Raymond James Financial Inc. Purchases New Shares in Agree Realty Co. (NYSE:ADC)

Raymond James Financial Inc. acquired a new position in shares of Agree Realty Co. (NYSE:ADC - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 1,439,058 shares of the real estate investment trust's stock, valued at approximately $101,382,000. Raymond James Financial Inc. owned 1.39% of Agree Realty as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. FMR LLC increased its position in shares of Agree Realty by 729.3% during the third quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust's stock worth $168,648,000 after purchasing an additional 1,968,811 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Agree Realty by 37.3% in the third quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust's stock valued at $274,693,000 after buying an additional 990,362 shares during the last quarter. Daiwa Securities Group Inc. lifted its stake in shares of Agree Realty by 29.4% in the third 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 in the last quarter. Two Sigma Advisers LP lifted its stake in shares of Agree Realty by 92.6% in the third quarter. Two Sigma Advisers LP now owns 714,387 shares of the real estate investment trust's stock worth $53,815,000 after buying an additional 343,400 shares in the last quarter. Finally, Waterfront Capital Partners LLC purchased a new stake in Agree Realty during the 3rd quarter valued at about $21,326,000. 97.83% of the stock is currently owned by institutional investors and hedge funds.

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Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Barclays raised shares of Agree Realty from an "underweight" rating to an "equal weight" rating and raised their target price for the stock from $74.00 to $75.00 in a research note on Tuesday, March 4th. Royal Bank of Canada lowered their price objective on Agree Realty from $79.00 to $78.00 and set an "outperform" rating on the stock in a research note on Thursday, February 13th. Stifel Nicolaus reduced their price target on Agree Realty from $81.50 to $81.00 and set a "buy" rating on the stock in a report on Tuesday, January 7th. 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 price objective for the company. Finally, JMP Securities downgraded Agree Realty from an "outperform" rating to a "market perform" rating in a research report on Tuesday, December 17th. Five investment analysts have rated the stock with 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 stock currently has an average rating of "Moderate Buy" and an average target price of $79.85.

Agree Realty Stock Down 0.9 %

ADC stock traded down $0.67 during midday trading on Wednesday, reaching $75.24. 619,493 shares of the company were exchanged, compared to its average volume of 981,757. The company has a market cap of $8.07 billion, a price-to-earnings ratio of 42.27, a price-to-earnings-growth ratio of 2.88 and a beta of 0.64. 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 stock's 50-day simple moving average is $72.30 and its 200 day simple moving average is $73.73.

Agree Realty (NYSE:ADC - Get Free Report) last announced its quarterly earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 EPS for the quarter, topping the consensus estimate of $0.43 by $0.61. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. On average, equities analysts forecast that Agree Realty Co. will post 4.27 earnings per share for the current year.

Agree Realty Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Monday, April 14th. Investors of record on Monday, March 31st will be given a $0.253 dividend. The ex-dividend date is Monday, March 31st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.03%. Agree Realty's dividend payout ratio (DPR) is presently 170.22%.

Agree Realty Company Profile

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.