Allstate Corp Purchases New Position in Agree Realty Co. (NYSE:ADC)

Allstate Corp bought a new position in Agree Realty Co. (NYSE:ADC - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor bought 33,824 shares of the real estate investment trust's stock, valued at approximately $2,383,000.

Several other institutional investors also recently modified their holdings of the business. Versant Capital Management Inc grew its holdings 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 worth $30,000 after purchasing an additional 293 shares during the period. Financial Life Planners purchased a new stake in shares of Agree Realty in the 4th quarter worth approximately $44,000. MassMutual Private Wealth & Trust FSB increased its position in Agree Realty by 34.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust's stock valued at $63,000 after buying an additional 230 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new position in Agree Realty during the third quarter valued at $77,000. Finally, UMB Bank n.a. boosted its holdings in Agree Realty by 17.3% in the fourth quarter. UMB Bank n.a. now owns 1,139 shares of the real estate investment trust's stock worth $80,000 after acquiring an additional 168 shares in the last quarter. 97.83% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. StockNews.com raised Agree Realty from a "sell" rating to a "hold" rating in a research report on Sunday, February 16th. Evercore ISI began coverage on Agree Realty in a report on Thursday, December 12th. They set an "outperform" rating and a $82.00 price target on the stock. Mizuho lifted their price objective on Agree Realty from $74.00 to $81.00 and gave the stock a "neutral" rating in a report on Thursday. Wells Fargo & Company raised their price target on shares of Agree Realty from $78.00 to $81.00 and gave the company an "overweight" rating in a report on Monday, March 10th. Finally, Royal Bank of Canada reduced their price target on shares of Agree Realty from $79.00 to $78.00 and set an "outperform" rating for the company in a research note on Thursday, February 13th. Five research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $80.38.

Remove Ads

Agree Realty Stock Performance

NYSE:ADC traded up $1.34 during mid-day trading on Thursday, hitting $77.83. 615,753 shares of the company traded hands, compared to its average volume of 953,390. Agree Realty Co. has a one year low of $54.78 and a one year high of $78.39. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.52. The firm has a market cap of $8.36 billion, a price-to-earnings ratio of 43.72, a price-to-earnings-growth ratio of 2.88 and a beta of 0.64. The stock's fifty day moving average price is $74.06 and its 200-day moving average price is $73.93.

Agree Realty (NYSE:ADC - Get Free Report) last released its earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.61. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. Research analysts anticipate that Agree Realty Co. will post 4.27 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Monday, April 14th. Investors of record on Monday, March 31st will be paid a dividend of $0.253 per share. The ex-dividend date is Monday, March 31st. This represents a $3.04 annualized dividend and a yield of 3.90%. Agree Realty's payout ratio is 170.22%.

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.