Resona Asset Management Co. Ltd. acquired a new stake in shares of Agree Realty Co. (NYSE:ADC - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 41,233 shares of the real estate investment trust's stock, valued at approximately $2,899,000.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Versant Capital Management Inc grew its holdings in Agree Realty by 230.7% during the 4th quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust's stock valued at $30,000 after purchasing an additional 293 shares during the last quarter. Headlands Technologies LLC boosted its position in shares of Agree Realty by 72.8% during the fourth quarter. Headlands Technologies LLC now owns 558 shares of the real estate investment trust's stock valued at $39,000 after buying an additional 235 shares during the period. Financial Life Planners bought a new position in shares of Agree Realty during the fourth quarter valued at approximately $44,000. MassMutual Private Wealth & Trust FSB raised its holdings in shares of Agree Realty by 34.4% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust's stock worth $63,000 after buying an additional 230 shares during the period. Finally, Wilmington Savings Fund Society FSB bought a new stake in shares of Agree Realty during the 3rd quarter worth approximately $77,000. Hedge funds and other institutional investors own 97.83% of the company's stock.
Analysts Set New Price Targets
Several analysts have recently weighed in on the company. Wells Fargo & Company lifted their target price on Agree Realty from $78.00 to $81.00 and gave the stock an "overweight" rating in a research report on Monday, March 10th. Citizens Jmp lowered shares of Agree Realty from a "strong-buy" rating to a "hold" rating in a report on Tuesday, December 17th. Royal Bank of Canada reduced their target price on shares of Agree Realty from $79.00 to $78.00 and set an "outperform" rating on the stock in a research report on Thursday, February 13th. JMP Securities cut Agree Realty from an "outperform" rating to a "market perform" rating in a research note on Tuesday, December 17th. Finally, StockNews.com raised Agree Realty from a "sell" rating to a "hold" rating in a research report on Sunday, February 16th. Five research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Agree Realty presently has a consensus rating of "Moderate Buy" and a consensus target price of $80.38.
Check Out Our Latest Report on Agree Realty
Agree Realty Stock Up 1.4 %
NYSE ADC traded up $1.05 on Tuesday, hitting $77.64. The stock had a trading volume of 376,324 shares, compared to its average volume of 977,270. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78. The stock has a market cap of $8.33 billion, a price-to-earnings ratio of 43.55, a price-to-earnings-growth ratio of 2.88 and a beta of 0.55. Agree Realty Co. has a 52-week low of $54.78 and a 52-week high of $78.39. The business's fifty day moving average price is $74.21 and its 200 day moving average price is $73.82.
Agree Realty (NYSE:ADC - Get Free Report) last released its quarterly earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 EPS for the quarter, beating 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%. Equities research analysts anticipate that Agree Realty Co. will post 4.27 earnings per share for the current year.
Agree Realty Increases Dividend
The business also recently declared a apr 25 dividend, which will be paid on Wednesday, May 14th. Shareholders of record on Wednesday, April 30th will be issued a $0.256 dividend. The ex-dividend date is Wednesday, April 30th. This represents a dividend yield of 4.1%. This is a boost from Agree Realty's previous apr 25 dividend of $0.25. Agree Realty's dividend payout ratio (DPR) is currently 170.22%.
About Agree Realty
(
Free Report)
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.
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