Marshall Wace LLP boosted its stake in Agree Realty Co. (NYSE:ADC - Free Report) by 30.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 261,974 shares of the real estate investment trust's stock after purchasing an additional 60,768 shares during the period. Marshall Wace LLP owned approximately 0.25% of Agree Realty worth $18,456,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also made changes to their positions in ADC. Spire Wealth Management acquired a new stake in Agree Realty in the fourth quarter worth about $411,000. abrdn plc raised its holdings in Agree Realty by 33.7% in 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. Envestnet Asset Management Inc. lifted its holdings in shares of Agree Realty by 3.6% during the fourth quarter. Envestnet Asset Management Inc. now owns 301,751 shares of the real estate investment trust's stock valued at $21,258,000 after acquiring an additional 10,446 shares during the period. JPMorgan Chase & Co. raised its stake in shares of 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 acquiring an additional 990,362 shares during the last quarter. Finally, Sage Investment Counsel LLC acquired a new position in shares of Agree Realty in the 4th quarter valued at $329,000. 97.83% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of brokerages have recently issued reports on ADC. StockNews.com upgraded Agree Realty from a "sell" rating to a "hold" rating in a research note on Sunday, February 16th. Stifel Nicolaus upped their price target on shares of Agree Realty from $81.00 to $82.50 and gave the stock a "buy" rating in a report on Wednesday. Mizuho increased their price objective on shares of Agree Realty from $74.00 to $81.00 and gave the company a "neutral" rating in a research note on Thursday, April 3rd. Evercore ISI increased their price objective on Agree Realty from $82.00 to $83.00 and gave the company an "outperform" rating in a report on Thursday. Finally, UBS Group upgraded Agree Realty from a "neutral" rating to a "buy" rating and upped their target price for the company from $79.00 to $84.00 in a research report on Monday, January 6th. Five investment 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. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $80.88.
Read Our Latest Stock Analysis on ADC
Agree Realty Trading Down 0.9 %
Shares of Agree Realty stock traded down $0.66 during mid-day trading on Friday, hitting $75.64. The stock had a trading volume of 548,221 shares, compared to its average volume of 1,002,348. Agree Realty Co. has a 12-month low of $57.02 and a 12-month high of $79.65. 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 firm has a 50-day moving average of $75.17 and a two-hundred day moving average of $74.01. The firm has a market cap of $8.12 billion, a P/E ratio of 42.49, a price-to-earnings-growth ratio of 2.88 and a beta of 0.55.
Agree Realty (NYSE:ADC - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.05 by $0.01. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. The firm had revenue of $169.16 million during the quarter, compared to analysts' expectations of $167.77 million. During the same period in the prior year, the firm earned $0.43 EPS. Sell-side 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. Investors of record on Wednesday, April 30th will be given a dividend of $0.256 per share. This represents a yield of 4.1%. The ex-dividend date 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 currently 172.47%.
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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