Agree Realty Co. (NYSE:ADC) Shares Bought by Pinebridge Investments L.P.

Pinebridge Investments L.P. increased its holdings in Agree Realty Co. (NYSE:ADC - Free Report) by 42.7% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 28,259 shares of the real estate investment trust's stock after buying an additional 8,454 shares during the period. Pinebridge Investments L.P.'s holdings in Agree Realty were worth $1,991,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of ADC. Vanguard Group Inc. grew its holdings in shares of Agree Realty by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 14,549,952 shares of the real estate investment trust's stock valued at $1,025,044,000 after purchasing an additional 219,806 shares during the last quarter. Cohen & Steers Inc. grew its stake in Agree Realty by 43.0% during the 4th quarter. Cohen & Steers Inc. now owns 9,767,632 shares of the real estate investment trust's stock worth $688,108,000 after buying an additional 2,937,147 shares during the last quarter. JPMorgan Chase & Co. increased its position in 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 worth $274,693,000 after buying an additional 990,362 shares during the period. Invesco Ltd. lifted its stake in Agree Realty by 85.6% in the fourth quarter. Invesco Ltd. now owns 2,212,852 shares of the real estate investment trust's stock valued at $155,895,000 after buying an additional 1,020,512 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of Agree Realty by 2.8% during the fourth quarter. Geode Capital Management LLC now owns 2,132,252 shares of the real estate investment trust's stock valued at $150,255,000 after acquiring an additional 57,492 shares during the period. Institutional investors own 97.83% of the company's stock.

Agree Realty Trading Down 0.8 %

Shares of NYSE:ADC opened at $75.66 on Monday. The stock has a market capitalization of $8.32 billion, a price-to-earnings ratio of 42.51, a PEG ratio of 2.88 and a beta of 0.55. Agree Realty Co. has a 1-year low of $57.02 and a 1-year high of $79.65. The company has a 50 day moving average price of $75.26 and a 200 day moving average price of $74.03. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.78 and a current ratio of 0.78.

Agree Realty (NYSE:ADC - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.05 by $0.01. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. The business had revenue of $169.16 million for the quarter, compared to analysts' expectations of $167.77 million. During the same period in the previous year, the firm posted $0.43 EPS. On average, research analysts anticipate that Agree Realty Co. will post 4.27 EPS for the current fiscal year.

Agree Realty Increases Dividend

The company also recently announced 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. This represents a dividend yield of 4.1%. This is a boost from Agree Realty's previous apr 25 dividend of $0.25. The ex-dividend date of this dividend is Wednesday, April 30th. Agree Realty's dividend payout ratio (DPR) is presently 173.45%.

Analyst Ratings Changes

ADC has been the topic of several recent research reports. Mizuho lifted their price objective on shares of Agree Realty from $74.00 to $81.00 and gave the company a "neutral" rating in a research report on Thursday, April 3rd. Wells Fargo & Company boosted their price objective on Agree Realty from $78.00 to $81.00 and gave the stock an "overweight" rating in a research report on Monday, March 10th. Stifel Nicolaus raised their target price on Agree Realty from $81.00 to $82.50 and gave the company a "buy" rating in a research report on Wednesday, April 23rd. StockNews.com lowered Agree Realty from a "hold" rating to a "sell" rating in a research report on Friday. Finally, Royal Bank of Canada lowered their price target on Agree Realty from $79.00 to $78.00 and set an "outperform" rating on the stock in a report on Thursday, February 13th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $80.88.

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.

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