KLP Kapitalforvaltning AS acquired a new position in Agree Realty Co. (NYSE:ADC - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 25,700 shares of the real estate investment trust's stock, valued at approximately $1,816,000.
Other institutional investors and hedge funds also recently made changes to their positions in the company. PNC Financial Services Group Inc. grew its holdings in Agree Realty by 3.8% during the third quarter. PNC Financial Services Group Inc. now owns 14,914 shares of the real estate investment trust's stock valued at $1,123,000 after purchasing an additional 549 shares during the period. Cerity Partners LLC lifted its position in shares of Agree Realty by 26.0% during the 3rd quarter. Cerity Partners LLC now owns 36,371 shares of the real estate investment trust's stock valued at $2,740,000 after buying an additional 7,505 shares in the last quarter. FMR LLC grew its stake in shares of Agree Realty by 729.3% during the 3rd quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust's stock valued at $168,648,000 after acquiring 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 in the last quarter. Finally, Waterfront Capital Partners LLC bought a new stake in Agree Realty during the 3rd quarter worth approximately $21,326,000. Hedge funds and other institutional investors own 97.83% of the company's stock.
Analyst Upgrades and Downgrades
A number of research firms have weighed in on ADC. Barclays upgraded shares of Agree Realty from an "underweight" rating to an "equal weight" rating and upped their price target for the stock from $74.00 to $75.00 in a research report on Tuesday, March 4th. StockNews.com upgraded Agree Realty from a "sell" rating to a "hold" rating in a research note on Sunday, February 16th. JMP Securities downgraded Agree Realty from an "outperform" rating to a "market perform" rating in a research report on Tuesday, December 17th. 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 report on Monday, January 6th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Agree Realty in a research note on Wednesday, December 11th. They set a "buy" rating and a $88.00 target price on the stock. Five equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Agree Realty currently has an average rating of "Moderate Buy" and a consensus target price of $79.85.
View Our Latest Stock Analysis on Agree Realty
Agree Realty Price Performance
Agree Realty stock traded down $0.37 during mid-day trading on Tuesday, reaching $76.82. 1,187,825 shares of the company's stock traded hands, compared to its average volume of 956,376. Agree Realty Co. has a 12-month low of $54.78 and a 12-month 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 stock has a 50 day moving average of $73.96 and a two-hundred day moving average of $73.92. The company has a market cap of $8.25 billion, a price-to-earnings ratio of 43.16, a PEG ratio of 2.88 and a beta of 0.64.
Agree Realty (NYSE:ADC - Get Free Report) last announced its earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share (EPS) for the quarter, beating 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%. Equities analysts forecast that Agree Realty Co. will post 4.27 earnings per share for the current year.
Agree Realty Announces Dividend
The business also recently announced a monthly dividend, which will be paid on Monday, April 14th. Stockholders of record on Monday, March 31st will be issued a $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.95%. The ex-dividend date is Monday, March 31st. Agree Realty's dividend payout ratio (DPR) is 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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