Charles Schwab Investment Management Inc. increased its holdings in Agree Realty Co. (NYSE:ADC - Free Report) by 3.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,645,652 shares of the real estate investment trust's stock after buying an additional 57,297 shares during the period. Charles Schwab Investment Management Inc. owned 1.59% of Agree Realty worth $115,936,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors have also made changes to their positions in the stock. Citigroup Inc. raised its holdings in 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 acquiring an additional 270,093 shares in the last quarter. Spire Wealth Management bought a new position in shares of Agree Realty in the fourth quarter worth $411,000. abrdn plc raised its stake 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 valued at $1,922,000 after purchasing an additional 6,924 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Agree Realty by 37.3% during 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 purchasing an additional 990,362 shares during the period. Finally, Sage Investment Counsel LLC acquired a new stake in Agree Realty during the fourth quarter worth about $329,000. 97.83% of the stock is currently owned by institutional investors.
Agree Realty Trading Down 0.7 %
NYSE ADC traded down $0.53 during trading hours on Wednesday, reaching $75.39. The company's stock had a trading volume of 509,313 shares, compared to its average volume of 980,973. The firm has a fifty day simple moving average of $72.30 and a 200-day simple moving average of $73.73. 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 Co. has a 52 week low of $54.78 and a 52 week high of $78.39. The stock has a market cap of $8.08 billion, a P/E ratio of 42.36, a P/E/G ratio of 2.88 and a beta of 0.64.
Agree Realty (NYSE:ADC - Get Free Report) last released its quarterly earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share (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%. Equities analysts forecast that Agree Realty Co. will post 4.27 earnings per share for the current fiscal year.
Agree Realty Announces Dividend
The business also recently declared a monthly dividend, which will be paid on Monday, April 14th. Shareholders of record on Monday, March 31st will be given a $0.253 dividend. The ex-dividend date is Monday, March 31st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.03%. Agree Realty's dividend payout ratio (DPR) is presently 170.22%.
Wall Street Analyst Weigh In
Several equities analysts have recently commented on ADC shares. Wells Fargo & Company boosted their target price on shares of Agree Realty from $78.00 to $81.00 and gave the company an "overweight" rating in a research report on Monday. Royal Bank of Canada lowered their price objective on shares of Agree Realty from $79.00 to $78.00 and set an "outperform" rating for the company in a research report on Thursday, February 13th. Evercore ISI started coverage on Agree Realty in a report on Thursday, December 12th. They issued an "outperform" rating and a $82.00 target price on the stock. StockNews.com raised Agree Realty from a "sell" rating to a "hold" rating in a report on Sunday, February 16th. Finally, JMP Securities lowered Agree Realty from an "outperform" rating to a "market perform" rating in a research note on Tuesday, December 17th. Five analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $79.85.
Get Our Latest Analysis on Agree Realty
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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