Wealth Enhancement Advisory Services LLC Grows Stock Holdings in Agree Realty Co. (NYSE:ADC)

Wealth Enhancement Advisory Services LLC raised its stake in Agree Realty Co. (NYSE:ADC) by 15.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,105 shares of the real estate investment trust’s stock after buying an additional 1,470 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Agree Realty were worth $782,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in ADC. Total Wealth Planning & Management Inc. purchased a new stake in shares of Agree Realty in the 4th quarter worth approximately $378,000. Employees Retirement System of Texas raised its stake in Agree Realty by 177.9% in the fourth quarter. Employees Retirement System of Texas now owns 71,000 shares of the real estate investment trust’s stock worth $5,002,000 after buying an additional 45,450 shares in the last quarter. Bernard Wealth Management Corp. purchased a new stake in Agree Realty during the fourth quarter worth $31,000. GF Fund Management CO. LTD. purchased a new stake in Agree Realty during the fourth quarter worth $129,000. Finally, Parr Mcknight Wealth Management Group LLC purchased a new stake in Agree Realty during the fourth quarter worth $1,076,000. 97.83% of the stock is owned by hedge funds and other institutional investors.

Agree Realty Trading Up 0.8%

NYSE ADC opened at $74.58 on Tuesday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.52. The firm has a market cap of $8.21 billion, a PE ratio of 41.90, a price-to-earnings-growth ratio of 2.88 and a beta of 0.56. The company has a 50 day moving average price of $75.29 and a 200 day moving average price of $74.00. Agree Realty Co. has a 52 week low of $59.66 and a 52 week high of $79.65.

Agree Realty (NYSE:ADC) last issued 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 net margin of 30.66% and a return on equity of 3.70%. The business had revenue of $169.16 million for the quarter, compared to analyst estimates of $167.77 million. During the same quarter in the prior year, the business posted $0.43 EPS. As a group, sell-side analysts forecast that Agree Realty Co. will post 4.27 EPS for the current fiscal year.

Agree Realty Increases Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, June 13th. Shareholders of record on Friday, May 30th will be paid a dividend of $0.256 per share. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date of this dividend is Friday, May 30th. This represents a $3.07 dividend on an annualized basis and a yield of 4.12%. Agree Realty’s dividend payout ratio is presently 173.45%.

Wall Street Analysts Forecast Growth

ADC has been the subject of a number of analyst reports. Mizuho upped their target price on Agree Realty from $74.00 to $81.00 and gave the stock a “neutral” rating in a report on Thursday, April 3rd. Robert W. Baird upped their target price on Agree Realty from $76.00 to $80.00 and gave the stock an “outperform” rating in a report on Friday, April 25th. JMP Securities restated a “market perform” rating on shares of Agree Realty in a report on Friday, May 16th. Barclays set a $77.00 target price on Agree Realty and gave the stock an “equal weight” rating in a report on Wednesday, May 21st. Finally, Stifel Nicolaus boosted their price objective on shares of Agree Realty from $81.00 to $82.50 and gave the stock a “buy” rating in a research note on Wednesday, April 23rd. Six 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’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $81.19.

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.