Millennium Management LLC Has $82.52 Million Stock Holdings in Agree Realty Co. (NYSE:ADC)

Millennium Management LLC lifted its position in Agree Realty Co. (NYSE:ADC) by 1,036.9% during the 4th quarter, Holdings Channel reports. The firm owned 1,171,297 shares of the real estate investment trust’s stock after buying an additional 1,068,271 shares during the quarter. Millennium Management LLC’s holdings in Agree Realty were worth $82,518,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Lighthouse Investment Partners LLC grew its stake in Agree Realty by 5.0% during the fourth quarter. Lighthouse Investment Partners LLC now owns 210,000 shares of the real estate investment trust’s stock worth $14,794,000 after buying an additional 10,000 shares during the last quarter. Hudson Bay Capital Management LP boosted its holdings in shares of Agree Realty by 170.7% in the 4th quarter. Hudson Bay Capital Management LP now owns 362,349 shares of the real estate investment trust’s stock worth $25,527,000 after acquiring an additional 228,470 shares in the last quarter. GRS Advisors LLC bought a new stake in Agree Realty during the 4th quarter worth approximately $35,910,000. Graham Capital Management L.P. increased its holdings in Agree Realty by 97.9% during the 4th quarter. Graham Capital Management L.P. now owns 6,596 shares of the real estate investment trust’s stock valued at $465,000 after purchasing an additional 3,263 shares in the last quarter. Finally, Ethic Inc. bought a new position in Agree Realty in the 4th quarter valued at $221,000. Institutional investors and hedge funds own 97.83% of the company’s stock.

Agree Realty Trading Down 0.6%

Shares of NYSE ADC opened at $72.48 on Thursday. The company’s 50 day simple moving average is $75.77 and its 200 day simple moving average is $74.08. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78. Agree Realty Co. has a fifty-two week low of $58.52 and a fifty-two week high of $79.65. The firm has a market capitalization of $7.97 billion, a P/E ratio of 40.72, a P/E/G ratio of 2.88 and a beta of 0.57.

Agree Realty (NYSE:ADC) last posted its quarterly 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. 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 for the quarter, compared to the consensus estimate of $167.77 million. During the same quarter in the prior year, the business posted $0.43 EPS. On average, analysts predict that Agree Realty Co. will post 4.27 EPS for the current year.

Agree Realty Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, June 13th. Shareholders of record on Friday, May 30th will be issued a dividend of $0.256 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $3.07 dividend on an annualized basis and a yield of 4.24%. This is a boost from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s dividend payout ratio (DPR) is 173.45%.

Analyst Ratings Changes

Several brokerages have recently commented on ADC. Evercore ISI increased their target price on Agree Realty from $82.00 to $83.00 and gave the stock an “outperform” rating in a report on Thursday, April 24th. Stifel Nicolaus upped their price target on shares of Agree Realty from $81.00 to $82.50 and gave the stock a “buy” rating in a research report on Wednesday, April 23rd. UBS Group lowered their price objective on shares of Agree Realty from $86.00 to $84.00 and set a “buy” rating for the company in a research report on Tuesday. Truist Financial upped their target price on shares of Agree Realty from $77.00 to $82.00 and gave the stock a “buy” rating in a research report on Monday, May 5th. Finally, JMP Securities reissued a “market perform” rating on shares of Agree Realty in a research note on Wednesday, April 30th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Agree Realty has an average rating of “Moderate Buy” and an average price target of $81.04.

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.