Waterfront Capital Partners LLC Acquires Shares of 283,095 Agree Realty Co. (NYSE:ADC)

Waterfront Capital Partners LLC acquired a new stake in shares of Agree Realty Co. (NYSE:ADC) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 283,095 shares of the real estate investment trust’s stock, valued at approximately $21,326,000. Agree Realty makes up about 2.9% of Waterfront Capital Partners LLC’s holdings, making the stock its 13th biggest position.

Other hedge funds also recently bought and sold shares of the company. MCF Advisors LLC purchased a new stake in Agree Realty during the second quarter valued at about $26,000. Massmutual Trust Co. FSB ADV lifted its stake in Agree Realty by 248.3% during the second quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock valued at $38,000 after buying an additional 442 shares in the last quarter. Headlands Technologies LLC lifted its stake in Agree Realty by 232.0% during the second quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock valued at $71,000 after buying an additional 798 shares in the last quarter. UMB Bank n.a. lifted its stake in Agree Realty by 44.5% during the third quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock valued at $73,000 after buying an additional 299 shares in the last quarter. Finally, Arcadia Investment Management Corp MI purchased a new stake in Agree Realty during the third quarter valued at about $75,000. 97.83% of the stock is owned by hedge funds and other institutional investors.

Agree Realty Stock Up 0.9 %

ADC opened at $77.65 on Friday. The stock has a market capitalization of $8.04 billion, a price-to-earnings ratio of 42.90, a P/E/G ratio of 3.10 and a beta of 0.61. Agree Realty Co. has a 1-year low of $54.28 and a 1-year high of $78.39. The business has a 50 day moving average of $75.22 and a 200-day moving average of $69.63. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52.

Agree Realty (NYSE:ADC) last issued 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 firm had revenue of $154.33 million during the quarter, compared to the consensus estimate of $152.83 million. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The firm’s revenue for the quarter was up 12.8% compared to the same quarter last year. During the same period last year, the business earned $1.00 earnings per share. As a group, sell-side analysts anticipate that Agree Realty Co. will post 4.12 earnings per share for the current year.

Agree Realty Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be given a $0.253 dividend. The ex-dividend date is Friday, November 29th. This represents a $3.04 dividend on an annualized basis and a yield of 3.91%. Agree Realty’s payout ratio is 167.96%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on ADC shares. Robert W. Baird increased their price target on shares of Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Royal Bank of Canada raised their price target on Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. StockNews.com upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a research note on Friday, November 22nd. Mizuho raised their price target on shares of Agree Realty from $75.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. Finally, BTIG Research upped their price objective on shares of Agree Realty from $74.00 to $78.00 and gave the stock a “buy” rating in a report on Wednesday. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $76.04.

About Agree Realty

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.