Bank of New York Mellon Corp Grows Holdings in Agree Realty Co. (NYSE:ADC)

Bank of New York Mellon Corp boosted its position in Agree Realty Co. (NYSE:ADC - Free Report) by 7.6% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 1,219,512 shares of the real estate investment trust's stock after acquiring an additional 85,664 shares during the period. Bank of New York Mellon Corp owned 1.18% of Agree Realty worth $85,915,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Versant Capital Management Inc increased its stake in Agree Realty by 230.7% in the fourth quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust's stock valued at $30,000 after acquiring an additional 293 shares during the last quarter. Financial Life Planners bought a new position in Agree Realty during the 4th quarter worth approximately $44,000. MassMutual Private Wealth & Trust FSB grew 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 purchasing an additional 230 shares during the last quarter. Arcadia Investment Management Corp MI bought a new stake in Agree Realty in the 3rd quarter worth $75,000. Finally, Wilmington Savings Fund Society FSB bought a new position in Agree Realty during the 3rd quarter valued at approximately $77,000. 97.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have commented on ADC. Citizens Jmp cut shares of Agree Realty from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, December 17th. Royal Bank of Canada dropped their target price on shares of Agree Realty from $79.00 to $78.00 and set an "outperform" rating on the stock in a report on Thursday, February 13th. BTIG Research lifted their price target on shares of Agree Realty from $74.00 to $78.00 and gave the company a "buy" rating in a research report on Wednesday, November 27th. StockNews.com raised Agree Realty from a "sell" rating to a "hold" rating in a research report on Sunday, February 16th. Finally, UBS Group raised Agree Realty from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $79.00 to $84.00 in a report on Monday, January 6th. Five investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $79.69.

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Agree Realty Stock Performance

Shares of ADC traded down $1.35 during trading hours on Thursday, hitting $74.22. The stock had a trading volume of 265,019 shares, compared to its average volume of 922,197. The firm has a market capitalization of $7.96 billion, a PE ratio of 41.70, a PEG ratio of 2.88 and a beta of 0.65. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78. Agree Realty Co. has a 12 month low of $54.78 and a 12 month high of $78.39. The stock has a fifty day moving average price of $71.85 and a 200 day moving average price of $73.63.

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 the consensus estimate of $0.43 by $0.61. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. Analysts anticipate that Agree Realty Co. will post 4.27 EPS for the current year.

Agree Realty Dividend Announcement

The firm also recently declared a feb 25 dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 28th will be paid a dividend of $0.253 per share. This represents a dividend yield of 4.2%. The ex-dividend date is Friday, February 28th. Agree Realty's dividend payout ratio is presently 170.22%.

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.