Burkehill Global Management LP acquired a new stake in shares of Agree Realty Co. (NYSE:ADC - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 100,000 shares of the real estate investment trust's stock, valued at approximately $7,045,000. Burkehill Global Management LP owned approximately 0.10% of Agree Realty at the end of the most recent reporting period.
Other large investors also recently added to or reduced their stakes in the company. Versant Capital Management Inc raised its stake in shares of Agree Realty by 230.7% during 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 in the last quarter. Financial Life Planners bought a new stake in Agree Realty during the 4th quarter valued at $44,000. MassMutual Private Wealth & Trust FSB lifted its holdings in shares of Agree Realty by 34.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust's stock worth $63,000 after buying an additional 230 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in shares of Agree Realty in the 3rd quarter worth $77,000. Finally, UMB Bank n.a. grew its position in shares of Agree Realty by 17.3% during the 4th quarter. UMB Bank n.a. now owns 1,139 shares of the real estate investment trust's stock worth $80,000 after buying an additional 168 shares in the last quarter. 97.83% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of research firms recently weighed in on ADC. Mizuho lowered their price objective on shares of Agree Realty from $80.00 to $74.00 and set a "neutral" rating for the company in a research note on Wednesday, January 8th. StockNews.com raised shares of Agree Realty from a "sell" rating to a "hold" rating in a research report on Sunday, February 16th. Wells Fargo & Company lifted their price objective on shares of Agree Realty from $78.00 to $81.00 and gave the company an "overweight" rating in a report on Monday. UBS Group raised shares of Agree Realty from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $79.00 to $84.00 in a research note on Monday, January 6th. Finally, Citizens Jmp cut Agree Realty from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, December 17th. 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's stock. Based on data from MarketBeat, Agree Realty currently has a consensus rating of "Moderate Buy" and an average target price of $79.85.
View Our Latest Research Report on Agree Realty
Agree Realty Stock Up 0.6 %
Agree Realty stock traded up $0.48 during midday trading on Thursday, reaching $75.73. The company's stock had a trading volume of 1,722,725 shares, compared to its average volume of 1,002,930. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78. The stock has a market capitalization of $8.12 billion, a P/E ratio of 42.54, a PEG ratio of 2.88 and a beta of 0.64. The stock's 50-day simple moving average is $72.39 and its 200-day simple moving average is $73.74. Agree Realty Co. has a 52-week low of $54.78 and a 52-week high of $78.39.
Agree Realty (NYSE:ADC - Get Free Report) last announced its quarterly earnings data 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%. On average, sell-side analysts expect that Agree Realty Co. will post 4.27 EPS for the current year.
Agree Realty Announces Dividend
The business also recently disclosed a monthly dividend, which will be paid on Monday, April 14th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.253 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.01%. The ex-dividend date of this dividend is Monday, March 31st. Agree Realty's dividend payout ratio (DPR) is presently 170.22%.
Agree Realty 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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