93,477 Shares in Agree Realty Co. (NYSE:ADC) Purchased by Ibex Wealth Advisors

Ibex Wealth Advisors bought a new stake in shares of Agree Realty Co. (NYSE:ADC - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 93,477 shares of the real estate investment trust's stock, valued at approximately $6,585,000. Ibex Wealth Advisors owned about 0.09% of Agree Realty as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Citigroup Inc. lifted its position in Agree Realty by 348.9% in the third quarter. Citigroup Inc. now owns 347,496 shares of the real estate investment trust's stock worth $26,177,000 after buying an additional 270,093 shares during 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 buying an additional 990,362 shares during the last quarter. Vanderbilt University lifted its position in Agree Realty by 148.9% in the third quarter. Vanderbilt University now owns 16,933 shares of the real estate investment trust's stock worth $1,276,000 after buying an additional 10,129 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its position in Agree Realty by 40.2% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 118,306 shares of the real estate investment trust's stock worth $8,912,000 after buying an additional 33,914 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Agree Realty by 3.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,588,355 shares of the real estate investment trust's stock worth $119,651,000 after purchasing an additional 57,354 shares during the period. 97.83% of the stock is currently owned by institutional investors.

Agree Realty Stock Up 1.6 %

ADC traded up $1.12 on Thursday, hitting $72.98. The company had a trading volume of 855,091 shares, compared to its average volume of 929,789. The stock has a fifty day moving average price of $72.53 and a 200-day moving average price of $73.06. Agree Realty Co. has a 12-month low of $54.28 and a 12-month high of $78.39. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66. The stock has a market capitalization of $7.55 billion, a price-to-earnings ratio of 40.32, a P/E/G ratio of 2.52 and a beta of 0.64.

Agree Realty Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be issued a $0.253 dividend. This represents a $3.04 annualized dividend and a yield of 4.16%. The ex-dividend date of this dividend is Friday, January 31st. Agree Realty's dividend payout ratio is presently 167.96%.

Analysts Set New Price Targets

A number of analysts have weighed in on ADC shares. 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 research note on Monday, January 6th. Barclays started coverage on Agree Realty in a research note on Tuesday, December 17th. They issued an "underweight" rating and a $76.00 target price on the stock. Mizuho reduced their target price on Agree Realty from $80.00 to $74.00 and set a "neutral" rating on the stock in a research note on Wednesday, January 8th. Evercore ISI began coverage on Agree Realty in a research note on Thursday, December 12th. They issued an "outperform" rating and a $82.00 target price on the stock. Finally, StockNews.com upgraded Agree Realty from a "sell" rating to a "hold" rating in a research note on Wednesday, January 15th. One analyst has rated the stock with a sell rating, four have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Agree Realty has an average rating of "Moderate Buy" and an average target price of $79.07.

Agree Realty Company 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.