MetLife Investment Management LLC Has $4.32 Million Holdings in Agree Realty Co. (NYSE:ADC)

MetLife Investment Management LLC lifted its position in Agree Realty Co. (NYSE:ADC - Free Report) by 11.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 61,326 shares of the real estate investment trust's stock after purchasing an additional 6,414 shares during the quarter. MetLife Investment Management LLC owned 0.06% of Agree Realty worth $4,320,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. CIBC Asset Management Inc raised its stake in shares of Agree Realty by 5.2% in the 4th quarter. CIBC Asset Management Inc now owns 3,122 shares of the real estate investment trust's stock valued at $220,000 after buying an additional 153 shares in the last quarter. Carmel Capital Partners LLC raised its position in Agree Realty by 2.5% in the fourth quarter. Carmel Capital Partners LLC now owns 6,894 shares of the real estate investment trust's stock worth $486,000 after purchasing an additional 167 shares in the last quarter. UMB Bank n.a. lifted its stake in 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 purchasing an additional 168 shares during the period. Sequoia Financial Advisors LLC boosted its holdings in Agree Realty by 3.8% during the fourth quarter. Sequoia Financial Advisors LLC now owns 4,590 shares of the real estate investment trust's stock valued at $323,000 after purchasing an additional 169 shares in the last quarter. Finally, Private Advisor Group LLC grew its stake in shares of Agree Realty by 3.6% in the 4th quarter. Private Advisor Group LLC now owns 4,909 shares of the real estate investment trust's stock valued at $346,000 after purchasing an additional 170 shares during the period. 97.83% of the stock is owned by institutional investors.

Agree Realty Price Performance

Shares of ADC stock opened at $76.25 on Friday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.52. Agree Realty Co. has a 12 month low of $57.02 and a 12 month high of $79.65. The firm has a market cap of $8.19 billion, a price-to-earnings ratio of 42.84, a PEG ratio of 2.88 and a beta of 0.55. The stock has a 50-day moving average price of $75.17 and a 200 day moving average price of $74.01.

Agree Realty (NYSE:ADC - Get Free Report) last posted its quarterly earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share for the quarter, topping analysts' consensus estimates of $1.05 by $0.01. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. The business had revenue of $169.16 million during the quarter, compared to the consensus estimate of $167.77 million. During the same period in the previous year, the firm posted $0.43 earnings per share. Research analysts expect that Agree Realty Co. will post 4.27 EPS for the current year.

Agree Realty Increases Dividend

The business also recently declared a apr 25 dividend, which will be paid on Wednesday, May 14th. Stockholders of record on Wednesday, April 30th will be given a $0.256 dividend. This is a positive change from Agree Realty's previous apr 25 dividend of $0.25. This represents a dividend yield of 4.1%. The ex-dividend date is Wednesday, April 30th. Agree Realty's dividend payout ratio (DPR) is currently 172.47%.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Evercore ISI boosted their price target on Agree Realty from $82.00 to $83.00 and gave the company an "outperform" rating in a research note on Thursday. Wells Fargo & Company boosted their target price on shares of Agree Realty from $78.00 to $81.00 and gave the company an "overweight" rating in a research note on Monday, March 10th. Barclays raised shares of Agree Realty from an "underweight" rating to an "equal weight" rating and lifted their price target for the company from $74.00 to $75.00 in a report on Tuesday, March 4th. UBS Group upgraded shares of Agree Realty from a "neutral" rating to a "buy" rating and boosted their price target for the company from $79.00 to $84.00 in a research report on Monday, January 6th. Finally, Stifel Nicolaus lifted their target price on shares of Agree Realty from $81.00 to $82.50 and gave the company a "buy" rating in a research note on Wednesday. Five investment 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. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $80.58.

About Agree Realty

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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