Kovack Advisors Inc. Reduces Position in Agree Realty Co. (NYSE:ADC)

Kovack Advisors Inc. lowered its position in Agree Realty Co. (NYSE:ADC) by 12.9% in the third quarter, Holdings Channel.com reports. The institutional investor owned 5,547 shares of the real estate investment trust’s stock after selling 820 shares during the period. Kovack Advisors Inc.’s holdings in Agree Realty were worth $418,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the company. Oppenheimer Asset Management Inc. raised its stake in shares of Agree Realty by 3.3% during the third quarter. Oppenheimer Asset Management Inc. now owns 15,353 shares of the real estate investment trust’s stock worth $1,157,000 after purchasing an additional 484 shares during the last quarter. MQS Management LLC acquired a new position in shares of Agree Realty during the third quarter worth about $683,000. Aptus Capital Advisors LLC raised its stake in shares of Agree Realty by 15.6% during the 3rd quarter. Aptus Capital Advisors LLC now owns 52,315 shares of the real estate investment trust’s stock worth $3,941,000 after buying an additional 7,056 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd raised its position in Agree Realty by 74.4% in the third quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 67,771 shares of the real estate investment trust’s stock worth $5,105,000 after acquiring an additional 28,902 shares in the last quarter. Finally, GSA Capital Partners LLP lifted its holdings in Agree Realty by 238.4% in the third quarter. GSA Capital Partners LLP now owns 14,768 shares of the real estate investment trust’s stock valued at $1,112,000 after acquiring an additional 10,404 shares during the period. 97.83% of the stock is owned by institutional investors and hedge funds.

Agree Realty Stock Performance

ADC stock opened at $75.57 on Friday. The stock has a market cap of $7.82 billion, a P/E ratio of 41.75, a P/E/G ratio of 3.10 and a beta of 0.61. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66. The firm has a 50 day simple moving average of $75.00 and a 200 day simple moving average of $68.30. Agree Realty Co. has a 52 week low of $54.28 and a 52 week high of $77.47.

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

Agree Realty Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be paid a dividend of $0.253 per share. This represents a $3.04 annualized dividend and a yield of 4.02%. The ex-dividend date of this dividend is Friday, November 29th. Agree Realty’s payout ratio is currently 167.96%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on ADC shares. Robert W. Baird raised their price objective on Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. StockNews.com downgraded Agree Realty from a “hold” rating to a “sell” rating in a research report on Thursday. Royal Bank of Canada lifted their price objective on Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Wells Fargo & Company lowered their price target on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a report on Monday, November 4th. Finally, UBS Group boosted their price target on Agree Realty from $77.00 to $79.00 and gave the company a “neutral” rating in a report on Thursday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $75.73.

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.