Boothbay Fund Management LLC Purchases Shares of 86,188 Agree Realty Co. (NYSE:ADC)

Boothbay Fund Management LLC acquired a new position in Agree Realty Co. (NYSE:ADC) during the fourth quarter, Holdings Channel reports. The institutional investor acquired 86,188 shares of the real estate investment trust’s stock, valued at approximately $6,072,000.

Several other large investors have also made changes to their positions in ADC. Nebula Research & Development LLC bought a new position in Agree Realty in the 4th quarter worth approximately $976,000. Voya Investment Management LLC grew its stake in shares of Agree Realty by 56.2% in the fourth quarter. Voya Investment Management LLC now owns 20,130 shares of the real estate investment trust’s stock worth $1,418,000 after acquiring an additional 7,246 shares during the last quarter. Pinebridge Investments L.P. increased its position in Agree Realty by 42.7% during the fourth quarter. Pinebridge Investments L.P. now owns 28,259 shares of the real estate investment trust’s stock worth $1,991,000 after acquiring an additional 8,454 shares during the period. Price T Rowe Associates Inc. MD raised its stake in Agree Realty by 3.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 427,968 shares of the real estate investment trust’s stock valued at $30,151,000 after purchasing an additional 12,419 shares during the last quarter. Finally, Hsbc Holdings PLC boosted its holdings in Agree Realty by 24.7% in the 4th quarter. Hsbc Holdings PLC now owns 79,923 shares of the real estate investment trust’s stock valued at $5,630,000 after purchasing an additional 15,820 shares during the period. Institutional investors and hedge funds own 97.83% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on ADC shares. Wells Fargo & Company boosted their price objective on shares of Agree Realty from $78.00 to $81.00 and gave the stock an “overweight” rating in a report on Monday, March 10th. Royal Bank of Canada lowered their price target on Agree Realty from $79.00 to $78.00 and set an “outperform” rating on the stock in a research note on Thursday, February 13th. UBS Group raised Agree Realty from a “neutral” rating to a “buy” rating and upped their price target for the company from $79.00 to $84.00 in a report on Monday, January 6th. Barclays raised Agree Realty from an “underweight” rating to an “equal weight” rating and lifted their price objective for the stock from $74.00 to $75.00 in a report on Tuesday, March 4th. Finally, Evercore ISI upped their target price on Agree Realty from $82.00 to $83.00 and gave the company an “outperform” rating in a research note on Thursday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $80.88.

Agree Realty Stock Down 0.8 %

Shares of NYSE ADC opened at $75.66 on Friday. Agree Realty Co. has a 52-week low of $57.02 and a 52-week high of $79.65. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.78 and a current ratio of 0.78. The business has a fifty day moving average of $75.26 and a two-hundred day moving average of $74.03. The stock has a market cap of $8.32 billion, a PE ratio of 42.51, a PEG ratio of 2.88 and a beta of 0.55.

Agree Realty (NYSE:ADC) last announced its earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.01. The business had revenue of $169.16 million during the quarter, compared to analysts’ expectations of $167.77 million. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. During the same quarter last year, the company posted $0.43 EPS. As a group, equities research analysts expect that Agree Realty Co. will post 4.27 earnings per share for the current fiscal year.

Agree Realty Increases Dividend

The company also recently announced a apr 25 dividend, which will be paid on Wednesday, May 14th. Stockholders of record on Wednesday, April 30th will be paid a $0.256 dividend. The ex-dividend date is Wednesday, April 30th. This represents a dividend yield of 4.1%. This is a boost from Agree Realty’s previous apr 25 dividend of $0.25. Agree Realty’s payout ratio is 173.45%.

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.