Citigroup Inc. Grows Holdings in Agree Realty Co. (NYSE:ADC)

Citigroup Inc. grew its stake in shares of Agree Realty Co. (NYSE:ADC) by 348.9% in the third quarter, Holdings Channel reports. The firm owned 347,496 shares of the real estate investment trust’s stock after acquiring an additional 270,093 shares during the period. Citigroup Inc.’s holdings in Agree Realty were worth $26,177,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in ADC. Pathway Financial Advisers LLC lifted its holdings in Agree Realty by 9,118.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 1,227,756 shares of the real estate investment trust’s stock valued at $92,487,000 after buying an additional 1,214,437 shares in the last quarter. PGGM Investments bought a new stake in shares of Agree Realty during the second quarter valued at 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 valued at $112,453,000 after purchasing an additional 650,921 shares during the period. Leeward Investments LLC MA bought a new position in Agree Realty in the second quarter worth approximately $30,306,000. Finally, Lighthouse Investment Partners LLC purchased a new position in Agree Realty during the 2nd quarter worth $25,086,000. 97.83% of the stock is currently owned by institutional investors.

Agree Realty Stock Down 0.1 %

Agree Realty stock opened at $76.41 on Tuesday. Agree Realty Co. has a 1-year low of $54.28 and a 1-year high of $77.58. The business has a fifty day moving average price of $75.10 and a 200-day moving average price of $69.28. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66. The stock has a market capitalization of $7.91 billion, a price-to-earnings ratio of 42.21, a PEG ratio of 3.10 and a beta of 0.61.

Agree Realty (NYSE:ADC) last issued its quarterly 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 business had revenue of $154.33 million for the quarter, compared to analysts’ expectations of $152.83 million. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. Agree Realty’s revenue was up 12.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.00 EPS. Equities research analysts forecast that Agree Realty Co. will post 4.12 EPS for the current fiscal year.

Agree Realty Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be paid a dividend of $0.253 per share. The ex-dividend date is Friday, November 29th. This represents a $3.04 annualized dividend and a dividend yield of 3.97%. Agree Realty’s payout ratio is currently 167.40%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on ADC shares. KeyCorp increased their price target on Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. Raymond James raised their target price 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. UBS Group upped their price target on shares of Agree Realty from $77.00 to $79.00 and gave the stock a “neutral” rating in a research report on Thursday, November 14th. Wells Fargo & Company cut their price objective on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. Finally, Mizuho upped their target price on Agree Realty from $75.00 to $80.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. Four 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 stock. According to data from MarketBeat.com, Agree Realty presently has a consensus rating of “Moderate Buy” and a consensus target price of $75.73.

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.