Agree Realty Co. (NYSE:ADC)

Leeward Investments LLC MA increased its position in Agree Realty Co. (NYSE:ADC) by 2.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 501,171 shares of the real estate investment trust’s stock after acquiring an additional 11,894 shares during the quarter. Agree Realty comprises about 1.8% of Leeward Investments LLC MA’s investment portfolio, making the stock its 3rd biggest position. Leeward Investments LLC MA owned about 0.50% of Agree Realty worth $37,747,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of ADC. MCF Advisors LLC bought a new position in shares of Agree Realty during the 2nd quarter worth about $26,000. Massmutual Trust Co. FSB ADV boosted its position in shares of Agree Realty by 248.3% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock valued at $38,000 after acquiring an additional 442 shares in the last quarter. Headlands Technologies LLC boosted its position 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 valued at $71,000 after acquiring an additional 798 shares in the last quarter. UMB Bank n.a. boosted its position in shares of Agree Realty by 44.5% during the 3rd quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock valued at $73,000 after acquiring an additional 299 shares in the last quarter. Finally, Arcadia Investment Management Corp MI acquired a new stake in shares of Agree Realty during the 3rd quarter valued at about $75,000. Institutional investors own 97.83% of the company’s stock.

Agree Realty Trading Down 1.2 %

ADC opened at $73.18 on Thursday. 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 company has a market cap of $7.58 billion, a price-to-earnings ratio of 40.43, a price-to-earnings-growth ratio of 2.48 and a beta of 0.61. The firm has a 50 day simple moving average of $74.77 and a 200 day simple moving average of $67.67. Agree Realty Co. has a fifty-two week low of $54.28 and a fifty-two week high of $77.47.

Agree Realty (NYSE:ADC) last posted its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). The business had revenue of $154.33 million for the quarter, compared to the consensus estimate of $152.83 million. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The company’s quarterly revenue was up 12.8% on a year-over-year basis. During the same period last year, the firm earned $1.00 earnings per share. On average, sell-side analysts anticipate that Agree Realty Co. will post 4.11 earnings per share for the current year.

Agree Realty Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be paid a $0.253 dividend. This represents a $3.04 annualized dividend and a yield of 4.15%. The ex-dividend date of this dividend is Thursday, October 31st. This is an increase from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s dividend payout ratio is presently 167.96%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on ADC shares. Wells Fargo & Company reduced their price target on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a research report on Monday. Truist Financial boosted their price target on shares of Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Royal Bank of Canada boosted their price target on shares of Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. BTIG Research boosted their target price on shares of Agree Realty from $65.00 to $74.00 and gave the stock a “buy” rating in a research note on Monday, August 12th. Finally, Stifel Nicolaus boosted their target price 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. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $74.19.

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.