Envestnet Asset Management Inc. Raises Stock Position in Agree Realty Co. (NYSE:ADC)

Envestnet Asset Management Inc. raised its holdings in shares of Agree Realty Co. (NYSE:ADC - Free Report) by 3.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 301,751 shares of the real estate investment trust's stock after purchasing an additional 10,446 shares during the quarter. Envestnet Asset Management Inc. owned 0.29% of Agree Realty worth $21,258,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in ADC. CIBC Asset Management Inc lifted its holdings in Agree Realty by 5.2% during the 4th quarter. CIBC Asset Management Inc now owns 3,122 shares of the real estate investment trust's stock valued at $220,000 after buying an additional 153 shares in the last quarter. Carmel Capital Partners LLC raised its stake in shares of Agree Realty by 2.5% during the fourth quarter. Carmel Capital Partners LLC now owns 6,894 shares of the real estate investment trust's stock valued at $486,000 after acquiring an additional 167 shares in the last quarter. UMB Bank n.a. boosted its holdings in shares of Agree Realty by 17.3% in 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 purchasing an additional 168 shares during the period. Sequoia Financial Advisors LLC grew its stake in Agree Realty by 3.8% in the fourth quarter. Sequoia Financial Advisors LLC now owns 4,590 shares of the real estate investment trust's stock worth $323,000 after purchasing an additional 169 shares in the last quarter. Finally, Private Advisor Group LLC increased its holdings in Agree Realty by 3.6% during the 4th quarter. Private Advisor Group LLC now owns 4,909 shares of the real estate investment trust's stock worth $346,000 after purchasing an additional 170 shares during the period. 97.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ADC has been the topic of several research reports. Mizuho raised their price target on Agree Realty from $74.00 to $81.00 and gave the company a "neutral" rating in a research note on Thursday, April 3rd. StockNews.com raised shares of Agree Realty from a "sell" rating to a "hold" rating in a research report on Sunday, February 16th. UBS Group raised shares of Agree Realty from a "neutral" rating to a "buy" rating and upped their price target for the stock from $79.00 to $84.00 in a research report on Monday, January 6th. Barclays raised shares of Agree Realty from an "underweight" rating to an "equal weight" rating and lifted their price objective for the company from $74.00 to $75.00 in a report on Tuesday, March 4th. Finally, Wells Fargo & Company upped their target price on Agree Realty from $78.00 to $81.00 and gave the stock an "overweight" rating in a report on Monday, March 10th. 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. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $80.38.

Agree Realty Stock Performance

ADC stock traded up $1.03 during trading on Friday, reaching $78.99. The company had a trading volume of 1,146,070 shares, compared to its average volume of 985,157. The company has a market cap of $8.48 billion, a price-to-earnings ratio of 44.38, a price-to-earnings-growth ratio of 2.88 and a beta of 0.55. Agree Realty Co. has a twelve month low of $55.05 and a twelve month high of $79.61. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a 50-day simple moving average of $74.52 and a 200-day simple moving average of $73.90.

Agree Realty (NYSE:ADC - Get Free Report) last posted its quarterly earnings data on Tuesday, February 11th. The real estate investment trust reported $1.04 EPS for the quarter, topping 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%. As a group, sell-side analysts expect that Agree Realty Co. will post 4.27 earnings per share for the current year.

Agree Realty Increases Dividend

The company also recently disclosed a apr 25 dividend, which will be paid on Wednesday, May 14th. Stockholders of record on Wednesday, April 30th will be paid a $0.256 dividend. This represents a dividend yield of 4.1%. This is a boost from Agree Realty's previous apr 25 dividend of $0.25. The ex-dividend date of this dividend is Wednesday, April 30th. Agree Realty's dividend payout ratio (DPR) is presently 172.47%.

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.