Agree Realty Co. (NYSE:ADC) Shares Purchased by Cibc World Markets Corp

Cibc World Markets Corp increased its stake in Agree Realty Co. (NYSE:ADC - Free Report) by 13.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 30,095 shares of the real estate investment trust's stock after buying an additional 3,562 shares during the quarter. Cibc World Markets Corp's holdings in Agree Realty were worth $2,120,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. JPMorgan Chase & Co. increased its stake in Agree Realty by 37.3% during the 3rd 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 during the period. Daiwa Securities Group Inc. grew its stake in shares of Agree Realty by 29.4% during the third quarter. Daiwa Securities Group Inc. now owns 2,350,056 shares of the real estate investment trust's stock valued at $177,030,000 after acquiring an additional 534,545 shares in the last quarter. FMR LLC increased its position in shares of Agree Realty by 729.3% during the third quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust's stock worth $168,648,000 after acquiring an additional 1,968,811 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Agree Realty by 1.5% in the third quarter. Geode Capital Management LLC now owns 2,074,760 shares of the real estate investment trust's stock worth $156,327,000 after acquiring an additional 30,377 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Agree Realty by 3.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,645,652 shares of the real estate investment trust's stock valued at $115,936,000 after purchasing an additional 57,297 shares during the last quarter. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Remove Ads

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Evercore ISI assumed coverage on Agree Realty in a report on Thursday, December 12th. They set an "outperform" rating and a $82.00 price objective on the stock. Citizens Jmp lowered shares of Agree Realty from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, December 17th. Mizuho reduced their price objective on shares of Agree Realty from $80.00 to $74.00 and set a "neutral" rating on the stock in a research note on Wednesday, January 8th. BTIG Research boosted 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. Finally, UBS Group raised shares of Agree Realty from a "neutral" rating to a "buy" rating and increased their price target for the stock from $79.00 to $84.00 in a research report on Monday, January 6th. 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 stock. According to data from MarketBeat, Agree Realty has an average rating of "Moderate Buy" and a consensus price target of $79.85.

Agree Realty Stock Performance

ADC stock traded down $0.62 during mid-day trading on Tuesday, reaching $75.09. The company had a trading volume of 660,223 shares, compared to its average volume of 924,948. The stock's 50-day simple moving average is $73.53 and its two-hundred day simple moving average is $73.91. The stock has a market capitalization of $8.05 billion, a P/E ratio of 42.19, a P/E/G ratio of 2.88 and a beta of 0.64. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.52. Agree Realty Co. has a one year low of $54.78 and a one year high of $78.39.

Agree Realty (NYSE:ADC - Get Free Report) last posted 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%. Research analysts anticipate that Agree Realty Co. will post 4.27 EPS for the current year.

Agree Realty Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, April 14th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.253 per share. This represents a $3.04 annualized dividend and a yield of 4.04%. The ex-dividend date is Monday, March 31st. Agree Realty's payout ratio is currently 170.22%.

Agree Realty 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.