Community Trust & Investment Co. Grows Stock Holdings in Agree Realty Co. (NYSE:ADC)

Community Trust & Investment Co. increased its position in shares of Agree Realty Co. (NYSE:ADC) by 2.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 48,992 shares of the real estate investment trust’s stock after acquiring an additional 1,275 shares during the quarter. Community Trust & Investment Co.’s holdings in Agree Realty were worth $3,451,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in the company. Commonwealth Equity Services LLC grew its holdings in shares of Agree Realty by 3.2% during the 2nd quarter. Commonwealth Equity Services LLC now owns 6,895 shares of the real estate investment trust’s stock worth $427,000 after purchasing an additional 216 shares during the period. Headlands Technologies LLC increased its position in shares of Agree Realty by 232.0% during the second quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock worth $71,000 after acquiring an additional 798 shares during the period. American Century Companies Inc. boosted its stake in shares of Agree Realty by 84.0% in the 2nd quarter. American Century Companies Inc. now owns 683,289 shares of the real estate investment trust’s stock valued at $42,323,000 after buying an additional 311,979 shares during the period. DekaBank Deutsche Girozentrale grew its holdings in Agree Realty by 41.3% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 84,186 shares of the real estate investment trust’s stock worth $5,212,000 after acquiring an additional 24,603 shares in the last quarter. Finally, Wealthspire Advisors LLC acquired a new stake in shares of Agree Realty in the 2nd quarter valued at $240,000. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on ADC shares. Royal Bank of Canada dropped their target price on Agree Realty from $80.00 to $79.00 and set an “outperform” rating on the stock in a report on Tuesday, January 7th. Robert W. Baird increased their price objective on Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Barclays began coverage on Agree Realty in a research note on Tuesday, December 17th. They set an “underweight” rating and a $76.00 target price for the company. Citizens Jmp lowered shares of Agree Realty from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Finally, BTIG Research boosted their price objective on shares of Agree Realty from $74.00 to $78.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $78.53.

Agree Realty Price Performance

Shares of NYSE:ADC opened at $70.64 on Wednesday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66. Agree Realty Co. has a one year low of $54.28 and a one year high of $78.39. The company has a 50-day simple moving average of $73.40 and a 200-day simple moving average of $72.36. The stock has a market capitalization of $7.31 billion, a price-to-earnings ratio of 39.03, a PEG ratio of 3.66 and a beta of 0.64.

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 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 company had revenue of $154.33 million during the quarter, compared to analyst estimates of $152.83 million. During the same period in the previous year, the firm posted $1.00 EPS. The company’s revenue for the quarter was up 12.8% on a year-over-year basis. On average, analysts predict that Agree Realty Co. will post 4.12 EPS for the current year.

Agree Realty Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $0.253 dividend. This represents a $3.04 annualized dividend and a dividend yield of 4.30%. The ex-dividend date is Tuesday, December 31st. Agree Realty’s dividend payout ratio (DPR) is presently 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.