Sophron Capital Management L.P. Acquires Shares of 190,100 Agree Realty Co. (NYSE:ADC)

Sophron Capital Management L.P. bought a new position in shares of Agree Realty Co. (NYSE:ADC) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 190,100 shares of the real estate investment trust’s stock, valued at approximately $13,393,000. Agree Realty comprises about 5.3% of Sophron Capital Management L.P.’s investment portfolio, making the stock its 5th largest holding.

Several other large investors also recently added to or reduced their stakes in the stock. Spire Wealth Management purchased a new stake in shares of Agree Realty during the 4th quarter valued at approximately $411,000. abrdn plc boosted its position in Agree Realty by 33.7% in the 4th quarter. abrdn plc now owns 27,497 shares of the real estate investment trust’s stock valued at $1,922,000 after buying an additional 6,924 shares during the period. Envestnet Asset Management Inc. grew its stake in shares of Agree Realty by 3.6% in the fourth quarter. Envestnet Asset Management Inc. now owns 301,751 shares of the real estate investment trust’s stock worth $21,258,000 after acquiring an additional 10,446 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Agree Realty by 37.3% during the third quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust’s stock worth $274,693,000 after acquiring an additional 990,362 shares during the period. Finally, Sage Investment Counsel LLC acquired a new stake in shares of Agree Realty in the fourth quarter valued at $329,000. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently issued reports on ADC. Evercore ISI boosted their target price on Agree Realty from $82.00 to $83.00 and gave the stock an “outperform” rating in a research note on Thursday, April 24th. UBS Group decreased their price objective on Agree Realty from $86.00 to $84.00 and set a “buy” rating for the company in a research note on Tuesday, May 13th. JMP Securities reissued a “market perform” rating on shares of Agree Realty in a research report on Friday. Truist Financial raised their target price on shares of Agree Realty from $77.00 to $82.00 and gave the company a “buy” rating in a report on Monday, May 5th. Finally, Barclays upgraded shares of Agree Realty from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $74.00 to $75.00 in a report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $81.04.

Agree Realty Stock Up 1.3%

Shares of NYSE:ADC opened at $74.89 on Monday. The firm has a 50 day simple moving average of $75.69 and a 200-day simple moving average of $74.08. Agree Realty Co. has a twelve month low of $58.52 and a twelve month high of $79.65. 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 company has a market capitalization of $8.24 billion, a PE ratio of 42.07, a P/E/G ratio of 2.88 and a beta of 0.57.

Agree Realty (NYSE:ADC) last announced 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. The firm had revenue of $169.16 million during the quarter, compared to analysts’ expectations of $167.77 million. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. During the same period in the previous year, the company earned $0.43 earnings per share. On average, equities analysts predict that Agree Realty Co. will post 4.27 EPS for the current fiscal year.

Agree Realty Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, June 13th. Stockholders of record on Friday, May 30th will be paid a dividend of $0.256 per share. This represents a $3.07 dividend on an annualized basis and a dividend yield of 4.10%. This is an increase from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date is Friday, May 30th. Agree Realty’s dividend payout ratio is 173.45%.

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.