Geode Capital Management LLC increased its position in Agree Realty Co. (NYSE:ADC - Free Report) by 2.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,132,252 shares of the real estate investment trust's stock after buying an additional 57,492 shares during the period. Geode Capital Management LLC owned 2.06% of Agree Realty worth $150,255,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. Spire Wealth Management acquired a new position in Agree Realty in the 4th quarter valued at $411,000. abrdn plc raised its holdings 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 in the last quarter. JPMorgan Chase & Co. lifted its position 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 acquired a new stake in shares of Agree Realty during the 4th quarter valued at about $329,000. Finally, Oppenheimer Asset Management Inc. grew its stake in shares of Agree Realty by 24.6% in the 4th 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. 97.83% of the stock is currently owned by institutional investors and hedge funds.
Agree Realty Trading Up 2.6 %
Shares of ADC stock traded up $1.88 on Friday, reaching $74.83. The company had a trading volume of 1,766,194 shares, compared to its average volume of 978,969. The company has a 50-day moving average of $74.13 and a 200-day moving average of $73.81. Agree Realty Co. has a 12 month low of $54.78 and a 12 month high of $78.39. The stock has a market cap of $8.03 billion, a PE ratio of 42.04, a PEG ratio of 2.88 and a beta of 0.55. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52.
Agree Realty (NYSE:ADC - Get Free Report) last posted its earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share 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%. On average, equities analysts forecast that Agree Realty Co. will post 4.27 earnings per share for the current year.
Agree Realty Increases Dividend
The firm also recently announced a apr 25 dividend, which will be paid on Wednesday, May 14th. Investors of record on Wednesday, April 30th will be paid a dividend of $0.256 per share. This represents a 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 is presently 170.22%.
Analyst Ratings Changes
A number of research analysts have issued reports on the company. Citizens Jmp cut Agree Realty from a "strong-buy" rating to a "hold" rating in a report on Tuesday, December 17th. UBS Group raised shares of Agree Realty from a "neutral" rating to a "buy" rating and lifted their price target for the company from $79.00 to $84.00 in a report on Monday, January 6th. Stifel Nicolaus dropped their price objective on shares of Agree Realty from $81.50 to $81.00 and set a "buy" rating for the company in a report on Tuesday, January 7th. Barclays upgraded shares of Agree Realty from an "underweight" rating to an "equal weight" rating and lifted their target price for the company from $74.00 to $75.00 in a research note on Tuesday, March 4th. Finally, StockNews.com upgraded Agree Realty from a "sell" rating to a "hold" rating in a research report on Sunday, February 16th. Five research 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 stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $80.38.
Read Our Latest Report on ADC
About Agree Realty
(
Free Report)
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.
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