Oppenheimer Asset Management Inc. lifted its stake in shares of Agree Realty Co. (NYSE:ADC - Free Report) by 24.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 19,129 shares of the real estate investment trust's stock after purchasing an additional 3,776 shares during the quarter. Oppenheimer Asset Management Inc.'s holdings in Agree Realty were worth $1,348,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. Versant Capital Management Inc grew its position in shares of Agree Realty by 230.7% during the 4th quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust's stock valued at $30,000 after purchasing an additional 293 shares in the last quarter. Financial Life Planners purchased a new position in Agree Realty during the fourth quarter worth about $44,000. MassMutual Private Wealth & Trust FSB increased its stake in Agree Realty by 34.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust's stock worth $63,000 after acquiring an additional 230 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Agree Realty in the 3rd quarter valued at about $77,000. Finally, UMB Bank n.a. boosted its position in shares of 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 valued at $80,000 after acquiring an additional 168 shares during the last quarter. Hedge funds and other institutional investors own 97.83% of the company's stock.
Wall Street Analyst Weigh In
A number of equities research analysts recently weighed in on the stock. Evercore ISI started coverage on shares of Agree Realty in a research note on Thursday, December 12th. They issued an "outperform" rating and a $82.00 target price on the stock. BTIG Research raised their price objective on shares of Agree Realty from $74.00 to $78.00 and gave the company a "buy" rating in a research report on Wednesday, November 27th. UBS Group upgraded shares of Agree Realty from a "neutral" rating to a "buy" rating and upped their target price for the stock from $79.00 to $84.00 in a research report on Monday, January 6th. Mizuho cut their price objective on Agree Realty from $80.00 to $74.00 and set a "neutral" rating for the company in a report on Wednesday, January 8th. Finally, Citizens Jmp downgraded Agree Realty from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, December 17th. 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. According to data from MarketBeat.com, Agree Realty has a consensus rating of "Moderate Buy" and a consensus price target of $79.69.
Check Out Our Latest Stock Analysis on ADC
Agree Realty Trading Up 1.3 %
Shares of ADC stock traded up $1.01 during mid-day trading on Friday, reaching $75.95. The stock had a trading volume of 1,738,058 shares, compared to its average volume of 948,531. The firm has a market capitalization of $8.15 billion, a PE ratio of 42.67, a price-to-earnings-growth ratio of 2.88 and a beta of 0.65. The stock's 50-day moving average price is $71.94 and its two-hundred day moving average price is $73.64. 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 Co. has a 52-week low of $54.78 and a 52-week high of $78.39.
Agree Realty (NYSE:ADC - Get Free Report) last released its quarterly 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%. Equities analysts expect that Agree Realty Co. will post 4.27 earnings per share for the current fiscal year.
Agree Realty Announces Dividend
The business also recently disclosed a feb 25 dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be given a dividend of $0.253 per share. This represents a yield of 4.2%. The ex-dividend date is Friday, February 28th. Agree Realty's payout ratio is currently 170.22%.
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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