Prudential Financial Inc. cut its holdings in Agree Realty Co. (NYSE:ADC - Free Report) by 25.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 940,539 shares of the real estate investment trust's stock after selling 323,246 shares during the period. Prudential Financial Inc. owned 0.91% of Agree Realty worth $66,261,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Pathstone Holdings LLC boosted its position in shares of Agree Realty by 15.9% during the third quarter. Pathstone Holdings LLC now owns 25,833 shares of the real estate investment trust's stock worth $1,946,000 after acquiring an additional 3,535 shares during the last quarter. Caprock Group LLC bought a new position in shares of Agree Realty during the 3rd quarter valued at about $262,000. PNC Financial Services Group Inc. grew its position in shares of Agree Realty by 3.8% during the third quarter. PNC Financial Services Group Inc. now owns 14,914 shares of the real estate investment trust's stock valued at $1,123,000 after purchasing an additional 549 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its holdings in shares of Agree Realty by 40.2% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 118,306 shares of the real estate investment trust's stock worth $8,912,000 after purchasing an additional 33,914 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Agree Realty by 3.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,588,355 shares of the real estate investment trust's stock worth $119,651,000 after buying an additional 57,354 shares in the last quarter. 97.83% of the stock is currently owned by institutional investors.
Agree Realty Trading Up 0.7 %
ADC traded up $0.56 during trading hours on Friday, reaching $76.56. 765,519 shares of the company's stock traded hands, compared to its average volume of 952,021. The firm has a 50-day moving average price of $73.80 and a 200 day moving average price of $73.92. The firm has a market capitalization of $8.22 billion, a PE ratio of 43.01, a PEG ratio of 2.88 and a beta of 0.64. The company has a quick ratio of 0.78, a current 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 issued its earnings results 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 net margin of 30.66% and a return on equity of 3.70%. As a group, sell-side analysts predict that Agree Realty Co. will post 4.27 EPS for the current fiscal year.
Agree Realty Announces Dividend
The business also recently announced a monthly dividend, which will be paid on Monday, April 14th. Stockholders of record on Monday, March 31st will be given a dividend of $0.253 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.97%. The ex-dividend date is Monday, March 31st. Agree Realty's dividend payout ratio (DPR) is presently 170.22%.
Analyst Upgrades and Downgrades
Several equities analysts have weighed in on ADC shares. Wells Fargo & Company raised their price target on Agree Realty from $78.00 to $81.00 and gave the company an "overweight" rating in a report on Monday, March 10th. StockNews.com upgraded shares of Agree Realty from a "sell" rating to a "hold" rating in a research report on Sunday, February 16th. Mizuho lowered their price objective on shares of Agree Realty from $80.00 to $74.00 and set a "neutral" rating for the company in a research report on Wednesday, January 8th. Evercore ISI initiated coverage on shares of Agree Realty in a report on Thursday, December 12th. They issued an "outperform" rating and a $82.00 target price on the stock. Finally, JMP Securities downgraded shares of Agree Realty from an "outperform" rating to a "market perform" rating in a report on Tuesday, December 17th. 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 stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $79.85.
Check Out Our Latest Analysis on Agree Realty
Agree Realty 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.
See Also
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
If a company's CEO, COO, and CFO were all selling shares of their stock, would you want to know? MarketBeat just compiled its list of the twelve stocks that corporate insiders are abandoning. Complete the form below to see which companies made the list.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
