Creative Planning Grows Stake in Agree Realty Co. (NYSE:ADC)

Creative Planning increased its position in Agree Realty Co. (NYSE:ADC) by 86.8% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 56,819 shares of the real estate investment trust’s stock after acquiring an additional 26,398 shares during the quarter. Creative Planning’s holdings in Agree Realty were worth $3,519,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of ADC. Long Pond Capital LP boosted its position in Agree Realty by 489.8% in the first quarter. Long Pond Capital LP now owns 2,868,640 shares of the real estate investment trust’s stock worth $163,857,000 after purchasing an additional 2,382,252 shares during the last quarter. PGGM Investments purchased a new position in shares of Agree Realty in the second quarter worth approximately $70,225,000. Daiwa Securities Group Inc. boosted its holdings in shares of Agree Realty by 55.9% in the second quarter. Daiwa Securities Group Inc. now owns 1,815,511 shares of the real estate investment trust’s stock worth $112,453,000 after buying an additional 650,921 shares during the last quarter. Leeward Investments LLC MA bought a new stake in Agree Realty during the second quarter valued at approximately $30,306,000. Finally, Vanguard Group Inc. increased its holdings in Agree Realty by 3.4% during the fourth quarter. Vanguard Group Inc. now owns 14,222,246 shares of the real estate investment trust’s stock valued at $895,290,000 after buying an additional 462,828 shares during the last quarter. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Price Performance

Shares of NYSE:ADC opened at $73.88 on Friday. The firm has a market cap of $7.43 billion, a price-to-earnings ratio of 43.46, a P/E/G ratio of 2.51 and a beta of 0.61. The firm has a fifty day moving average price of $73.44 and a 200 day moving average price of $64.69. Agree Realty Co. has a fifty-two week low of $52.69 and a fifty-two week high of $77.30. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.79 and a current ratio of 0.79.

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

Agree Realty Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be paid a $0.25 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 4.06%. The ex-dividend date of this dividend is Monday, September 30th. Agree Realty’s payout ratio is 176.47%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on ADC shares. 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 research report on Wednesday, July 24th. Royal Bank of Canada boosted their price objective on Agree Realty from $63.00 to $70.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Truist Financial raised their target price on shares of Agree Realty from $68.00 to $77.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Wells Fargo & Company reaffirmed an “overweight” rating and set a $80.00 price target (up previously from $77.00) on shares of Agree Realty in a report on Tuesday. Finally, Raymond James increased their price objective on shares of Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, August 21st. Four research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Agree Realty presently has an average rating of “Moderate Buy” and a consensus price target of $72.21.

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.