Easterly Investment Partners LLC Acquires New Shares in Agree Realty Co. (NYSE:ADC)

Easterly Investment Partners LLC bought a new position in Agree Realty Co. (NYSE:ADC) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 117,540 shares of the real estate investment trust’s stock, valued at approximately $8,281,000. Easterly Investment Partners LLC owned 0.11% of Agree Realty at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Versant Capital Management Inc increased its holdings in shares of Agree Realty by 230.7% in the 4th quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust’s stock worth $30,000 after acquiring an additional 293 shares during the period. Financial Life Planners acquired a new stake in shares of Agree Realty in the fourth quarter valued at approximately $44,000. MassMutual Private Wealth & Trust FSB raised its holdings in shares of Agree Realty by 34.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust’s stock valued at $63,000 after buying an additional 230 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new position in shares of Agree Realty during the third quarter worth approximately $77,000. Finally, UMB Bank n.a. grew its holdings in Agree Realty by 17.3% in the 4th quarter. UMB Bank n.a. now owns 1,139 shares of the real estate investment trust’s stock worth $80,000 after buying an additional 168 shares in the last quarter. 97.83% of the stock is currently owned by institutional investors.

Agree Realty Price Performance

Shares of ADC opened at $75.80 on Thursday. The business’s 50-day moving average is $73.64 and its 200-day moving average is $73.92. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78. The company has a market capitalization of $8.13 billion, a price-to-earnings ratio of 42.59, a P/E/G ratio of 2.88 and a beta of 0.64. Agree Realty Co. has a fifty-two week low of $54.78 and a fifty-two week high of $78.39.

Agree Realty (NYSE:ADC) last released its quarterly earnings data on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.61. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. Equities research analysts expect that Agree Realty Co. will post 4.27 EPS for the current fiscal year.

Agree Realty Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Monday, April 14th. Investors of record on Monday, March 31st will be given a dividend of $0.253 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $3.04 dividend on an annualized basis and a yield of 4.01%. Agree Realty’s payout ratio is 170.22%.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. UBS Group raised Agree Realty from a “neutral” rating to a “buy” rating and lifted their target price for the company from $79.00 to $84.00 in a research note on Monday, January 6th. Evercore ISI began coverage on shares of Agree Realty in a research note on Thursday, December 12th. They set an “outperform” rating and a $82.00 price objective on the stock. StockNews.com upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a research report on Sunday, February 16th. Royal Bank of Canada dropped their price target on shares of Agree Realty from $79.00 to $78.00 and set an “outperform” rating on the stock in a research report on Thursday, February 13th. Finally, Barclays upgraded shares of Agree Realty from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $74.00 to $75.00 in a report on Tuesday, March 4th. Five analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Agree Realty presently has an average rating of “Moderate Buy” and an average price target of $79.85.

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.