Gilman Hill Asset Management LLC Increases Stake in Agree Realty Co. (NYSE:ADC)

Gilman Hill Asset Management LLC raised its position in Agree Realty Co. (NYSE:ADC) by 4.8% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 8,223 shares of the real estate investment trust’s stock after purchasing an additional 375 shares during the period. Gilman Hill Asset Management LLC’s holdings in Agree Realty were worth $619,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. MCF Advisors LLC purchased a new position in shares of Agree Realty during the 2nd quarter worth $26,000. Massmutual Trust Co. FSB ADV raised its holdings in shares of Agree Realty by 248.3% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock worth $38,000 after acquiring an additional 442 shares during the period. Headlands Technologies LLC raised its holdings in shares of Agree Realty by 232.0% during the 2nd quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock worth $71,000 after acquiring an additional 798 shares during the period. UMB Bank n.a. raised its holdings in shares of Agree Realty by 44.5% during the 3rd quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock worth $73,000 after acquiring an additional 299 shares during the period. Finally, GAMMA Investing LLC raised its holdings in shares of Agree Realty by 125.9% during the 2nd quarter. GAMMA Investing LLC now owns 1,403 shares of the real estate investment trust’s stock worth $87,000 after acquiring an additional 782 shares during the period. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Analyst Ratings Changes

ADC has been the topic of several analyst reports. UBS Group lifted their price target on Agree Realty from $60.00 to $67.00 and gave the stock a “neutral” rating in a report on Thursday, July 18th. Stifel Nicolaus boosted their price objective on shares of Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a report on Wednesday, July 24th. Royal Bank of Canada boosted their price objective on shares of Agree Realty from $63.00 to $70.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Truist Financial boosted their price objective on shares of Agree Realty from $68.00 to $77.00 and gave the company a “buy” rating in a report on Monday, August 5th. Finally, Raymond James boosted their price objective on shares of Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a report on Wednesday, August 21st. Four equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Agree Realty currently has a consensus rating of “Moderate Buy” and a consensus price target of $72.21.

Agree Realty Stock Performance

NYSE ADC opened at $73.49 on Monday. The company has a market cap of $7.40 billion, a P/E ratio of 43.23, a P/E/G ratio of 2.47 and a beta of 0.61. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.79 and a quick ratio of 0.79. The stock has a 50-day moving average of $73.79 and a two-hundred day moving average of $65.36. Agree Realty Co. has a 1-year low of $52.69 and a 1-year high of $77.30.

Agree Realty (NYSE:ADC) last announced its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.51). Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The company had revenue of $152.58 million for the quarter, compared to analyst estimates of $150.35 million. During the same period in the prior year, the firm posted $0.98 earnings per share. The business’s quarterly revenue was up 17.5% compared to the same quarter last year. As a group, analysts anticipate that Agree Realty Co. will post 4.11 EPS for the current year.

Agree Realty Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be given a dividend of $0.253 per share. The ex-dividend date of this dividend is Thursday, October 31st. This is an increase from Agree Realty’s previous monthly dividend of $0.25. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.13%. Agree Realty’s payout ratio is currently 176.47%.

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.