Voloridge Investment Management LLC Raises Stake in Agree Realty Co. (NYSE:ADC)

Voloridge Investment Management LLC lifted its position in shares of Agree Realty Co. (NYSE:ADC) by 55.1% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 775,106 shares of the real estate investment trust’s stock after purchasing an additional 275,221 shares during the quarter. Voloridge Investment Management LLC owned about 0.75% of Agree Realty worth $54,606,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the company. CIBC Asset Management Inc grew its holdings in shares of Agree Realty by 5.2% during the 4th quarter. CIBC Asset Management Inc now owns 3,122 shares of the real estate investment trust’s stock worth $220,000 after purchasing an additional 153 shares during the period. Carmel Capital Partners LLC grew its holdings in shares of Agree Realty by 2.5% during the 4th quarter. Carmel Capital Partners LLC now owns 6,894 shares of the real estate investment trust’s stock worth $486,000 after purchasing an additional 167 shares during the period. UMB Bank n.a. grew its holdings in shares of Agree Realty by 17.3% during the 4th quarter. UMB Bank n.a. now owns 1,139 shares of the real estate investment trust’s stock worth $80,000 after purchasing an additional 168 shares during the period. Sequoia Financial Advisors LLC grew its holdings in shares of Agree Realty by 3.8% during the 4th quarter. Sequoia Financial Advisors LLC now owns 4,590 shares of the real estate investment trust’s stock worth $323,000 after purchasing an additional 169 shares during the period. Finally, Private Advisor Group LLC grew its holdings in shares of Agree Realty by 3.6% during the 4th quarter. Private Advisor Group LLC now owns 4,909 shares of the real estate investment trust’s stock worth $346,000 after purchasing an additional 170 shares during the period. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Performance

Shares of ADC opened at $75.79 on Wednesday. The business’s 50 day moving average is $75.70 and its two-hundred day moving average is $74.10. Agree Realty Co. has a 52-week low of $58.52 and a 52-week high of $79.65. The firm has a market cap of $8.34 billion, a price-to-earnings ratio of 42.58, a PEG 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 posted its quarterly earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.01. The business 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 in the prior year, the company posted $0.43 EPS. Analysts forecast that Agree Realty Co. will post 4.27 EPS for the current fiscal year.

Agree Realty Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 30th will be given a dividend of $0.256 per share. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. This represents a $3.07 annualized dividend and a dividend yield of 4.05%. The ex-dividend date is Friday, May 30th. Agree Realty’s dividend payout ratio is currently 173.45%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ADC. UBS Group decreased their target price on Agree Realty from $86.00 to $84.00 and set a “buy” rating for the company in a report on Tuesday, May 13th. Royal Bank of Canada decreased their price target on Agree Realty from $79.00 to $78.00 and set an “outperform” rating for the company in a report on Thursday, February 13th. JMP Securities restated a “market perform” rating on shares of Agree Realty in a report on Friday, May 16th. Wells Fargo & Company upped their price target on Agree Realty from $78.00 to $81.00 and gave the stock an “overweight” rating in a report on Monday, March 10th. Finally, Evercore ISI upped their price target on Agree Realty from $82.00 to $83.00 and gave the stock an “outperform” rating in a report on Thursday, April 24th. Six equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $81.04.

Agree Realty Company 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.