Nebula Research & Development LLC Purchases New Position in Agree Realty Co. (NYSE:ADC)

Nebula Research & Development LLC acquired a new position in shares of Agree Realty Co. (NYSE:ADC - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 13,853 shares of the real estate investment trust's stock, valued at approximately $976,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Cohen & Steers Inc. increased its position in shares of Agree Realty by 43.0% during the 4th quarter. Cohen & Steers Inc. now owns 9,767,632 shares of the real estate investment trust's stock worth $688,108,000 after purchasing an additional 2,937,147 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Agree Realty during the fourth quarter worth approximately $101,382,000. Invesco Ltd. raised its stake in shares of Agree Realty by 85.6% in the fourth quarter. Invesco Ltd. now owns 2,212,852 shares of the real estate investment trust's stock valued at $155,895,000 after acquiring an additional 1,020,512 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Agree Realty by 37.3% in the 3rd 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 in the last quarter. Finally, Norges Bank bought a new stake in Agree Realty during the 4th quarter worth approximately $48,862,000. 97.83% of the stock is owned by institutional investors.

Agree Realty Trading Down 0.8 %

NYSE:ADC opened at $75.66 on Friday. The firm has a market capitalization of $8.32 billion, a price-to-earnings ratio of 42.51, a PEG ratio of 2.88 and a beta of 0.55. Agree Realty Co. has a 1-year low of $57.02 and a 1-year high of $79.65. The business's 50-day moving average price is $75.26 and its two-hundred day moving average price is $74.03. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52.

Agree Realty (NYSE:ADC - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $167.77 million. During the same quarter last year, the firm earned $0.43 EPS. On average, equities analysts expect that Agree Realty Co. will post 4.27 earnings per share for the current year.

Agree Realty Increases Dividend

The company 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 $0.256 dividend. The ex-dividend date is Wednesday, April 30th. This represents a dividend yield of 4.1%. This is a boost from Agree Realty's previous apr 25 dividend of $0.25. Agree Realty's dividend payout ratio is currently 173.45%.

Analysts Set New Price Targets

ADC has been the topic of a number of recent analyst reports. Mizuho boosted their price objective on Agree Realty from $74.00 to $81.00 and gave the stock a "neutral" rating in a research note on Thursday, April 3rd. Robert W. Baird raised their price objective on shares of Agree Realty from $76.00 to $80.00 and gave the company an "outperform" rating in a research report on Friday. UBS Group raised shares of Agree Realty from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $79.00 to $84.00 in a research note on Monday, January 6th. Stifel Nicolaus increased their price target on shares of Agree Realty from $81.00 to $82.50 and gave the company a "buy" rating in a research note on Wednesday. Finally, Wells Fargo & Company boosted their price objective on shares of Agree Realty from $78.00 to $81.00 and gave the stock an "overweight" rating in a research report on Monday, March 10th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $80.88.

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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