Harvest Portfolios Group Inc. Has $1.79 Million Stock Holdings in Agree Realty Co. (NYSE:ADC)

Harvest Portfolios Group Inc. boosted its stake in Agree Realty Co. (NYSE:ADC) by 115.2% during the third quarter, Holdings Channel reports. The institutional investor owned 23,759 shares of the real estate investment trust’s stock after buying an additional 12,717 shares during the period. Harvest Portfolios Group Inc.’s holdings in Agree Realty were worth $1,790,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the stock. MCF Advisors LLC bought a new stake in shares of Agree Realty during the second quarter worth approximately $26,000. Massmutual Trust Co. FSB ADV boosted its stake in Agree Realty by 248.3% in 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 purchasing an additional 442 shares during the period. Headlands Technologies LLC grew its holdings in Agree Realty by 232.0% in the 2nd quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock valued at $71,000 after buying an additional 798 shares in the last quarter. UMB Bank n.a. increased its position in 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 worth $73,000 after buying an additional 299 shares during the period. Finally, Arcadia Investment Management Corp MI acquired a new stake in shares of Agree Realty during the third quarter worth $75,000. 97.83% of the stock is owned by institutional investors.

Agree Realty Stock Performance

Shares of Agree Realty stock opened at $73.18 on Thursday. The company’s 50 day moving average price is $74.77 and its two-hundred day moving average price is $67.67. The firm has a market capitalization of $7.58 billion, a P/E ratio of 40.43, a P/E/G ratio of 2.48 and a beta of 0.61. 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 Co. has a fifty-two week low of $54.28 and a fifty-two week high of $77.47.

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

Agree Realty Increases Dividend

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

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Wells Fargo & Company decreased 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 note on Monday. UBS Group raised their target price on shares of Agree Realty from $72.00 to $77.00 and gave the stock a “neutral” rating in a report on Wednesday, October 16th. KeyCorp boosted their price target on Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, October 4th. Stifel Nicolaus raised their price objective on Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Finally, BTIG Research upped their target price on Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a research report on Monday, August 12th. Four 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 stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $74.19.

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.