Agree Realty Co. (NYSE:ADC) Shares Acquired by Voloridge Investment Management LLC

Voloridge Investment Management LLC lifted its position in shares of Agree Realty Co. (NYSE:ADC) by 55.1% during the 4th quarter, HoldingsChannel.com reports. The fund owned 775,106 shares of the real estate investment trust’s stock after acquiring an additional 275,221 shares during the quarter. Voloridge Investment Management LLC’s holdings in Agree Realty were worth $54,606,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in ADC. Sophron Capital Management L.P. bought a new position in Agree Realty during the 4th quarter worth $13,393,000. Virtus Investment Advisers Inc. bought a new position in Agree Realty during the 4th quarter worth $551,000. Squarepoint Ops LLC grew its stake in Agree Realty by 140.6% during the 4th quarter. Squarepoint Ops LLC now owns 49,825 shares of the real estate investment trust’s stock worth $3,510,000 after buying an additional 29,115 shares during the last quarter. Two Sigma Advisers LP grew its stake in Agree Realty by 62.0% during the 4th quarter. Two Sigma Advisers LP now owns 1,157,587 shares of the real estate investment trust’s stock worth $81,552,000 after buying an additional 443,200 shares during the last quarter. Finally, Tidal Investments LLC grew its stake in Agree Realty by 6.4% during the 4th quarter. Tidal Investments LLC now owns 5,122 shares of the real estate investment trust’s stock worth $361,000 after buying an additional 306 shares during the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently commented on ADC shares. Robert W. Baird upped their price objective on Agree Realty from $76.00 to $80.00 and gave the stock an “outperform” rating in a research note on Friday, April 25th. UBS Group lowered their price objective on Agree Realty from $86.00 to $84.00 and set a “buy” rating for the company in a research note on Tuesday, May 13th. Barclays upgraded Agree Realty from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $74.00 to $75.00 in a research note on Tuesday, March 4th. Evercore ISI increased their price target on Agree Realty from $82.00 to $83.00 and gave the stock an “outperform” rating in a research note on Thursday, April 24th. Finally, JMP Securities reissued a “market perform” rating on shares of Agree Realty in a research note on Friday, May 16th. Six investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $81.04.

Agree Realty Trading Up 0.1%

Shares of ADC stock opened at $75.79 on Wednesday. The stock has a 50-day simple moving average of $75.70 and a 200 day simple moving average of $74.10. Agree Realty Co. has a fifty-two week low of $58.52 and a fifty-two week high of $79.65. The stock has a market capitalization of $8.34 billion, a P/E ratio of 42.58, a P/E/G ratio of 2.88 and a beta of 0.57. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.52.

Agree Realty (NYSE:ADC) last announced its earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.01. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. The business had revenue of $169.16 million during the quarter, compared to analysts’ expectations of $167.77 million. During the same quarter last year, the business posted $0.43 earnings per share. On average, sell-side 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 monthly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 30th will be paid a dividend of $0.256 per share. The ex-dividend date is Friday, May 30th. This represents a $3.07 annualized dividend and a yield of 4.05%. This is a boost from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s dividend payout ratio (DPR) is currently 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.