Versant Capital Management Inc Grows Stock Holdings in Agree Realty Co. (NYSE:ADC)

Versant Capital Management Inc grew its holdings in shares of Agree Realty Co. (NYSE:ADC) by 230.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 420 shares of the real estate investment trust’s stock after purchasing an additional 293 shares during the quarter. Versant Capital Management Inc’s holdings in Agree Realty were worth $30,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Headlands Technologies LLC boosted its holdings in Agree Realty by 232.0% in the second quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock valued at $71,000 after acquiring an additional 798 shares during the last quarter. UMB Bank n.a. grew its holdings in Agree Realty by 44.5% during the 3rd 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. Arcadia Investment Management Corp MI purchased a new stake in shares of Agree Realty during the third quarter worth about $75,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of Agree Realty during the third quarter worth approximately $77,000. Finally, Vestcor Inc acquired a new stake in shares of Agree Realty in the 3rd quarter valued at about $111,000. Institutional investors and hedge funds own 97.83% of the company’s stock.

Agree Realty Trading Down 0.6 %

Agree Realty stock opened at $69.98 on Wednesday. Agree Realty Co. has a 1 year low of $54.28 and a 1 year high of $78.39. The firm’s 50 day moving average price is $73.87 and its two-hundred day moving average price is $72.08. The firm has a market cap of $7.24 billion, a price-to-earnings ratio of 38.66, a price-to-earnings-growth ratio of 3.66 and a beta of 0.64. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66.

Agree Realty (NYSE:ADC) last announced its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS for the quarter, missing the consensus estimate of $1.03 by ($0.61). The company had revenue of $154.33 million for the quarter, compared to analysts’ expectations of $152.83 million. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The company’s revenue for the quarter was up 12.8% on a year-over-year basis. During the same period in the prior year, the company earned $1.00 earnings per share. On average, research analysts predict that Agree Realty Co. will post 4.12 EPS for the current fiscal year.

Agree Realty Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a $0.253 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $3.04 annualized dividend and a dividend yield of 4.34%. Agree Realty’s dividend payout ratio (DPR) is presently 167.40%.

Analyst Ratings Changes

Several brokerages recently issued reports on ADC. Robert W. Baird raised their price objective on Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Evercore ISI initiated coverage on Agree Realty in a research note on Thursday, December 12th. They issued an “outperform” rating and a $82.00 target price on the stock. Royal Bank of Canada dropped their price objective on shares of Agree Realty from $80.00 to $79.00 and set an “outperform” rating on the stock in a report on Tuesday. Mizuho boosted their target price on shares of Agree Realty from $75.00 to $80.00 and gave the company a “neutral” rating in a research note on Thursday, November 14th. Finally, KeyCorp raised their price target on shares of Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, October 4th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $78.93.

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.