Harvest Fund Management Co. Ltd Purchases 1,533 Shares of Agree Realty Co. (NYSE:ADC)

Harvest Fund Management Co. Ltd increased its position in shares of Agree Realty Co. (NYSE:ADC) by 104.2% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 3,004 shares of the real estate investment trust’s stock after purchasing an additional 1,533 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Agree Realty were worth $226,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. MCF Advisors LLC bought a new stake in shares of Agree Realty in the second quarter valued at approximately $26,000. Massmutual Trust Co. FSB ADV increased its position in shares of Agree Realty by 248.3% in the second quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 442 shares during the period. Headlands Technologies LLC raised its stake in Agree Realty by 232.0% in the second quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock valued at $71,000 after purchasing an additional 798 shares in the last quarter. UMB Bank n.a. lifted its position in Agree Realty by 44.5% during the third quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock worth $73,000 after purchasing an additional 299 shares during the period. Finally, Arcadia Investment Management Corp MI acquired a new stake in Agree Realty during the third quarter worth about $75,000. Institutional investors own 97.83% of the company’s stock.

Wall Street Analyst Weigh In

ADC has been the subject of a number of recent analyst reports. Wells Fargo & Company cut their price target on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a report on Monday, November 4th. UBS Group lifted their price target on Agree Realty from $77.00 to $79.00 and gave the company a “neutral” rating in a research note on Thursday, November 14th. Mizuho raised their price objective on Agree Realty from $75.00 to $80.00 and gave the company a “neutral” rating in a research note on Thursday, November 14th. Royal Bank of Canada boosted their target price on Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Finally, BTIG Research raised their price target on shares of Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a research note on Monday, August 12th. Four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $75.73.

Agree Realty Stock Performance

Shares of ADC opened at $76.97 on Wednesday. Agree Realty Co. has a one year low of $54.28 and a one year high of $77.58. The company has a market cap of $7.97 billion, a PE ratio of 42.52, a P/E/G ratio of 3.10 and a beta of 0.61. The stock has a 50-day moving average of $75.09 and a 200-day moving average of $69.40. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66.

Agree Realty (NYSE:ADC) last posted its 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 during the quarter, compared to analyst estimates of $152.83 million. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The company’s revenue was up 12.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.00 EPS. On average, equities research analysts predict that Agree Realty Co. will post 4.12 EPS for the current fiscal year.

Agree Realty Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be paid a dividend of $0.253 per share. The ex-dividend date is Friday, November 29th. This represents a $3.04 annualized dividend and a dividend yield of 3.94%. Agree Realty’s payout ratio is currently 167.40%.

About Agree Realty

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.