New Age Alpha Advisors LLC Takes Position in Agree Realty Co. (NYSE:ADC)

New Age Alpha Advisors LLC bought a new stake in Agree Realty Co. (NYSE:ADC - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 66,352 shares of the real estate investment trust's stock, valued at approximately $4,674,000. New Age Alpha Advisors LLC owned about 0.06% of Agree Realty as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Spire Wealth Management acquired a new position in shares of Agree Realty during the fourth quarter valued at about $411,000. abrdn plc increased its position in shares of Agree Realty by 33.7% during the fourth quarter. abrdn plc now owns 27,497 shares of the real estate investment trust's stock valued at $1,922,000 after purchasing an additional 6,924 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Agree Realty by 37.3% in the third quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust's stock valued at $274,693,000 after purchasing an additional 990,362 shares in the last quarter. Sage Investment Counsel LLC bought a new position in Agree Realty in the fourth quarter worth $329,000. Finally, Oppenheimer Asset Management Inc. boosted its holdings in Agree Realty by 24.6% during the fourth quarter. Oppenheimer Asset Management Inc. now owns 19,129 shares of the real estate investment trust's stock valued at $1,348,000 after purchasing an additional 3,776 shares in the last quarter. Institutional investors own 97.83% of the company's stock.

Wall Street Analyst Weigh In

ADC has been the subject of a number of recent analyst reports. Stifel Nicolaus dropped their price target on Agree Realty from $81.50 to $81.00 and set a "buy" rating for the company in a report on Tuesday, January 7th. Citizens Jmp downgraded shares of Agree Realty from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, December 17th. Mizuho cut their target price on Agree Realty from $80.00 to $74.00 and set a "neutral" rating on the stock in a research note on Wednesday, January 8th. Barclays raised shares of Agree Realty from an "underweight" rating to an "equal weight" rating and lifted their price objective for the stock from $74.00 to $75.00 in a research note on Tuesday, March 4th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Agree Realty in a research report on Wednesday, December 11th. They set a "buy" rating and a $88.00 price target on the stock. Five investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $79.85.

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Agree Realty Stock Performance

Shares of ADC traded down $0.22 during midday trading on Wednesday, reaching $76.62. The stock had a trading volume of 222,814 shares, compared to its average volume of 953,514. 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 firm has a 50 day simple moving average of $73.96 and a 200-day simple moving average of $73.92. The firm has a market cap of $8.23 billion, a PE ratio of 43.05, a P/E/G ratio of 2.88 and a beta of 0.64. Agree Realty Co. has a one year low of $54.78 and a one year high of $78.39.

Agree Realty (NYSE:ADC - Get Free Report) last posted its 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, sell-side analysts anticipate that Agree Realty Co. will post 4.27 EPS for the current year.

Agree Realty Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Monday, April 14th. Stockholders of record on Monday, March 31st will be given a $0.253 dividend. The ex-dividend date is Monday, March 31st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.96%. Agree Realty's payout ratio is presently 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.