Agree Realty Co. (NYSE:ADC) Shares Bought by Spirit of America Management Corp NY

Spirit of America Management Corp NY grew its holdings in Agree Realty Co. (NYSE:ADC) by 4.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 8,100 shares of the real estate investment trust’s stock after acquiring an additional 350 shares during the quarter. Spirit of America Management Corp NY’s holdings in Agree Realty were worth $610,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of ADC. MCF Advisors LLC purchased a new position in Agree Realty in the 2nd quarter worth $26,000. Massmutual Trust Co. FSB ADV boosted its holdings in shares of Agree Realty by 248.3% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock valued at $38,000 after acquiring an additional 442 shares during the last quarter. UMB Bank n.a. increased its stake in shares of Agree Realty by 44.5% in the third 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. Headlands Technologies LLC raised its holdings in shares of Agree Realty by 232.0% during the second quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock worth $71,000 after purchasing an additional 798 shares during the last quarter. Finally, GAMMA Investing LLC lifted its position in Agree Realty by 125.9% during the second quarter. GAMMA Investing LLC now owns 1,403 shares of the real estate investment trust’s stock valued at $87,000 after purchasing an additional 782 shares during the period. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Down 2.2 %

Shares of NYSE ADC opened at $75.00 on Friday. The stock has a market cap of $7.55 billion, a PE ratio of 44.12, a P/E/G ratio of 2.47 and a beta of 0.61. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.54. Agree Realty Co. has a 12-month low of $52.69 and a 12-month high of $77.47. The company has a 50-day moving average of $74.46 and a 200 day moving average of $66.48.

Agree Realty (NYSE:ADC) last posted its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The company had revenue of $154.33 million during the quarter, compared to analysts’ expectations of $152.83 million. During the same quarter last year, the company earned $1.00 earnings per share. Agree Realty’s revenue for the quarter was up 12.8% on a year-over-year basis. As a group, sell-side analysts predict that Agree Realty Co. will post 4.11 EPS for the current fiscal year.

Agree Realty Increases Dividend

The business also recently declared a monthly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be issued a dividend of $0.253 per share. This represents a $3.04 annualized dividend and a dividend yield of 4.05%. The ex-dividend date is Thursday, October 31st. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s payout ratio is currently 178.24%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ADC. KeyCorp lifted their price objective on Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, October 4th. Raymond James boosted their price objective on Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research report on Wednesday, August 21st. Wells Fargo & Company reiterated an “overweight” rating and set a $80.00 target price (up previously from $77.00) on shares of Agree Realty in a research report on Tuesday, October 1st. BTIG Research boosted their price target on shares of Agree Realty from $65.00 to $74.00 and gave the stock a “buy” rating in a report on Monday, August 12th. Finally, UBS Group increased their price objective on shares of Agree Realty from $72.00 to $77.00 and gave the company a “neutral” rating in a report on Wednesday, October 16th. Four analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Agree Realty currently has a consensus rating of “Moderate Buy” and an average target price of $73.88.

About Agree Realty

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.