E. Ohman J or Asset Management AB Lowers Stock Position in Agree Realty Co. (NYSE:ADC)

E. Ohman J or Asset Management AB lessened its holdings in shares of Agree Realty Co. (NYSE:ADC - Free Report) by 12.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 23,638 shares of the real estate investment trust's stock after selling 3,449 shares during the period. E. Ohman J or Asset Management AB's holdings in Agree Realty were worth $1,665,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ADC. Sanctuary Advisors LLC purchased a new stake in Agree Realty in the second quarter worth about $1,235,000. SG Americas Securities LLC grew its stake in shares of Agree Realty by 33.9% in the 3rd quarter. SG Americas Securities LLC now owns 17,305 shares of the real estate investment trust's stock worth $1,304,000 after buying an additional 4,385 shares during the last quarter. Handelsbanken Fonder AB increased its position in Agree Realty by 60.0% during the 3rd quarter. Handelsbanken Fonder AB now owns 29,337 shares of the real estate investment trust's stock valued at $2,210,000 after buying an additional 11,000 shares in the last quarter. GAMMA Investing LLC raised its stake in Agree Realty by 53.5% during the third quarter. GAMMA Investing LLC now owns 2,154 shares of the real estate investment trust's stock valued at $162,000 after buying an additional 751 shares during the last quarter. Finally, Azzad Asset Management Inc. ADV boosted its holdings in Agree Realty by 2.5% in the third quarter. Azzad Asset Management Inc. ADV now owns 11,340 shares of the real estate investment trust's stock worth $854,000 after acquiring an additional 277 shares in the last quarter. 97.83% of the stock is owned by hedge funds and other institutional investors.

Agree Realty Stock Performance

Shares of NYSE ADC traded down $0.15 during midday trading on Friday, hitting $72.92. 578,908 shares of the company's stock traded hands, compared to its average volume of 717,054. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66. The stock has a market capitalization of $7.55 billion, a price-to-earnings ratio of 40.29, a price-to-earnings-growth ratio of 2.87 and a beta of 0.65. The firm has a fifty day moving average of $72.03 and a 200 day moving average of $73.33. Agree Realty Co. has a 1 year low of $54.28 and a 1 year high of $78.39.

Agree Realty Dividend Announcement

The firm also recently declared a feb 25 dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be given a $0.253 dividend. The ex-dividend date is Friday, February 28th. This represents a yield of 4.2%. Agree Realty's payout ratio is presently 167.96%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ADC. Wells Fargo & Company reduced their price target on Agree Realty from $80.00 to $79.00 and set an "overweight" rating for the company in a report on Monday, November 4th. JMP Securities cut shares of Agree Realty from an "outperform" rating to a "market perform" rating in a report on Tuesday, December 17th. Truist Financial upped their target price on shares of Agree Realty from $77.00 to $80.00 and gave the stock a "buy" rating in a research note on Wednesday, October 30th. 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 price target for the company. Finally, Robert W. Baird upped their price objective on Agree Realty from $67.00 to $76.00 and gave the company an "outperform" rating in a research report on Tuesday, October 29th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $78.93.

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.