Creative Planning Buys 4,448 Shares of Agree Realty Co. (NYSE:ADC)

Creative Planning raised its stake in Agree Realty Co. (NYSE:ADC) by 7.8% in the 3rd quarter, HoldingsChannel reports. The firm owned 61,267 shares of the real estate investment trust’s stock after acquiring an additional 4,448 shares during the quarter. Creative Planning’s holdings in Agree Realty were worth $4,615,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Gilman Hill Asset Management LLC increased its stake in Agree Realty by 4.8% in the third quarter. Gilman Hill Asset Management LLC now owns 8,223 shares of the real estate investment trust’s stock valued at $619,000 after purchasing an additional 375 shares in the last quarter. Exchange Traded Concepts LLC increased its stake in Agree Realty by 14.3% in the third quarter. Exchange Traded Concepts LLC now owns 39,027 shares of the real estate investment trust’s stock valued at $2,940,000 after purchasing an additional 4,871 shares in the last quarter. UMB Bank n.a. increased its stake in 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 valued at $73,000 after purchasing an additional 299 shares in the last quarter. CWM LLC increased its position in shares of Agree Realty by 8.5% during the third quarter. CWM LLC now owns 3,458 shares of the real estate investment trust’s stock worth $260,000 after acquiring an additional 271 shares in the last quarter. Finally, Azzad Asset Management Inc. ADV increased its position in shares of Agree Realty by 2.5% during the third quarter. Azzad Asset Management Inc. ADV now owns 11,340 shares of the real estate investment trust’s stock worth $854,000 after acquiring an additional 277 shares in the last quarter. 97.83% of the stock is owned by institutional investors.

Agree Realty Stock Down 2.2 %

Agree Realty stock opened at $75.00 on Friday. Agree Realty Co. has a fifty-two week low of $52.69 and a fifty-two week high of $77.47. The stock has a market cap of $7.55 billion, a PE ratio of 44.12, a price-to-earnings-growth ratio of 2.47 and a beta of 0.61. The firm’s 50-day simple moving average is $74.46 and its 200 day simple moving average is $66.48. 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 earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). The company had revenue of $154.33 million during the quarter, compared to analysts’ expectations of $152.83 million. Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The firm’s revenue was up 12.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.00 earnings per share. Research analysts predict that Agree Realty Co. will post 4.11 EPS for the current fiscal year.

Agree Realty Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be paid a $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 4.05%. This is a boost from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date is Thursday, October 31st. Agree Realty’s payout ratio is presently 178.24%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ADC. Royal Bank of Canada boosted their target price on shares of Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a research report on Thursday. Wells Fargo & Company reissued an “overweight” rating and set a $80.00 target price (up from $77.00) on shares of Agree Realty in a research report on Tuesday, October 1st. KeyCorp boosted their target price on shares of Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. Truist Financial boosted their target price on shares of Agree Realty from $68.00 to $77.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Finally, Stifel Nicolaus boosted their target price on shares of Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Four 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 company. According to data from MarketBeat, Agree Realty presently has an average rating of “Moderate Buy” and a consensus target price of $73.88.

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.