Sage Investment Counsel LLC Purchases Shares of 4,667 Agree Realty Co. (NYSE:ADC)

Sage Investment Counsel LLC purchased a new stake in Agree Realty Co. (NYSE:ADC) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 4,667 shares of the real estate investment trust’s stock, valued at approximately $329,000.

A number of other hedge funds also recently bought and sold shares of the stock. CIBC Asset Management Inc raised its position in shares of Agree Realty by 5.2% during the 4th quarter. CIBC Asset Management Inc now owns 3,122 shares of the real estate investment trust’s stock worth $220,000 after acquiring an additional 153 shares in the last quarter. UMB Bank n.a. grew its stake in shares of Agree Realty by 17.3% in the 4th quarter. UMB Bank n.a. now owns 1,139 shares of the real estate investment trust’s stock valued at $80,000 after purchasing an additional 168 shares during the last quarter. Private Advisor Group LLC grew its stake in shares of Agree Realty by 3.6% in the 4th quarter. Private Advisor Group LLC now owns 4,909 shares of the real estate investment trust’s stock valued at $346,000 after purchasing an additional 170 shares during the last quarter. MassMutual Private Wealth & Trust FSB grew its stake in shares of Agree Realty by 34.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust’s stock valued at $63,000 after purchasing an additional 230 shares during the last quarter. Finally, Principal Securities Inc. grew its stake in shares of Agree Realty by 26.2% in the 4th quarter. Principal Securities Inc. now owns 1,142 shares of the real estate investment trust’s stock valued at $80,000 after purchasing an additional 237 shares during the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. StockNews.com upgraded Agree Realty from a “sell” rating to a “hold” rating in a research note on Sunday, February 16th. Wells Fargo & Company decreased their price target on Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. Stifel Nicolaus decreased their price target on Agree Realty from $81.50 to $81.00 and set a “buy” rating on the stock in a research note on Tuesday, January 7th. UBS Group upgraded Agree Realty from a “neutral” rating to a “buy” rating and lifted their price target for the company from $79.00 to $84.00 in a research note on Monday, January 6th. Finally, BTIG Research lifted their price target on Agree Realty from $74.00 to $78.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Agree Realty currently has an average rating of “Moderate Buy” and an average price target of $79.62.

Agree Realty Stock Performance

NYSE ADC opened at $73.81 on Friday. Agree Realty Co. has a fifty-two week low of $54.28 and a fifty-two week high of $78.39. The stock has a market cap of $7.92 billion, a price-to-earnings ratio of 41.46, a price-to-earnings-growth ratio of 2.88 and a beta of 0.65. The business has a fifty day moving average of $71.55 and a 200-day moving average of $73.54. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.52.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.61. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. As a group, analysts predict that Agree Realty Co. will post 4.27 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The business also recently declared a feb 25 dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 28th will be issued a $0.253 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a dividend yield of 4.2%. Agree Realty’s dividend payout ratio (DPR) is 170.22%.

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.