Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Agree Realty Co. (NYSE:ADC - Free Report) by 41.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 80,573 shares of the real estate investment trust's stock after buying an additional 23,598 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.08% of Agree Realty worth $5,676,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Citigroup Inc. increased its holdings in shares of Agree Realty by 348.9% during the third quarter. Citigroup Inc. now owns 347,496 shares of the real estate investment trust's stock valued at $26,177,000 after acquiring an additional 270,093 shares in the last quarter. Spire Wealth Management bought a new stake in Agree Realty during the 4th quarter valued at about $411,000. abrdn plc raised its holdings in Agree Realty by 33.7% in the fourth quarter. abrdn plc now owns 27,497 shares of the real estate investment trust's stock worth $1,922,000 after buying an additional 6,924 shares during the last quarter. JPMorgan Chase & Co. lifted 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 worth $274,693,000 after buying an additional 990,362 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. grew its holdings in shares of 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 buying an additional 3,776 shares during the last quarter. Institutional investors own 97.83% of the company's stock.
Agree Realty Stock Performance
Shares of NYSE:ADC traded down $0.18 during midday trading on Tuesday, hitting $76.98. The company had a trading volume of 1,183,665 shares, compared to its average volume of 915,927. Agree Realty Co. has a 12-month low of $54.78 and a 12-month high of $78.39. The company has a fifty day moving average of $72.78 and a two-hundred day moving average of $73.83. The company has a market cap of $8.26 billion, a price-to-earnings ratio of 43.25, a PEG ratio of 2.88 and a beta of 0.64. 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 (NYSE:ADC - Get Free Report) last issued its quarterly earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 EPS 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%. On average, equities research analysts expect that Agree Realty Co. will post 4.27 EPS for the current fiscal year.
Agree Realty Dividend Announcement
The company also recently declared a monthly dividend, which will be paid on Monday, April 14th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.253 per share. This represents a $3.04 annualized dividend and a yield of 3.94%. The ex-dividend date of this dividend is Monday, March 31st. Agree Realty's dividend payout ratio is currently 170.22%.
Analysts Set New Price Targets
ADC has been the subject of a number of recent analyst reports. Stifel Nicolaus decreased their price objective on shares of Agree Realty from $81.50 to $81.00 and set a "buy" rating for the company in a report on Tuesday, January 7th. UBS Group raised Agree Realty from a "neutral" rating to a "buy" rating and upped their price target for the company from $79.00 to $84.00 in a report on Monday, January 6th. Barclays raised Agree Realty from an "underweight" rating to an "equal weight" rating and increased their price objective for the company from $74.00 to $75.00 in a research report on Tuesday, March 4th. Evercore ISI began coverage on Agree Realty in a research report on Thursday, December 12th. They issued an "outperform" rating and a $82.00 target price for the company. Finally, Mizuho dropped their price target on shares of Agree Realty from $80.00 to $74.00 and set a "neutral" rating on the stock in a report on Wednesday, January 8th. Five investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Agree Realty currently has an average rating of "Moderate Buy" and a consensus price target of $79.85.
View Our Latest Research Report on ADC
Agree Realty Profile
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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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