Agree Realty Co. (NYSE:ADC) Stake Raised by Rhumbline Advisers

Rhumbline Advisers increased its stake in Agree Realty Co. (NYSE:ADC - Free Report) by 2.7% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 318,379 shares of the real estate investment trust's stock after acquiring an additional 8,276 shares during the period. Rhumbline Advisers owned approximately 0.31% of Agree Realty worth $22,430,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of ADC. Versant Capital Management Inc raised its holdings in Agree Realty by 230.7% in the fourth quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust's stock valued at $30,000 after buying an additional 293 shares during the period. Financial Life Planners purchased a new position in Agree Realty in the fourth quarter valued at approximately $44,000. MassMutual Private Wealth & Trust FSB raised its holdings in Agree Realty by 34.4% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust's stock valued at $63,000 after buying an additional 230 shares during the period. Arcadia Investment Management Corp MI purchased a new position in Agree Realty in the third quarter valued at approximately $75,000. Finally, Wilmington Savings Fund Society FSB purchased a new position in Agree Realty in the third quarter valued at approximately $77,000. 97.83% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ADC has been the topic of a number of analyst reports. StockNews.com upgraded shares of Agree Realty from a "sell" rating to a "hold" rating in a research note on Sunday, February 16th. BTIG Research lifted their price objective on shares of Agree Realty from $74.00 to $78.00 and gave the company a "buy" rating in a research note on Wednesday, November 27th. Robert W. Baird lifted their price objective on shares of Agree Realty from $67.00 to $76.00 and gave the company an "outperform" rating in a research note on Tuesday, October 29th. Truist Financial lifted their price objective on shares of Agree Realty from $77.00 to $80.00 and gave the company a "buy" rating in a research note on Wednesday, October 30th. Finally, Stifel Nicolaus dropped their price objective on shares of Agree Realty from $81.50 to $81.00 and set a "buy" rating on the stock in a research note on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Agree Realty currently has an average rating of "Moderate Buy" and a consensus target price of $79.62.

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 has a market cap of $7.80 billion, a price-to-earnings ratio of 40.86, a PEG ratio of 2.82 and a beta of 0.65. The business has a 50 day moving average price of $71.43 and a 200-day moving average price of $73.50. 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 twelve month low of $54.28 and a twelve month high of $78.39.

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 EPS for the quarter, topping 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%. 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 declared a feb 25 dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 28th will be issued a dividend of $0.253 per share. This represents a dividend yield of 4.2%. The ex-dividend date of this dividend is Friday, February 28th. Agree Realty's dividend payout ratio (DPR) is 170.79%.

Agree Realty 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.