86,188 Shares in Agree Realty Co. (NYSE:ADC) Bought by Boothbay Fund Management LLC

Boothbay Fund Management LLC bought a new position in shares of Agree Realty Co. (NYSE:ADC) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 86,188 shares of the real estate investment trust’s stock, valued at approximately $6,072,000. Boothbay Fund Management LLC owned 0.08% of Agree Realty as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Cohen & Steers Inc. raised its holdings in Agree Realty by 43.0% during the 4th quarter. Cohen & Steers Inc. now owns 9,767,632 shares of the real estate investment trust’s stock worth $688,108,000 after buying an additional 2,937,147 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Agree Realty in the fourth quarter worth approximately $101,382,000. Invesco Ltd. raised its holdings in shares of Agree Realty by 85.6% during the fourth quarter. Invesco Ltd. now owns 2,212,852 shares of the real estate investment trust’s stock valued at $155,895,000 after acquiring an additional 1,020,512 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Agree Realty by 37.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust’s stock valued at $274,693,000 after acquiring an additional 990,362 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Agree Realty in the 4th quarter valued at approximately $48,862,000. 97.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. UBS Group raised shares of Agree Realty from a “neutral” rating to a “buy” rating and boosted their target price for the company from $79.00 to $84.00 in a research note on Monday, January 6th. Evercore ISI upped their price target on Agree Realty from $82.00 to $83.00 and gave the company an “outperform” rating in a research report on Thursday. Robert W. Baird raised their price objective on Agree Realty from $76.00 to $80.00 and gave the stock an “outperform” rating in a research report on Friday. Mizuho upped their target price on Agree Realty from $74.00 to $81.00 and gave the company a “neutral” rating in a report on Thursday, April 3rd. Finally, Barclays raised shares of Agree Realty from an “underweight” rating to an “equal weight” rating and increased their price target for the stock from $74.00 to $75.00 in a research report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, four have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $80.88.

Agree Realty Stock Down 0.8 %

Agree Realty stock opened at $75.66 on Friday. The company has a market capitalization of $8.32 billion, a P/E ratio of 42.51, a P/E/G ratio of 2.88 and a beta of 0.55. Agree Realty Co. has a 1-year low of $57.02 and a 1-year high of $79.65. The firm’s fifty day simple moving average is $75.26 and its 200-day simple moving average is $74.03. 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 (NYSE:ADC) last posted 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. The company had revenue of $169.16 million for the quarter, compared to analyst estimates 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 company earned $0.43 earnings per share. Sell-side analysts forecast that Agree Realty Co. will post 4.27 earnings per share for the current fiscal year.

Agree Realty Increases Dividend

The business also recently announced a apr 25 dividend, which will be paid on Wednesday, May 14th. Shareholders of record on Wednesday, April 30th will be given a dividend of $0.256 per share. The ex-dividend date of this dividend is Wednesday, April 30th. This represents a yield of 4.1%. This is a boost from Agree Realty’s previous apr 25 dividend of $0.25. Agree Realty’s dividend payout ratio is presently 173.45%.

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.