Waterfront Capital Partners LLC Makes New $21.33 Million Investment in Agree Realty Co. (NYSE:ADC)

Waterfront Capital Partners LLC acquired a new stake in Agree Realty Co. (NYSE:ADC) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 283,095 shares of the real estate investment trust’s stock, valued at approximately $21,326,000. Agree Realty accounts for 2.9% of Waterfront Capital Partners LLC’s investment portfolio, making the stock its 13th largest holding. Waterfront Capital Partners LLC owned approximately 0.27% of Agree Realty as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. MCF Advisors LLC acquired a new stake in shares of Agree Realty in the second quarter valued at about $26,000. Massmutual Trust Co. FSB ADV grew its holdings in 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 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 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 during the period. UMB Bank n.a. grew its holdings in Agree Realty by 44.5% in the third quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock valued at $73,000 after purchasing an additional 299 shares during the period. Finally, Arcadia Investment Management Corp MI purchased a new stake in Agree Realty in the third quarter valued at approximately $75,000. Institutional investors and hedge funds own 97.83% of the company’s stock.

Agree Realty Trading Up 0.9 %

ADC opened at $77.65 on Friday. The stock has a market capitalization of $8.04 billion, a PE ratio of 42.90, a P/E/G ratio of 3.10 and a beta of 0.61. The firm’s fifty day moving average price is $75.22 and its 200 day moving average price is $69.63. 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 12-month low of $54.28 and a 12-month high of $78.39.

Agree Realty (NYSE:ADC) last issued 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 for 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 firm’s revenue for the quarter was up 12.8% on a year-over-year basis. During the same period last year, the company posted $1.00 earnings per share. As a group, research analysts expect that Agree Realty Co. will post 4.12 EPS for the current fiscal year.

Agree Realty Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be issued a $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 3.91%. The ex-dividend date of this dividend is Friday, November 29th. Agree Realty’s payout ratio is 167.96%.

Analyst Ratings Changes

Several research firms have issued reports on ADC. Mizuho boosted their price objective on shares of Agree Realty from $75.00 to $80.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. Wells Fargo & Company decreased their price objective 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. Raymond James boosted their price objective on shares of Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, August 21st. Truist Financial boosted their target price on shares of Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Finally, StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a research report on Friday, November 22nd. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $76.04.

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.