Spire Wealth Management Invests $411,000 in Agree Realty Co. (NYSE:ADC)

Spire Wealth Management bought a new position in shares of Agree Realty Co. (NYSE:ADC - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 5,840 shares of the real estate investment trust's stock, valued at approximately $411,000.

A number of other large investors also recently modified their holdings of ADC. FMR LLC lifted its holdings in Agree Realty by 729.3% in the third quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust's stock valued at $168,648,000 after buying an additional 1,968,811 shares during the period. Pathway Financial Advisers LLC lifted its holdings 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. lifted its holdings in 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 period. Daiwa Securities Group Inc. lifted its holdings in 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 valued at $177,030,000 after buying an additional 534,545 shares during the period. Finally, Two Sigma Advisers LP lifted its holdings in 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 valued at $53,815,000 after buying an additional 343,400 shares during the period. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. 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 on the stock. JMP Securities downgraded shares of Agree Realty from an "outperform" rating to a "market perform" rating in a research note on Tuesday, December 17th. StockNews.com downgraded shares of Agree Realty from a "hold" rating to a "sell" rating in a research note on Saturday. Citizens Jmp downgraded shares of Agree Realty from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, December 17th. Finally, Wells Fargo & Company lowered their target price on shares of Agree Realty from $80.00 to $79.00 and set an "overweight" rating for the company in a research note on Monday, November 4th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Agree Realty currently has a consensus rating of "Moderate Buy" and a consensus target price of $78.93.

Agree Realty Stock Down 0.2 %

Agree Realty stock traded down $0.15 during mid-day trading on Friday, reaching $72.92. The company's stock had a trading volume of 578,908 shares, compared to its average volume of 717,054. The company has a market capitalization of $7.55 billion, a price-to-earnings ratio of 40.29, a price-to-earnings-growth ratio of 2.87 and a beta of 0.65. Agree Realty Co. has a 12 month low of $54.28 and a 12 month high of $78.39. The business's 50 day simple moving average is $72.03 and its 200 day simple moving average is $73.33. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66.

Agree Realty Dividend Announcement

The firm also recently announced a feb 25 dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be given a $0.253 dividend. This represents a yield of 4.2%. The ex-dividend date is Friday, February 28th. Agree Realty's dividend payout ratio (DPR) is currently 167.96%.

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.