Agree Realty Co. (NYSE:ADC) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. lessened its stake in Agree Realty Co. (NYSE:ADC - Free Report) by 45.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,984,335 shares of the real estate investment trust's stock after selling 1,662,191 shares during the quarter. JPMorgan Chase & Co. owned approximately 1.92% of Agree Realty worth $139,796,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of ADC. FMR LLC raised its stake in shares of Agree Realty by 729.3% in the third quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust's stock valued at $168,648,000 after buying an additional 1,968,811 shares during the period. BNP Paribas Financial Markets increased its holdings in Agree Realty by 168.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 103,731 shares of the real estate investment trust's stock worth $7,814,000 after acquiring an additional 65,127 shares during the last quarter. Bamco Inc. NY bought a new stake in Agree Realty in the 3rd quarter valued at about $7,159,000. HighTower Advisors LLC lifted its holdings in Agree Realty by 24.5% during the third quarter. HighTower Advisors LLC now owns 12,472 shares of the real estate investment trust's stock valued at $957,000 after purchasing an additional 2,453 shares during the last quarter. Finally, Heitman Real Estate Securities LLC boosted its position in Agree Realty by 32.0% during the third quarter. Heitman Real Estate Securities LLC now owns 750,308 shares of the real estate investment trust's stock worth $56,521,000 after purchasing an additional 182,000 shares during the period. Hedge funds and other institutional investors own 97.83% of the company's stock.

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Agree Realty Price Performance

Shares of ADC traded down $2.45 during mid-day trading on Friday, hitting $74.34. 1,582,250 shares of the stock were exchanged, compared to its average volume of 964,232. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market cap of $7.98 billion, a PE ratio of 41.76, a price-to-earnings-growth ratio of 2.88 and a beta of 0.55. Agree Realty Co. has a 52-week low of $54.78 and a 52-week high of $78.39. The firm has a 50-day moving average of $74.22 and a two-hundred day moving average of $73.91.

Agree Realty (NYSE:ADC - Get Free Report) last announced its earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 EPS for the quarter, topping analysts' consensus estimates of $0.43 by $0.61. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. On average, equities analysts predict that Agree Realty Co. will post 4.27 earnings per share for the current year.

Agree Realty Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Monday, April 14th. Shareholders of record on Monday, March 31st will be given a $0.253 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $3.04 annualized dividend and a yield of 4.08%. Agree Realty's dividend payout ratio (DPR) is 170.22%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on ADC shares. JMP Securities lowered Agree Realty from an "outperform" rating to a "market perform" rating in a report on Tuesday, December 17th. Barclays upgraded Agree Realty from an "underweight" rating to an "equal weight" rating and raised their target price for the stock from $74.00 to $75.00 in a research note on Tuesday, March 4th. Wells Fargo & Company upped their price target on Agree Realty from $78.00 to $81.00 and gave the company an "overweight" rating in a research report on Monday, March 10th. Stifel Nicolaus cut 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. Finally, Citizens Jmp lowered shares of Agree Realty from a "strong-buy" rating to a "hold" rating in a report on Tuesday, December 17th. Five analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Agree Realty presently has a consensus rating of "Moderate Buy" and an average target price of $80.38.

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.