LPL Financial LLC boosted its stake in Agree Realty Co. (NYSE:ADC - Free Report) by 35.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 39,342 shares of the real estate investment trust's stock after acquiring an additional 10,252 shares during the quarter. LPL Financial LLC's holdings in Agree Realty were worth $2,772,000 at the end of the most recent reporting period.
Other large investors also recently bought and sold shares of the company. Versant Capital Management Inc boosted its stake in shares of Agree Realty by 230.7% in the fourth quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust's stock valued at $30,000 after purchasing an additional 293 shares during the period. Financial Life Planners purchased a new position in Agree Realty in the 4th quarter valued at about $44,000. MassMutual Private Wealth & Trust FSB boosted its position in Agree Realty by 34.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust's stock valued at $63,000 after buying an additional 230 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of Agree Realty during the third quarter valued at about $77,000. Finally, UMB Bank n.a. increased its position in shares of Agree Realty by 17.3% during the fourth quarter. UMB Bank n.a. now owns 1,139 shares of the real estate investment trust's stock worth $80,000 after acquiring an additional 168 shares during the last quarter. Institutional investors and hedge funds own 97.83% of the company's stock.
Agree Realty Price Performance
Shares of Agree Realty stock traded up $0.80 during midday trading on Tuesday, hitting $77.39. 1,637,852 shares of the company were exchanged, compared to its average volume of 982,064. The firm has a 50 day simple moving average of $74.21 and a 200-day simple moving average of $73.82. Agree Realty Co. has a 52 week low of $54.78 and a 52 week high of $78.39. The firm has a market cap of $8.31 billion, a P/E ratio of 43.48, a PEG ratio of 2.88 and a beta of 0.55. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78.
Agree Realty (NYSE:ADC - Get Free Report) last posted its quarterly earnings data 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%. Research analysts forecast that Agree Realty Co. will post 4.27 earnings per share for the current year.
Agree Realty Increases Dividend
The business also recently disclosed a apr 25 dividend, which will be paid on Wednesday, May 14th. Shareholders of record on Wednesday, April 30th will be given a $0.256 dividend. This represents a yield of 4.1%. The ex-dividend date of this dividend is Wednesday, April 30th. This is a boost from Agree Realty's previous apr 25 dividend of $0.25. Agree Realty's dividend payout ratio (DPR) is presently 170.22%.
Analyst Ratings Changes
A number of brokerages have weighed in on ADC. JMP Securities lowered Agree Realty from an "outperform" rating to a "market perform" rating in a research note on Tuesday, December 17th. Mizuho raised their price target on shares of Agree Realty from $74.00 to $81.00 and gave the stock a "neutral" rating in a research report on Thursday, April 3rd. UBS Group raised shares of Agree Realty from a "neutral" rating to a "buy" rating and upped their price target for the company from $79.00 to $84.00 in a report on Monday, January 6th. Citizens Jmp lowered shares of Agree Realty from a "strong-buy" rating to a "hold" rating in a report on Tuesday, December 17th. Finally, Royal Bank of Canada dropped their target price on shares of Agree Realty from $79.00 to $78.00 and set an "outperform" rating for the company in a research report on Thursday, February 13th. 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. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $80.38.
Check Out Our Latest Research Report on ADC
Agree Realty Company Profile
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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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