Greenland Capital Management LP purchased a new position in shares of Agree Realty Co. (NYSE:ADC - Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 6,996 shares of the real estate investment trust's stock, valued at approximately $493,000.
Several other institutional investors and hedge funds have also modified their holdings of the business. Spire Wealth Management acquired a new position in Agree Realty during the 4th quarter worth $411,000. abrdn plc boosted its position in shares of Agree Realty by 33.7% during 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. grew its stake in shares of Agree Realty by 37.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust's stock valued at $274,693,000 after purchasing an additional 990,362 shares during the period. Sage Investment Counsel LLC acquired a new position in Agree Realty during the fourth quarter worth $329,000. Finally, Oppenheimer Asset Management Inc. lifted its holdings in Agree Realty by 24.6% during 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 last quarter. Institutional investors and hedge funds own 97.83% of the company's stock.
Analysts Set New Price Targets
ADC has been the topic of several research analyst reports. UBS Group upgraded Agree Realty from a "neutral" rating to a "buy" rating and increased their target price for the stock from $79.00 to $84.00 in a report on Monday, January 6th. Royal Bank of Canada decreased their price objective on Agree Realty from $79.00 to $78.00 and set an "outperform" rating for the company in a research note on Thursday, February 13th. Citizens Jmp cut shares of Agree Realty from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, December 17th. Barclays raised Agree Realty from an "underweight" rating to an "equal weight" rating and increased their target price for the stock from $74.00 to $75.00 in a research note on Tuesday, March 4th. Finally, Stifel Nicolaus dropped their target price on Agree Realty from $81.50 to $81.00 and set a "buy" rating on the stock in a research report on Tuesday, January 7th. Five equities research 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.com, Agree Realty presently has a consensus rating of "Moderate Buy" and a consensus target price of $80.38.
Read Our Latest Analysis on ADC
Agree Realty Price Performance
Shares of ADC traded up $1.45 during trading hours on Monday, hitting $76.36. 254,821 shares of the company were exchanged, compared to its average volume of 1,157,038. The firm's fifty day moving average is $74.13 and its 200 day moving average is $73.80. Agree Realty Co. has a fifty-two week low of $54.78 and a fifty-two week high of $78.39. 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 market cap of $8.20 billion, a price-to-earnings ratio of 42.90, a P/E/G ratio of 2.88 and a beta of 0.55.
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 analysts' consensus estimates 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 anticipate that Agree Realty Co. will post 4.27 earnings per share for the current fiscal year.
Agree Realty Increases Dividend
The firm also recently declared a apr 25 dividend, which will be paid on Wednesday, May 14th. Stockholders of record on Wednesday, April 30th will be paid a dividend of $0.256 per share. The ex-dividend date of this dividend is Wednesday, April 30th. This represents a dividend yield of 4.1%. This is an increase from Agree Realty's previous apr 25 dividend of $0.25. Agree Realty's dividend payout ratio (DPR) is presently 170.22%.
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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