Norges Bank acquired a new stake in shares of Agree Realty Co. (NYSE:ADC - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 693,570 shares of the real estate investment trust's stock, valued at approximately $48,862,000. Norges Bank owned 0.67% of Agree Realty as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also made changes to their positions in ADC. Versant Capital Management Inc grew its stake in Agree Realty by 230.7% during the fourth quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust's stock worth $30,000 after buying an additional 293 shares during the period. Financial Life Planners acquired a new stake in Agree Realty in the 4th quarter valued at $44,000. MassMutual Private Wealth & Trust FSB raised its position in Agree Realty by 34.4% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust's stock valued at $63,000 after purchasing an additional 230 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in shares of Agree Realty in the third quarter worth about $77,000. Finally, UMB Bank n.a. lifted its position in Agree Realty by 17.3% during the 4th 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 in the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several equities research analysts recently issued reports on the stock. StockNews.com raised shares of Agree Realty from a "sell" rating to a "hold" rating in a research note on Sunday, February 16th. Stifel Nicolaus cut their price target on Agree Realty from $81.50 to $81.00 and set a "buy" rating on the stock in a research note on Tuesday, January 7th. Wells Fargo & Company raised their price objective on Agree Realty from $78.00 to $81.00 and gave the company an "overweight" rating in a research note on Monday, March 10th. Citizens Jmp downgraded Agree Realty from a "strong-buy" rating to a "hold" rating in a report on Tuesday, December 17th. Finally, Evercore ISI started coverage on Agree Realty in a research note on Thursday, December 12th. They set an "outperform" rating and a $82.00 target price for the company. Five 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.com, the stock has an average rating of "Moderate Buy" and an average target price of $80.38.
Get Our Latest Research Report on ADC
Agree Realty Stock Performance
Shares of NYSE ADC traded up $2.20 during midday trading on Wednesday, hitting $72.88. The company's stock had a trading volume of 1,686,027 shares, compared to its average volume of 975,850. 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 Co. has a 1-year low of $54.78 and a 1-year high of $78.39. The firm's fifty day moving average price is $74.08 and its 200-day moving average price is $73.84. The firm has a market cap of $7.82 billion, a P/E ratio of 40.94, a P/E/G ratio of 2.88 and a beta of 0.55.
Agree Realty (NYSE:ADC - Get Free Report) last issued its earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 EPS for the quarter, beating 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%. On average, sell-side analysts forecast that Agree Realty Co. will post 4.27 EPS for the current fiscal year.
Agree Realty Dividend Announcement
The business also recently announced a monthly dividend, which will be paid on Monday, April 14th. Shareholders of record on Monday, March 31st will be paid a $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 4.17%. The ex-dividend date of this dividend is Monday, March 31st. Agree Realty's payout ratio is 170.22%.
Agree Realty Company Profile
(
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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