Cbre Investment Management Listed Real Assets LLC lessened its stake in Agree Realty Co. (NYSE:ADC - Free Report) by 2.3% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 413,270 shares of the real estate investment trust's stock after selling 9,787 shares during the quarter. Cbre Investment Management Listed Real Assets LLC owned 0.40% of Agree Realty worth $29,115,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. Citigroup Inc. increased its holdings in shares of Agree Realty by 348.9% in the 3rd quarter. Citigroup Inc. now owns 347,496 shares of the real estate investment trust's stock valued at $26,177,000 after purchasing an additional 270,093 shares in the last quarter. Spire Wealth Management purchased a new position in shares of Agree Realty in the 4th quarter valued at about $411,000. abrdn plc increased its holdings in shares of Agree Realty by 33.7% in the 4th quarter. abrdn plc now owns 27,497 shares of the real estate investment trust's stock valued at $1,922,000 after purchasing an additional 6,924 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Agree Realty by 37.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust's stock valued at $274,693,000 after purchasing an additional 990,362 shares in the last quarter. Finally, KBC Group NV increased its holdings in Agree Realty by 1,670.8% during the 4th quarter. KBC Group NV now owns 43,561 shares of the real estate investment trust's stock valued at $3,069,000 after acquiring an additional 41,101 shares in the last quarter. Hedge funds and other institutional investors own 97.83% of the company's stock.
Agree Realty Trading Up 1.9 %
Agree Realty stock traded up $1.39 during trading on Wednesday, reaching $75.58. The company had a trading volume of 1,263,389 shares, compared to its average volume of 938,226. Agree Realty Co. has a 12-month low of $54.78 and a 12-month high of $78.39. The stock's 50 day moving average price is $71.76 and its two-hundred day moving average price is $73.61. The firm has a market capitalization of $8.11 billion, a price-to-earnings ratio of 42.46, a PEG ratio of 2.88 and a beta of 0.65. 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 released its earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.43 by $0.61. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. As a group, equities analysts expect that Agree Realty Co. will post 4.27 earnings per share for the current fiscal year.
Agree Realty Dividend Announcement
The firm also recently disclosed a feb 25 dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be paid a dividend of $0.253 per share. The ex-dividend date is Friday, February 28th. This represents a yield of 4.2%. Agree Realty's dividend payout ratio is currently 170.22%.
Wall Street Analyst Weigh In
A number of equities analysts have issued reports on the stock. JMP Securities cut shares of Agree Realty from an "outperform" rating to a "market perform" rating in a research report on Tuesday, December 17th. BTIG Research lifted their target price on shares of Agree Realty from $74.00 to $78.00 and gave the stock a "buy" rating in a research report on Wednesday, November 27th. Barclays upgraded shares of Agree Realty from an "underweight" rating to an "equal weight" rating and lifted their target price for the stock from $74.00 to $75.00 in a research report on Tuesday. StockNews.com upgraded shares of Agree Realty from a "sell" rating to a "hold" rating in a research report on Sunday, February 16th. Finally, Evercore ISI assumed coverage on shares of Agree Realty in a research report on Thursday, December 12th. They set an "outperform" rating and a $82.00 target price for the company. Five research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $79.69.
View Our Latest Stock Report on Agree Realty
About Agree Realty
(
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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