Agree Realty Co. (NYSE:ADC) Shares Sold by Gilman Hill Asset Management LLC

Gilman Hill Asset Management LLC lowered its stake in shares of Agree Realty Co. (NYSE:ADC) by 6.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,658 shares of the real estate investment trust’s stock after selling 565 shares during the period. Gilman Hill Asset Management LLC’s holdings in Agree Realty were worth $540,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in ADC. Versant Capital Management Inc grew its holdings in shares of Agree Realty by 230.7% during the 4th quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust’s stock worth $30,000 after purchasing an additional 293 shares during the period. UMB Bank n.a. grew its stake 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 buying an additional 299 shares during the period. Arcadia Investment Management Corp MI purchased a new position in shares of Agree Realty in the 3rd quarter valued at $75,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Agree Realty in the 3rd quarter valued at $77,000. Finally, Vestcor Inc acquired a new position in shares of Agree Realty during the 3rd quarter valued at $111,000. Institutional investors and hedge funds own 97.83% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on the company. Truist Financial raised their price objective on Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Stifel Nicolaus dropped their target price on Agree Realty from $81.50 to $81.00 and set a “buy” rating on the stock in a report on Tuesday, January 7th. BTIG Research upped their price target on Agree Realty from $74.00 to $78.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. KeyCorp lifted their price objective on shares of Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, October 4th. Finally, Wells Fargo & Company decreased their target price on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a research note on Monday, November 4th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $78.53.

Agree Realty Stock Up 0.4 %

ADC stock opened at $72.46 on Tuesday. The firm has a market cap of $7.50 billion, a price-to-earnings ratio of 40.03, a PEG ratio of 2.41 and a beta of 0.64. Agree Realty Co. has a 1-year low of $54.28 and a 1-year high of $78.39. The firm has a fifty day moving average price of $73.18 and a two-hundred day moving average price of $72.65. 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 announced its quarterly earnings data 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). Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The business had revenue of $154.33 million for the quarter, compared to the consensus estimate of $152.83 million. During the same period in the prior year, the company earned $1.00 EPS. Agree Realty’s quarterly revenue was up 12.8% on a year-over-year basis. Research analysts predict that Agree Realty Co. will post 4.12 EPS for the current year.

Agree Realty Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be issued a $0.253 dividend. This represents a $3.04 annualized dividend and a dividend yield of 4.19%. The ex-dividend date of this dividend is Friday, January 31st. Agree Realty’s dividend payout ratio (DPR) is 167.96%.

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.