215,000 Shares in Agree Realty Co. (NYSE:ADC) Acquired by Soros Fund Management LLC

Soros Fund Management LLC purchased a new stake in shares of Agree Realty Co. (NYSE:ADC) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 215,000 shares of the real estate investment trust’s stock, valued at approximately $15,147,000.

Other large investors have also bought and sold shares of the company. Versant Capital Management Inc boosted its holdings in Agree Realty by 230.7% in the fourth quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust’s stock valued at $30,000 after acquiring an additional 293 shares during the last quarter. Bernard Wealth Management Corp. acquired a new position in Agree Realty in the fourth quarter valued at $31,000. Headlands Technologies LLC boosted its position in Agree Realty by 72.8% during 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 during the last quarter. Financial Life Planners bought a new position in shares of Agree Realty in the 4th quarter worth about $44,000. Finally, Quarry LP acquired a new position in Agree Realty in the fourth quarter valued at approximately $52,000. 97.83% of the stock is owned by institutional investors.

Agree Realty Stock Performance

Agree Realty stock opened at $76.42 on Tuesday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52. The firm has a 50-day moving average of $75.37 and a 200-day moving average of $74.05. The firm has a market cap of $8.41 billion, a P/E ratio of 42.93, a P/E/G ratio of 2.88 and a beta of 0.55. Agree Realty Co. has a 1-year low of $57.02 and a 1-year high of $79.65.

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

Agree Realty Increases Dividend

The company also recently declared a apr 25 dividend, which will be paid on Wednesday, May 14th. Investors of record on Wednesday, April 30th will be given a dividend of $0.256 per share. The ex-dividend date of this dividend is Wednesday, April 30th. This represents a dividend yield of 4.1%. This is an increase from Agree Realty’s previous apr 25 dividend of $0.25. Agree Realty’s dividend payout ratio (DPR) is 173.45%.

Wall Street Analyst Weigh In

ADC has been the subject of several research analyst reports. Wells Fargo & Company lifted their price target on shares of Agree Realty from $78.00 to $81.00 and gave the company an “overweight” rating in a research note on Monday, March 10th. Stifel Nicolaus raised their price target on shares of Agree Realty from $81.00 to $82.50 and gave the company a “buy” rating in a research report on Wednesday, April 23rd. Evercore ISI boosted their price objective on Agree Realty from $82.00 to $83.00 and gave the stock an “outperform” rating in a report on Thursday, April 24th. Royal Bank of Canada dropped their target price on Agree Realty from $79.00 to $78.00 and set an “outperform” rating on the stock in a report on Thursday, February 13th. Finally, Mizuho raised their price objective on shares of Agree Realty from $74.00 to $81.00 and gave the stock a “neutral” rating in a report on Thursday, April 3rd. One research analyst has rated the stock with a sell rating, four have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Agree Realty presently has an average rating of “Moderate Buy” and a consensus price target of $80.88.

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.