BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its stake in Agree Realty Co. (NYSE:ADC - Free Report) by 40.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 118,306 shares of the real estate investment trust's stock after purchasing an additional 33,914 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. owned 0.11% of Agree Realty worth $8,912,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. PGGM Investments acquired a new stake in shares of Agree Realty during the second quarter worth $70,225,000. Virtu Financial LLC acquired a new stake in shares of Agree Realty during the first quarter worth $599,000. AQR Capital Management LLC lifted its holdings in shares of Agree Realty by 67.4% during the second quarter. AQR Capital Management LLC now owns 462,868 shares of the real estate investment trust's stock worth $28,476,000 after purchasing an additional 186,285 shares during the period. Walleye Trading LLC acquired a new stake in shares of Agree Realty during the first quarter worth $955,000. Finally, Manning & Napier Advisors LLC acquired a new stake in shares of Agree Realty during the second quarter worth $5,915,000. 97.83% of the stock is currently owned by hedge funds and other institutional investors.
Agree Realty Price Performance
Agree Realty stock traded down $0.05 during midday trading on Monday, reaching $76.41. 961,714 shares of the company were exchanged, compared to its average volume of 963,385. The company has a market capitalization of $7.91 billion, a price-to-earnings ratio of 42.57, a P/E/G ratio of 3.10 and a beta of 0.61. The firm's 50-day simple moving average is $75.10 and its 200-day simple moving average is $69.28. Agree Realty Co. has a 1 year low of $54.28 and a 1 year high of $77.58. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66.
Agree Realty (NYSE:ADC - Get Free Report) last posted its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS for the quarter, missing analysts' consensus estimates of $1.03 by ($0.61). The company had revenue of $154.33 million for the quarter, compared to analysts' expectations of $152.83 million. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The company's revenue for the quarter was up 12.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.00 EPS. On average, analysts anticipate that Agree Realty Co. will post 4.12 EPS for the current year.
Agree Realty Dividend Announcement
The business also recently disclosed a monthly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be given a dividend of $0.253 per share. This represents a $3.04 dividend on an annualized basis and a yield of 3.97%. The ex-dividend date is Friday, November 29th. Agree Realty's dividend payout ratio is presently 167.40%.
Wall Street Analyst Weigh In
A number of equities research analysts have commented on the company. Raymond James raised their target price on Agree Realty from $70.00 to $81.00 and gave the company a "strong-buy" rating in a report on Wednesday, August 21st. Royal Bank of Canada raised their target price on Agree Realty from $79.00 to $80.00 and gave the company an "outperform" rating in a report on Thursday, October 24th. KeyCorp raised their target price on Agree Realty from $68.00 to $80.00 and gave the company an "overweight" rating in a report on Friday, October 4th. Mizuho raised their target price on Agree Realty from $75.00 to $80.00 and gave the company a "neutral" rating in a report on Thursday, November 14th. Finally, Wells Fargo & Company cut their price target on Agree Realty from $80.00 to $79.00 and set an "overweight" rating for the company in a research note on Monday, November 4th. Four analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Agree Realty has a consensus rating of "Moderate Buy" and a consensus price target of $75.73.
Read Our Latest Research Report on Agree Realty
Agree Realty Company Profile
(
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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