Friedenthal Financial Invests $769,000 in Agree Realty Co. (NYSE:ADC)

Friedenthal Financial acquired a new stake in Agree Realty Co. (NYSE:ADC) in the 3rd quarter, according to its most recent filing with the SEC. The fund acquired 10,207 shares of the real estate investment trust’s stock, valued at approximately $769,000.

Several other institutional investors and hedge funds have also modified their holdings of ADC. MCF Advisors LLC bought a new position in Agree Realty in the second quarter valued at approximately $26,000. Massmutual Trust Co. FSB ADV boosted its position in shares of 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 worth $38,000 after buying an additional 442 shares during the period. Headlands Technologies LLC boosted its position in Agree Realty by 232.0% during the 2nd quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock worth $71,000 after acquiring an additional 798 shares during the last quarter. UMB Bank n.a. boosted its holdings 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 worth $73,000 after purchasing an additional 299 shares during the last quarter. Finally, GAMMA Investing LLC boosted its stake in shares of Agree Realty by 125.9% during the 2nd quarter. GAMMA Investing LLC now owns 1,403 shares of the real estate investment trust’s stock worth $87,000 after buying an additional 782 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Stifel Nicolaus lifted their price objective on shares of Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Raymond James increased their price target on Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research note on Wednesday, August 21st. Truist Financial raised their price target on Agree Realty from $68.00 to $77.00 and gave the company a “buy” rating in a report on Monday, August 5th. UBS Group upped their price objective on shares of Agree Realty from $72.00 to $77.00 and gave the company a “neutral” rating in a report on Wednesday. Finally, KeyCorp raised their target price on shares of Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, October 4th. Four research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Agree Realty currently has an average rating of “Moderate Buy” and a consensus price target of $73.04.

Agree Realty Stock Performance

NYSE ADC opened at $75.58 on Friday. The firm has a 50-day moving average price of $74.17 and a two-hundred day moving average price of $65.95. Agree Realty Co. has a 12-month low of $52.69 and a 12-month high of $77.30. The company has a market capitalization of $7.61 billion, a P/E ratio of 44.42, a P/E/G ratio of 2.47 and a beta of 0.61. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.54.

Agree Realty (NYSE:ADC) last issued its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.51). Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The company had revenue of $152.58 million during the quarter, compared to the consensus estimate of $150.35 million. During the same quarter last year, the firm posted $0.98 earnings per share. The company’s quarterly revenue was up 17.5% on a year-over-year basis. Analysts anticipate that Agree Realty Co. will post 4.11 earnings per share for the current year.

Agree Realty Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be issued a dividend of $0.253 per share. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. This represents a $3.04 annualized dividend and a dividend yield of 4.02%. The ex-dividend date is Thursday, October 31st. Agree Realty’s dividend payout ratio is 178.24%.

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.