Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Agree Realty Co. (NYSE:ADC - Free Report) by 5.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 68,023 shares of the real estate investment trust's stock after buying an additional 3,600 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.07% of Agree Realty worth $4,784,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of the business. Vanguard Group Inc. boosted its position in shares of Agree Realty by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 14,549,952 shares of the real estate investment trust's stock valued at $1,025,044,000 after acquiring an additional 219,806 shares during the period. LPL Financial LLC increased its holdings in shares of Agree Realty by 35.2% in the fourth quarter. LPL Financial LLC now owns 39,342 shares of the real estate investment trust's stock worth $2,772,000 after purchasing an additional 10,252 shares during the period. KLP Kapitalforvaltning AS purchased a new stake in shares of Agree Realty in the fourth quarter worth $1,816,000. Sei Investments Co. boosted its stake in Agree Realty by 91.3% during the fourth quarter. Sei Investments Co. now owns 454,253 shares of the real estate investment trust's stock valued at $32,002,000 after buying an additional 216,852 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in shares of Agree Realty by 45.9% during the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 57,574 shares of the real estate investment trust's stock valued at $4,056,000 after acquiring an additional 18,120 shares during the last quarter. 97.83% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of brokerages have recently commented on ADC. Evercore ISI assumed coverage on shares of Agree Realty in a report on Thursday, December 12th. They issued an "outperform" rating and a $82.00 price target on the stock. Mizuho raised their price target on Agree Realty from $74.00 to $81.00 and gave the company a "neutral" rating in a research report on Thursday. Stifel Nicolaus reduced their price objective on Agree Realty from $81.50 to $81.00 and set a "buy" rating on the stock in a research report on Tuesday, January 7th. StockNews.com upgraded Agree Realty from a "sell" rating to a "hold" rating in a research report on Sunday, February 16th. Finally, Wells Fargo & Company lifted their price target on shares of Agree Realty from $78.00 to $81.00 and gave the stock an "overweight" rating in a research note on Monday, March 10th. Five equities research 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 stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $80.38.
Check Out Our Latest Research Report on ADC
Agree Realty Trading Down 3.2 %
Shares of Agree Realty stock traded down $2.45 during midday trading on Friday, reaching $74.34. 1,582,250 shares of the company's stock traded hands, compared to its average volume of 964,232. The stock has a 50 day moving average of $74.22 and a 200-day moving average of $73.91. Agree Realty Co. has a 12 month low of $54.78 and a 12 month high of $78.39. 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. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.78 and a current ratio of 0.78.
Agree Realty (NYSE:ADC - Get Free Report) last posted its earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share 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%. As a group, equities analysts expect that Agree Realty Co. will post 4.27 EPS for the current fiscal year.
Agree Realty Dividend Announcement
The firm also recently disclosed a monthly dividend, which will be paid on Monday, April 14th. Investors of record on Monday, March 31st will be paid a dividend of $0.253 per share. This represents a $3.04 annualized dividend and a yield of 4.08%. The ex-dividend date is Monday, March 31st. Agree Realty's payout ratio is currently 170.22%.
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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