Fmr LLC Lowers Holdings in Agree Realty Co. (NYSE:ADC)

FMR LLC decreased its holdings in Agree Realty Co. (NYSE:ADC - Free Report) by 25.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,662,947 shares of the real estate investment trust's stock after selling 575,837 shares during the period. FMR LLC owned 1.61% of Agree Realty worth $117,155,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Spire Wealth Management bought a new stake in Agree Realty in the fourth quarter worth about $411,000. abrdn plc grew its position in Agree Realty by 33.7% in the 4th quarter. abrdn plc now owns 27,497 shares of the real estate investment trust's stock valued at $1,922,000 after acquiring an additional 6,924 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Agree Realty by 37.3% in 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. Sage Investment Counsel LLC bought a new stake in shares of Agree Realty during the fourth quarter worth $329,000. Finally, Oppenheimer Asset Management Inc. boosted its stake in shares of Agree Realty by 24.6% during the fourth quarter. Oppenheimer Asset Management Inc. now owns 19,129 shares of the real estate investment trust's stock valued at $1,348,000 after purchasing an additional 3,776 shares during the period. Hedge funds and other institutional investors own 97.83% of the company's stock.

Wall Street Analyst Weigh In

ADC has been the subject of several research reports. Stifel Nicolaus lowered their price objective on shares of Agree Realty from $81.50 to $81.00 and set a "buy" rating for the company in a research report on Tuesday, January 7th. Wells Fargo & Company raised their price objective on Agree Realty from $78.00 to $81.00 and gave the stock an "overweight" rating in a report on Monday, March 10th. Mizuho increased their price target on Agree Realty from $74.00 to $81.00 and gave the stock a "neutral" rating in a research report on Thursday, April 3rd. UBS Group upgraded Agree Realty from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $79.00 to $84.00 in a report on Monday, January 6th. Finally, Barclays raised shares of Agree Realty from an "underweight" rating to an "equal weight" rating and raised their target price for the company from $74.00 to $75.00 in a research report on Tuesday, March 4th. Five investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Agree Realty currently has a consensus rating of "Moderate Buy" and an average price target of $80.38.

Agree Realty Stock Performance

Shares of Agree Realty stock traded up $1.03 during midday trading on Friday, hitting $78.99. The company had a trading volume of 1,146,070 shares, compared to its average volume of 985,921. The stock has a market cap of $8.48 billion, a price-to-earnings ratio of 44.38, a PEG ratio of 2.88 and a beta of 0.55. Agree Realty Co. has a 12-month low of $55.84 and a 12-month high of $79.61. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.52. The company has a fifty day simple moving average of $74.65 and a 200 day simple moving average of $73.92.

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, analysts predict that Agree Realty Co. will post 4.27 earnings per share for the current fiscal 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 issued a $0.256 dividend. The ex-dividend date of this dividend is Wednesday, April 30th. This is a positive change from Agree Realty's previous apr 25 dividend of $0.25. This represents a dividend yield of 4.1%. Agree Realty's dividend payout ratio is currently 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.