Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Agree Realty Co. (NYSE:ADC - Free Report) by 6.6% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 362,723 shares of the real estate investment trust's stock after purchasing an additional 22,525 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.35% of Agree Realty worth $25,554,000 as of its most recent filing with the SEC.
A number of other large investors have also bought and sold shares of the business. FMR LLC boosted its position in Agree Realty by 729.3% during the 3rd quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust's stock worth $168,648,000 after acquiring an additional 1,968,811 shares during the last quarter. Pathway Financial Advisers LLC boosted its position in Agree Realty by 9,118.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 1,227,756 shares of the real estate investment trust's stock worth $92,487,000 after acquiring an additional 1,214,437 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Agree Realty by 37.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust's stock worth $274,693,000 after acquiring an additional 990,362 shares during the last quarter. Daiwa Securities Group Inc. boosted its position in Agree Realty by 29.4% during the 3rd quarter. Daiwa Securities Group Inc. now owns 2,350,056 shares of the real estate investment trust's stock worth $177,030,000 after acquiring an additional 534,545 shares during the last quarter. Finally, Two Sigma Advisers LP boosted its position in Agree Realty by 92.6% during the 3rd quarter. Two Sigma Advisers LP now owns 714,387 shares of the real estate investment trust's stock worth $53,815,000 after acquiring an additional 343,400 shares during the last quarter. 97.83% of the stock is owned by institutional investors.
Analyst Ratings Changes
Several equities research analysts have recently commented on ADC shares. Deutsche Bank Aktiengesellschaft began coverage on Agree Realty in a report on Wednesday, December 11th. They issued a "buy" rating and a $88.00 price objective for the company. Royal Bank of Canada decreased their price target on Agree Realty from $79.00 to $78.00 and set an "outperform" rating on the stock in a research report on Thursday. UBS Group raised 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. Barclays reduced their price objective on Agree Realty from $76.00 to $74.00 and set an "underweight" rating on the stock in a research note on Tuesday, February 4th. Finally, Mizuho cut their price objective on Agree Realty from $80.00 to $74.00 and set a "neutral" rating on the stock in a research note on Wednesday, January 8th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $79.62.
Check Out Our Latest Stock Report on ADC
Agree Realty Stock Down 1.2 %
Shares of NYSE:ADC traded down $0.85 during trading on Friday, reaching $70.98. 738,394 shares of the stock were exchanged, compared to its average volume of 717,054. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66. Agree Realty Co. has a 1-year low of $54.28 and a 1-year high of $78.39. The stock has a fifty day moving average of $71.71 and a two-hundred day moving average of $73.49. The firm has a market cap of $7.35 billion, a price-to-earnings ratio of 39.21, a price-to-earnings-growth ratio of 2.87 and a beta of 0.65.
Agree Realty (NYSE:ADC - Get Free Report) last announced its quarterly earnings data 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 return on equity of 3.77% and a net margin of 31.62%. Research analysts anticipate that Agree Realty Co. will post 4.13 earnings per share for the current fiscal year.
Agree Realty Announces Dividend
The firm also recently declared a feb 25 dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be issued a $0.253 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a dividend yield of 4.2%. Agree Realty's payout ratio is currently 167.96%.
Agree Realty Company 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.
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