Leeward Investments LLC MA Has $37.75 Million Stake in Agree Realty Co. (NYSE:ADC)

Leeward Investments LLC MA raised its position in Agree Realty Co. (NYSE:ADC) by 2.4% in the 3rd quarter, Holdings Channel reports. The firm owned 501,171 shares of the real estate investment trust’s stock after buying an additional 11,894 shares during the period. Agree Realty accounts for approximately 1.8% of Leeward Investments LLC MA’s investment portfolio, making the stock its 3rd biggest holding. Leeward Investments LLC MA’s holdings in Agree Realty were worth $37,747,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the company. Dana Investment Advisors Inc. boosted its holdings in shares of Agree Realty by 0.6% in the second quarter. Dana Investment Advisors Inc. now owns 29,274 shares of the real estate investment trust’s stock valued at $1,813,000 after buying an additional 170 shares during the period. Capital Square LLC boosted its holdings in Agree Realty by 1.0% during the second quarter. Capital Square LLC now owns 17,995 shares of the real estate investment trust’s stock worth $1,193,000 after purchasing an additional 179 shares during the last quarter. Blue Trust Inc. boosted its holdings in Agree Realty by 8.8% during the second quarter. Blue Trust Inc. now owns 2,634 shares of the real estate investment trust’s stock worth $150,000 after purchasing an additional 213 shares during the last quarter. Commonwealth Equity Services LLC boosted its holdings in Agree Realty by 3.2% during the second quarter. Commonwealth Equity Services LLC now owns 6,895 shares of the real estate investment trust’s stock worth $427,000 after purchasing an additional 216 shares during the last quarter. Finally, State of Alaska Department of Revenue boosted its holdings in Agree Realty by 0.4% during the third quarter. State of Alaska Department of Revenue now owns 58,934 shares of the real estate investment trust’s stock worth $4,438,000 after purchasing an additional 224 shares during the last quarter. Institutional investors own 97.83% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on ADC. Stifel Nicolaus increased their target price on shares of Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Raymond James increased their price target on shares of Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research note on Wednesday, August 21st. Wells Fargo & Company cut their price target on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a research note on Monday. Truist Financial increased their price target on shares of Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Finally, BTIG Research increased their price target on shares of Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a research note on Monday, August 12th. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $74.19.

Agree Realty Price Performance

Shares of ADC opened at $73.18 on Thursday. The firm has a market capitalization of $7.58 billion, a PE ratio of 40.43, a PEG ratio of 2.48 and a beta of 0.61. The company’s 50-day moving average is $74.77 and its 200-day moving average is $67.67. Agree Realty Co. has a fifty-two week low of $54.28 and a fifty-two week high of $77.47. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.61). The company had revenue of $154.33 million during the quarter, compared to the consensus estimate of $152.83 million. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. Agree Realty’s revenue for the quarter was up 12.8% compared to the same quarter last year. During the same period in the previous year, the company earned $1.00 earnings per share. Equities analysts forecast that Agree Realty Co. will post 4.11 EPS for the current year.

Agree Realty Increases Dividend

The firm also recently declared a monthly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be given a dividend of $0.253 per share. This represents a $3.04 dividend on an annualized basis and a yield of 4.15%. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date is Thursday, October 31st. Agree Realty’s dividend payout ratio (DPR) is currently 167.96%.

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.