Renaissance Technologies LLC Acquires Shares of 36,000 Agree Realty Co. (NYSE:ADC)

Renaissance Technologies LLC bought a new stake in shares of Agree Realty Co. (NYSE:ADC - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund bought 36,000 shares of the real estate investment trust's stock, valued at approximately $2,536,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in ADC. Barclays PLC increased its position in shares of Agree Realty by 129.4% during the third quarter. Barclays PLC now owns 239,783 shares of the real estate investment trust's stock worth $18,062,000 after acquiring an additional 135,274 shares in the last quarter. World Investment Advisors LLC bought a new stake in Agree Realty during the 3rd quarter worth approximately $211,000. Wilmington Savings Fund Society FSB purchased a new stake in shares of Agree Realty in the third quarter worth approximately $77,000. Franklin Resources Inc. lifted its holdings in shares of Agree Realty by 8.2% in the third quarter. Franklin Resources Inc. now owns 66,153 shares of the real estate investment trust's stock valued at $4,917,000 after purchasing an additional 5,039 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its position in shares of Agree Realty by 37.3% during 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. Institutional investors own 97.83% of the company's stock.

Agree Realty Price Performance

ADC traded up $0.75 on Monday, reaching $76.42. The company had a trading volume of 1,471,924 shares, compared to its average volume of 1,010,426. 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 52-week low of $57.02 and a 52-week high of $79.65. The company has a market cap of $8.41 billion, a price-to-earnings ratio of 42.93, a P/E/G ratio of 2.88 and a beta of 0.55. The business has a 50 day simple moving average of $75.26 and a 200 day simple moving average of $74.03.

Agree Realty (NYSE:ADC - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.01. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. The company had revenue of $169.16 million during the quarter, compared to analyst estimates of $167.77 million. During the same period in the previous year, the business earned $0.43 earnings per share. As a group, sell-side analysts anticipate that Agree Realty Co. will post 4.27 EPS for the current year.

Agree Realty Increases Dividend

The firm also recently declared a apr 25 dividend, which will be paid on Wednesday, May 14th. Shareholders of record on Wednesday, April 30th will be given a dividend of $0.256 per share. This is a boost from Agree Realty's previous apr 25 dividend of $0.25. This represents a yield of 4.1%. The ex-dividend date of this dividend is Wednesday, April 30th. Agree Realty's dividend payout ratio (DPR) is presently 173.45%.

Analyst Ratings Changes

Several equities analysts have weighed in on ADC shares. UBS Group upgraded Agree Realty from a "neutral" rating to a "buy" rating and raised their price objective for the company from $79.00 to $84.00 in a research note on Monday, January 6th. StockNews.com downgraded shares of Agree Realty from a "hold" rating to a "sell" rating in a research report on Friday. Royal Bank of Canada cut their target price 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. Evercore ISI increased their price target on Agree Realty from $82.00 to $83.00 and gave the company an "outperform" rating in a research report on Thursday. Finally, Mizuho upped their price objective on Agree Realty from $74.00 to $81.00 and gave the company a "neutral" rating in a research note on Thursday, April 3rd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Agree Realty presently has an average rating of "Moderate Buy" and an average target price of $80.88.

About Agree Realty

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.