Cibc World Markets Corp Purchases 3,562 Shares of Agree Realty Co. (NYSE:ADC)

Cibc World Markets Corp lifted its holdings in Agree Realty Co. (NYSE:ADC - Free Report) by 13.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,095 shares of the real estate investment trust's stock after purchasing 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 Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of ADC. Versant Capital Management Inc raised its position in Agree Realty by 230.7% in the 4th quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust's stock worth $30,000 after buying an additional 293 shares during the last quarter. Financial Life Planners bought a new position in Agree Realty during the fourth quarter valued at approximately $44,000. MassMutual Private Wealth & Trust FSB boosted its holdings in Agree Realty by 34.4% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust's stock worth $63,000 after purchasing an additional 230 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in Agree Realty during the 3rd quarter valued at $77,000. Finally, UMB Bank n.a. increased its position in Agree Realty by 17.3% during the fourth quarter. UMB Bank n.a. now owns 1,139 shares of the real estate investment trust's stock valued at $80,000 after acquiring an additional 168 shares during the last quarter. 97.83% of the stock is owned by institutional investors.

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Analyst Upgrades and Downgrades

Several analysts recently issued reports on ADC shares. Deutsche Bank Aktiengesellschaft started coverage on shares of Agree Realty in a research report on Wednesday, December 11th. They set a "buy" rating and a $88.00 target price for the company. Evercore ISI initiated coverage on Agree Realty in a research note on Thursday, December 12th. They issued an "outperform" rating and a $82.00 price objective on the stock. Royal Bank of Canada cut their price objective on Agree Realty from $79.00 to $78.00 and set an "outperform" rating for the company in a research note on Thursday, February 13th. Wells Fargo & Company raised their target price on shares of Agree Realty from $78.00 to $81.00 and gave the stock an "overweight" rating in a research note on Monday, March 10th. Finally, Barclays upgraded shares of Agree Realty from an "underweight" rating to an "equal weight" rating and upped their price target for the stock from $74.00 to $75.00 in a research report on Tuesday, March 4th. Five equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Agree Realty presently has a consensus rating of "Moderate Buy" and an average target price of $79.85.

Agree Realty Trading Up 0.9 %

Shares of Agree Realty stock traded up $0.67 during trading on Wednesday, hitting $75.80. The stock had a trading volume of 963,462 shares, compared to its average volume of 923,942. The stock has a market cap of $8.13 billion, a PE ratio of 42.59, a PEG ratio of 2.88 and a beta of 0.64. Agree Realty Co. has a 12 month low of $54.78 and a 12 month high of $78.39. The firm's fifty day simple moving average is $73.53 and its 200-day simple moving average is $73.91. 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 (NYSE:ADC - Get Free Report) last announced its 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 return on equity of 3.70% and a net margin of 30.66%. As a group, sell-side analysts expect that Agree Realty Co. will post 4.27 EPS 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. Stockholders of record on Monday, March 31st will be paid 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 is Monday, March 31st. Agree Realty's dividend payout ratio is currently 170.22%.

About Agree Realty

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.