1620 Investment Advisors Inc. Sells 202 Shares of Agree Realty Co. (NYSE:ADC)

1620 Investment Advisors Inc. lowered its stake in shares of Agree Realty Co. (NYSE:ADC) by 2.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,440 shares of the real estate investment trust’s stock after selling 202 shares during the quarter. 1620 Investment Advisors Inc.’s holdings in Agree Realty were worth $636,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. 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 last quarter. Pathway Financial Advisers LLC raised its stake in Agree Realty by 9,118.1% in the 3rd quarter. Pathway Financial Advisers LLC now owns 1,227,756 shares of the real estate investment trust’s stock valued at $92,487,000 after acquiring an additional 1,214,437 shares during the period. PGGM Investments bought a new position in Agree Realty during the second quarter worth about $70,225,000. Daiwa Securities Group Inc. increased its stake in shares of Agree Realty by 55.9% in the second quarter. Daiwa Securities Group Inc. now owns 1,815,511 shares of the real estate investment trust’s stock worth $112,453,000 after purchasing an additional 650,921 shares in the last quarter. Finally, Leeward Investments LLC MA bought a new stake in shares of Agree Realty in the second quarter valued at approximately $30,306,000. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Up 1.6 %

Shares of Agree Realty stock opened at $75.03 on Thursday. 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 0.54, a quick ratio of 0.79 and a current ratio of 0.79. The company’s 50 day moving average price is $74.61 and its 200-day moving average price is $66.98. The stock has a market capitalization of $7.55 billion, a price-to-earnings ratio of 44.14, a P/E/G ratio of 2.47 and a beta of 0.61.

Agree Realty (NYSE:ADC) last released its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.61). Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The business had revenue of $154.33 million for the quarter, compared to analysts’ expectations of $152.83 million. During the same quarter in the previous year, the business posted $1.00 earnings per share. Agree Realty’s revenue for the quarter was up 12.8% on a year-over-year basis. Equities research 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 given a $0.253 dividend. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.05%. The ex-dividend date is Thursday, October 31st. Agree Realty’s dividend payout ratio is presently 178.24%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. BTIG Research boosted their target price on shares of Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a report on Monday, August 12th. Truist Financial raised their price objective on shares of Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday. Royal Bank of Canada increased their target price on shares of Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Stifel Nicolaus upped their price target on shares of Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Finally, Wells Fargo & Company restated an “overweight” rating and issued a $80.00 target price (up from $77.00) on shares of Agree Realty in a research note on Tuesday, October 1st. Four 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 company. According to MarketBeat, the company currently 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.