JPMorgan Chase & Co. Grows Position in Agree Realty Co. (NYSE:ADC)

JPMorgan Chase & Co. lifted its holdings in Agree Realty Co. (NYSE:ADC - Free Report) by 37.3% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 3,646,526 shares of the real estate investment trust's stock after purchasing an additional 990,362 shares during the period. JPMorgan Chase & Co. owned about 3.52% of Agree Realty worth $274,693,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. MCF Advisors LLC bought a new position in Agree Realty in the second quarter worth approximately $26,000. UMB Bank n.a. raised its holdings in Agree Realty by 44.5% in the 3rd quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust's stock worth $73,000 after purchasing an additional 299 shares during the period. Arcadia Investment Management Corp MI purchased a new position in Agree Realty during the third quarter valued at $75,000. Wilmington Savings Fund Society FSB bought a new stake in Agree Realty during the third quarter valued at about $77,000. Finally, Headlands Technologies LLC increased its position in Agree Realty by 232.0% in the second quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust's stock worth $71,000 after buying an additional 798 shares in the last quarter. Hedge funds and other institutional investors own 97.83% of the company's stock.

Analysts Set New Price Targets

ADC has been the topic of a number of analyst reports. UBS Group lifted their price objective on Agree Realty from $77.00 to $79.00 and gave the company a "neutral" rating in a research report on Thursday, November 14th. Evercore ISI initiated coverage on shares of Agree Realty in a research report on Thursday, December 12th. They issued an "outperform" rating and a $82.00 price target for the company. JMP Securities downgraded shares of Agree Realty from an "outperform" rating to a "market perform" rating in a research report on Tuesday, December 17th. KeyCorp lifted their target price on shares of Agree Realty from $68.00 to $80.00 and gave the company an "overweight" rating in a research note on Friday, October 4th. Finally, Robert W. Baird increased their price target on Agree Realty from $67.00 to $76.00 and gave the stock an "outperform" rating in a research note on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, five have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $78.03.

Agree Realty Price Performance

Shares of ADC traded down $0.39 during mid-day trading on Monday, hitting $69.91. 450,172 shares of the stock were exchanged, compared to its average volume of 954,118. The firm has a 50-day moving average of $74.44 and a two-hundred day moving average of $71.71. Agree Realty Co. has a 52-week low of $54.28 and a 52-week high of $78.39. 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 company has a market cap of $7.24 billion, a PE ratio of 38.62, a price-to-earnings-growth ratio of 3.66 and a beta of 0.62.

Agree Realty (NYSE:ADC - Get Free Report) last released its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.03 by ($0.61). The business had revenue of $154.33 million for the quarter, compared to analysts' expectations of $152.83 million. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. Agree Realty's revenue for the quarter was up 12.8% compared to the same quarter last year. During the same period in the previous year, the company earned $1.00 EPS. On average, equities analysts predict that Agree Realty Co. will post 4.12 earnings per share for the current year.

Agree Realty Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $0.253 dividend. This represents a $3.04 annualized dividend and a dividend yield of 4.34%. The ex-dividend date is Tuesday, December 31st. Agree Realty's payout ratio is 167.40%.

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.