Geode Capital Management LLC Boosts Stock Holdings in Agree Realty Co. (NYSE:ADC)

Geode Capital Management LLC increased its position in Agree Realty Co. (NYSE:ADC) by 1.5% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,074,760 shares of the real estate investment trust’s stock after acquiring an additional 30,377 shares during the period. Geode Capital Management LLC owned about 2.00% of Agree Realty worth $156,327,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Vestcor Inc purchased a new position in shares of Agree Realty in the third quarter worth $111,000. Barclays PLC raised its position in Agree Realty by 129.4% in the 3rd quarter. Barclays PLC now owns 239,783 shares of the real estate investment trust’s stock worth $18,062,000 after buying an additional 135,274 shares during the last quarter. Nomura Asset Management Co. Ltd. lifted its stake in Agree Realty by 2.3% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 132,880 shares of the real estate investment trust’s stock valued at $10,010,000 after acquiring an additional 2,930 shares during the period. XTX Topco Ltd purchased a new stake in shares of Agree Realty during the 3rd quarter valued at about $901,000. Finally, EP Wealth Advisors LLC bought a new stake in shares of Agree Realty in the third quarter worth approximately $294,000. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Agree Realty Stock Performance

ADC opened at $74.05 on Tuesday. The firm has a market cap of $7.67 billion, a P/E ratio of 40.91, a PEG ratio of 3.66 and a beta of 0.62. Agree Realty Co. has a 1-year low of $54.28 and a 1-year high of $78.39. The company has a 50 day simple moving average of $75.23 and a two-hundred day simple moving average of $70.92. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66.

Agree Realty (NYSE:ADC) last issued its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.61). The firm had revenue of $154.33 million during the quarter, compared to the consensus estimate of $152.83 million. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The company’s quarterly revenue was up 12.8% on a year-over-year basis. During the same period in the prior year, the company posted $1.00 EPS. Equities analysts forecast that Agree Realty Co. will post 4.12 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a dividend of $0.253 per share. This represents a $3.04 annualized dividend and a yield of 4.10%. The ex-dividend date is Tuesday, December 31st. Agree Realty’s dividend payout ratio (DPR) is presently 167.40%.

Wall Street Analyst Weigh In

ADC has been the topic of several research reports. Deutsche Bank Aktiengesellschaft began coverage on shares of Agree Realty in a report on Wednesday, December 11th. They issued a “buy” rating and a $88.00 target price on the stock. StockNews.com raised Agree Realty from a “sell” rating to a “hold” rating in a report on Tuesday. BTIG Research increased their target price on Agree Realty from $74.00 to $78.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. KeyCorp raised their target price on Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. Finally, Raymond James upped their price target on shares of Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research report on Wednesday, August 21st. Three analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $78.18.

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.