Longboard Asset Management LP Acquires New Shares in Agree Realty Co. (NYSE:ADC)

Longboard Asset Management LP acquired a new stake in Agree Realty Co. (NYSE:ADC) in the 4th quarter, Holdings Channel reports. The firm acquired 2,990 shares of the real estate investment trust’s stock, valued at approximately $211,000.

Other hedge funds have also recently bought and sold shares of the company. Citigroup Inc. increased its stake in Agree Realty by 348.9% in the 3rd quarter. Citigroup Inc. now owns 347,496 shares of the real estate investment trust’s stock valued at $26,177,000 after purchasing an additional 270,093 shares in the last quarter. JPMorgan Chase & Co. increased its position in 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 buying an additional 990,362 shares in the last quarter. Vanderbilt University increased its position in Agree Realty by 148.9% during the third quarter. Vanderbilt University now owns 16,933 shares of the real estate investment trust’s stock worth $1,276,000 after buying an additional 10,129 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its position in Agree Realty by 40.2% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 118,306 shares of the real estate investment trust’s stock worth $8,912,000 after buying an additional 33,914 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Agree Realty by 3.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,588,355 shares of the real estate investment trust’s stock worth $119,651,000 after buying an additional 57,354 shares in the last quarter. 97.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on ADC shares. Truist Financial raised their price target on Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Citizens Jmp downgraded Agree Realty from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 17th. UBS Group raised Agree Realty from a “neutral” rating to a “buy” rating and raised their price target for the stock from $79.00 to $84.00 in a research report on Monday, January 6th. Deutsche Bank Aktiengesellschaft started coverage on Agree Realty in a research report on Wednesday, December 11th. They set a “buy” rating and a $88.00 price target for the company. Finally, Evercore ISI assumed coverage on Agree Realty in a research report on Thursday, December 12th. They set an “outperform” rating and a $82.00 price target for the company. Two research analysts have rated the stock with a sell rating, three have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $78.93.

Agree Realty Price Performance

Shares of Agree Realty stock opened at $72.53 on Wednesday. Agree Realty Co. has a twelve month low of $54.28 and a twelve month high of $78.39. The stock has a market capitalization of $7.51 billion, a P/E ratio of 40.07, a PEG ratio of 2.56 and a beta of 0.65. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. The business’s fifty day moving average price is $72.29 and its 200 day moving average price is $73.29.

Agree Realty Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be issued a $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 4.19%. The ex-dividend date is Friday, January 31st. Agree Realty’s payout ratio is currently 167.96%.

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.