Cetera Investment Advisers Raises Position in Agree Realty Co. (NYSE:ADC)

Cetera Investment Advisers raised its stake in Agree Realty Co. (NYSE:ADC) by 11.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 27,890 shares of the real estate investment trust’s stock after purchasing an additional 2,899 shares during the quarter. Cetera Investment Advisers’ holdings in Agree Realty were worth $1,965,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Bernard Wealth Management Corp. bought a new position in shares of Agree Realty in the fourth quarter valued at approximately $31,000. Headlands Technologies LLC grew its holdings in shares of Agree Realty by 72.8% in the fourth quarter. Headlands Technologies LLC now owns 558 shares of the real estate investment trust’s stock valued at $39,000 after acquiring an additional 235 shares in the last quarter. Financial Life Planners bought a new position in shares of Agree Realty in the fourth quarter valued at approximately $44,000. Quarry LP bought a new position in shares of Agree Realty in the fourth quarter valued at approximately $52,000. Finally, MassMutual Private Wealth & Trust FSB grew its holdings in shares of Agree Realty by 34.4% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust’s stock valued at $63,000 after acquiring an additional 230 shares in the last quarter. 97.83% of the stock is owned by institutional investors.

Agree Realty Price Performance

Shares of Agree Realty stock opened at $75.64 on Tuesday. The stock has a 50 day moving average of $75.70 and a 200 day moving average of $74.09. Agree Realty Co. has a 12 month low of $58.52 and a 12 month high of $79.65. The firm has a market cap of $8.32 billion, a PE ratio of 42.49, a PEG ratio of 2.88 and a beta of 0.57. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52.

Agree Realty (NYSE:ADC) last announced its quarterly earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.05 by $0.01. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. The business had revenue of $169.16 million for the quarter, compared to the consensus estimate of $167.77 million. During the same period last year, the business posted $0.43 EPS. On average, research analysts expect that Agree Realty Co. will post 4.27 EPS for the current fiscal year.

Agree Realty Increases Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 30th will be issued a $0.256 dividend. This is a boost from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date is Friday, May 30th. This represents a $3.07 dividend on an annualized basis and a yield of 4.06%. Agree Realty’s dividend payout ratio is presently 173.45%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on ADC shares. Barclays raised Agree Realty from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $74.00 to $75.00 in a report on Tuesday, March 4th. Royal Bank of Canada cut 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. Stifel Nicolaus raised their price target on Agree Realty from $81.00 to $82.50 and gave the stock a “buy” rating in a report on Wednesday, April 23rd. BTIG Research lowered Agree Realty from a “buy” rating to a “neutral” rating in a report on Wednesday, May 7th. Finally, Evercore ISI raised 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 investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $81.04.

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.