Principal Financial Group Inc. reduced its holdings in shares of Agree Realty Co. (NYSE:ADC - Free Report) by 34.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,728,319 shares of the real estate investment trust's stock after selling 1,458,530 shares during the period. Principal Financial Group Inc. owned 2.64% of Agree Realty worth $192,216,000 as of its most recent SEC filing.
Other hedge funds have also recently made changes to their positions in the company. FMR LLC boosted its position in shares of Agree Realty by 729.3% during the 3rd quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust's stock valued at $168,648,000 after purchasing an additional 1,968,811 shares in the last quarter. Pathway Financial Advisers LLC lifted its stake in Agree Realty by 9,118.1% in the third quarter. Pathway Financial Advisers LLC now owns 1,227,756 shares of the real estate investment trust's stock valued at $92,487,000 after buying an additional 1,214,437 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Agree Realty by 37.3% during 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 buying an additional 990,362 shares in the last quarter. Daiwa Securities Group Inc. grew its position in shares of Agree Realty by 29.4% during the 3rd quarter. Daiwa Securities Group Inc. now owns 2,350,056 shares of the real estate investment trust's stock worth $177,030,000 after buying an additional 534,545 shares during the period. Finally, Two Sigma Advisers LP increased its stake in shares of Agree Realty by 92.6% in the 3rd quarter. Two Sigma Advisers LP now owns 714,387 shares of the real estate investment trust's stock valued at $53,815,000 after acquiring an additional 343,400 shares in the last quarter. 97.83% of the stock is owned by institutional investors.
Agree Realty Stock Performance
Agree Realty stock traded up $1.38 during mid-day trading on Friday, reaching $72.73. The company's stock had a trading volume of 1,293,174 shares, compared to its average volume of 914,476. The firm's fifty day moving average price is $71.43 and its two-hundred day moving average price is $73.50. 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 12-month low of $54.28 and a 12-month high of $78.39. The company has a market capitalization of $7.80 billion, a P/E ratio of 40.86, a PEG ratio of 2.82 and a beta of 0.65.
Agree Realty (NYSE:ADC - Get Free Report) last released its quarterly earnings data on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share (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%. Sell-side analysts predict that Agree Realty Co. will post 4.27 EPS for the current fiscal year.
Agree Realty Announces Dividend
The company also recently disclosed a feb 25 dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be paid a dividend of $0.253 per share. The ex-dividend date is Friday, February 28th. This represents a yield of 4.2%. Agree Realty's dividend payout ratio is currently 170.79%.
Wall Street Analyst Weigh In
A number of research firms have commented on ADC. Royal Bank of Canada reduced their price target on shares of Agree Realty from $79.00 to $78.00 and set an "outperform" rating for the company in a report on Thursday, February 13th. Wells Fargo & Company reduced their target price on Agree Realty from $80.00 to $79.00 and set an "overweight" rating for the company in a research note on Monday, November 4th. Barclays decreased their target price on Agree Realty from $76.00 to $74.00 and set an "underweight" rating for the company in a research report on Tuesday, February 4th. Truist Financial increased their target price on Agree Realty from $77.00 to $80.00 and gave the stock a "buy" rating in a report on Wednesday, October 30th. Finally, Evercore ISI began coverage on shares of Agree Realty in a research report on Thursday, December 12th. They issued an "outperform" rating and a $82.00 price target on the stock. One analyst has rated the stock with a sell rating, four have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $79.62.
Get Our Latest Stock Analysis on Agree Realty
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.
Further Reading
Before you consider Agree Realty, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Agree Realty wasn't on the list.
While Agree Realty currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Thinking about investing in Meta, Roblox, or Unity? Enter your email to learn what streetwise investors need to know about the metaverse and public markets before making an investment.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
