Caxton Associates LP Makes New Investment in Agree Realty Co. (NYSE:ADC)

Caxton Associates LP acquired a new stake in Agree Realty Co. (NYSE:ADC) in the fourth quarter, HoldingsChannel.com reports. The firm acquired 4,604 shares of the real estate investment trust’s stock, valued at approximately $324,000.

Other hedge funds have also modified their holdings of the company. Versant Capital Management Inc raised its position in Agree Realty by 230.7% in the 4th quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust’s stock valued at $30,000 after purchasing an additional 293 shares during the last quarter. Bernard Wealth Management Corp. acquired a new stake in shares of Agree Realty during the fourth quarter worth about $31,000. Headlands Technologies LLC grew its holdings in shares of Agree Realty by 72.8% during the fourth quarter. Headlands Technologies LLC now owns 558 shares of the real estate investment trust’s stock worth $39,000 after buying an additional 235 shares during the last quarter. Financial Life Planners acquired a new position in Agree Realty in the 4th quarter valued at about $44,000. Finally, Quarry LP purchased a new stake in Agree Realty during the 4th quarter valued at approximately $52,000. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Agree Realty Stock Performance

Shares of ADC stock opened at $76.17 on Thursday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a fifty day moving average price of $75.89 and a 200 day moving average price of $74.13. Agree Realty Co. has a 1 year low of $58.18 and a 1 year high of $79.65. The stock has a market cap of $8.38 billion, a PE ratio of 42.79, a P/E/G ratio of 2.88 and a beta of 0.57.

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

Agree Realty Increases Dividend

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

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on ADC shares. Royal Bank of Canada lowered their target price on Agree Realty from $79.00 to $78.00 and set an “outperform” rating on the stock in a research note on Thursday, February 13th. Evercore ISI boosted their price objective on shares of Agree Realty from $82.00 to $83.00 and gave the company an “outperform” rating in a research note on Thursday, April 24th. JMP Securities restated a “market perform” rating on shares of Agree Realty in a research note on Wednesday, April 30th. BTIG Research lowered shares of Agree Realty from a “buy” rating to a “neutral” rating in a research note on Wednesday. Finally, Wells Fargo & Company raised their price objective on shares of Agree Realty from $78.00 to $81.00 and gave the company an “overweight” rating in a research report on Monday, March 10th. Six investment 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. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $81.04.

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.