Balyasny Asset Management L.P. Has $12.87 Million Stock Holdings in Agree Realty Co. (NYSE:ADC)

Balyasny Asset Management L.P. boosted its position in shares of Agree Realty Co. (NYSE:ADC) by 21.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 182,728 shares of the real estate investment trust’s stock after purchasing an additional 31,972 shares during the period. Balyasny Asset Management L.P.’s holdings in Agree Realty were worth $12,873,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Bank of America Corp DE increased its position in shares of Agree Realty by 217.1% in the fourth quarter. Bank of America Corp DE now owns 525,232 shares of the real estate investment trust’s stock valued at $37,003,000 after acquiring an additional 359,605 shares during the last quarter. Alyeska Investment Group L.P. lifted its holdings in Agree Realty by 122.4% during the 4th quarter. Alyeska Investment Group L.P. now owns 1,070,951 shares of the real estate investment trust’s stock worth $75,448,000 after purchasing an additional 589,349 shares during the last quarter. Aptus Capital Advisors LLC boosted its position in shares of Agree Realty by 22.3% in the fourth quarter. Aptus Capital Advisors LLC now owns 64,001 shares of the real estate investment trust’s stock valued at $4,509,000 after acquiring an additional 11,686 shares during the period. Freestone Grove Partners LP bought a new stake in Agree Realty in the 4th quarter valued at about $2,192,000. Finally, Kapitalo Investimentos Ltda grew its position in Agree Realty by 23.1% during the fourth quarter. Kapitalo Investimentos Ltda now owns 5,869 shares of the real estate investment trust’s stock worth $413,000 after buying an additional 1,100 shares in the last quarter. 97.83% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

ADC has been the topic of a number of analyst reports. StockNews.com upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a research note on Saturday, May 3rd. Evercore ISI upped their price objective on Agree Realty from $82.00 to $83.00 and gave the company an “outperform” rating in a research note on Thursday, April 24th. Mizuho raised their target price on Agree Realty from $74.00 to $81.00 and gave the stock a “neutral” rating in a research report on Thursday, April 3rd. Robert W. Baird raised their price target on shares of Agree Realty from $76.00 to $80.00 and gave the stock an “outperform” rating in a report on Friday, April 25th. Finally, Royal Bank of Canada cut their target price on Agree Realty from $79.00 to $78.00 and set an “outperform” rating on the stock in a research report on Thursday, February 13th. Six 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 MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $81.04.

Agree Realty Price Performance

Shares of NYSE:ADC opened at $74.95 on Friday. The stock’s fifty day simple moving average is $75.91 and its two-hundred day simple moving average is $74.13. The stock has a market cap of $8.25 billion, a PE ratio of 42.11, a price-to-earnings-growth ratio of 2.88 and a beta of 0.57. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52. Agree Realty Co. has a 1-year low of $58.38 and a 1-year high of $79.65.

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

Agree Realty Increases Dividend

The business also recently declared a apr 25 dividend, which will be paid on Wednesday, May 14th. Investors of record on Wednesday, April 30th will be issued a $0.256 dividend. This represents a dividend yield of 4.1%. The ex-dividend date of this dividend is Wednesday, April 30th. 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.