Geode Capital Management LLC Has $156.33 Million Holdings in Agree Realty Co. (NYSE:ADC)

Geode Capital Management LLC increased its position in shares of Agree Realty Co. (NYSE:ADC - Free Report) by 1.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,074,760 shares of the real estate investment trust's stock after purchasing an additional 30,377 shares during the quarter. Geode Capital Management LLC owned 2.00% of Agree Realty worth $156,327,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of ADC. Dana Investment Advisors Inc. increased its stake in shares of Agree Realty by 0.6% during the second quarter. Dana Investment Advisors Inc. now owns 29,274 shares of the real estate investment trust's stock valued at $1,813,000 after acquiring an additional 170 shares during the period. Capital Square LLC raised its stake in shares of Agree Realty by 1.0% in the 2nd quarter. Capital Square LLC now owns 17,995 shares of the real estate investment trust's stock worth $1,193,000 after buying an additional 179 shares in the last quarter. Blue Trust Inc. lifted its holdings in shares of Agree Realty by 8.8% in the second quarter. Blue Trust Inc. now owns 2,634 shares of the real estate investment trust's stock valued at $150,000 after buying an additional 213 shares during the period. Commonwealth Equity Services LLC boosted its stake in Agree Realty by 3.2% during the second quarter. Commonwealth Equity Services LLC now owns 6,895 shares of the real estate investment trust's stock valued at $427,000 after buying an additional 216 shares in the last quarter. Finally, State of Alaska Department of Revenue grew its holdings in Agree Realty by 0.4% during the third quarter. State of Alaska Department of Revenue now owns 58,934 shares of the real estate investment trust's stock worth $4,438,000 after acquiring an additional 224 shares during the period. 97.83% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on ADC shares. StockNews.com raised shares of Agree Realty from a "sell" rating to a "hold" rating in a research note on Tuesday. Robert W. Baird lifted their price target on shares of Agree Realty from $67.00 to $76.00 and gave the stock an "outperform" rating in a research report on Tuesday, October 29th. JMP Securities downgraded Agree Realty from an "outperform" rating to a "market perform" rating in a research report on Tuesday. Wells Fargo & Company decreased their target price on Agree Realty from $80.00 to $79.00 and set an "overweight" rating on the stock in a report on Monday, November 4th. Finally, Evercore ISI started coverage on Agree Realty in a research report on Thursday, December 12th. They set an "outperform" rating and a $82.00 target price on the stock. One research analyst has rated the stock with a sell rating, four have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $78.03.

Agree Realty Stock Down 1.0 %

Shares of NYSE ADC traded down $0.76 during mid-day trading on Tuesday, reaching $73.29. The company had a trading volume of 1,129,630 shares, compared to its average volume of 941,898. The stock has a fifty day moving average of $75.25 and a two-hundred day moving average of $71.02. Agree Realty Co. has a 12-month low of $54.28 and a 12-month high of $78.39. The company has a market capitalization of $7.59 billion, a price-to-earnings ratio of 40.97, a PEG ratio of 3.66 and a beta of 0.62. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66.

Agree Realty (NYSE:ADC - Get Free Report) last released its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.03 by ($0.61). Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The company had revenue of $154.33 million during the quarter, compared to analysts' expectations of $152.83 million. During the same quarter in the previous year, the company earned $1.00 EPS. The firm's quarterly revenue was up 12.8% compared to the same quarter last year. As a group, equities research analysts expect that Agree Realty Co. will post 4.12 EPS for the current year.

Agree Realty Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a $0.253 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $3.04 dividend on an annualized basis and a yield of 4.14%. Agree Realty's dividend payout ratio (DPR) is currently 167.40%.

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.