T. Rowe Price Investment Management Inc. trimmed its holdings in Agree Realty Co. (NYSE:ADC - Free Report) by 11.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 419,901 shares of the real estate investment trust's stock after selling 53,851 shares during the quarter. T. Rowe Price Investment Management Inc. owned 0.41% of Agree Realty worth $29,583,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also recently added to or reduced their stakes in ADC. Versant Capital Management Inc boosted its stake in shares of Agree Realty by 230.7% during the 4th quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust's stock worth $30,000 after acquiring an additional 293 shares in the last quarter. Bernard Wealth Management Corp. acquired a new position in shares of Agree Realty in the 4th quarter valued at $31,000. Headlands Technologies LLC increased its stake in Agree Realty by 72.8% in the 4th quarter. Headlands Technologies LLC now owns 558 shares of the real estate investment trust's stock worth $39,000 after purchasing an additional 235 shares in the last quarter. Financial Life Planners acquired a new stake in Agree Realty during the 4th quarter worth about $44,000. Finally, MassMutual Private Wealth & Trust FSB lifted its stake in Agree Realty by 34.4% during 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 in the last quarter. 97.83% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
ADC has been the topic of a number of recent analyst reports. UBS Group upgraded shares of Agree Realty from a "neutral" rating to a "buy" rating and boosted their price target for the company from $79.00 to $84.00 in a report on Monday, January 6th. Evercore ISI boosted their target price on shares of Agree Realty from $82.00 to $83.00 and gave the company an "outperform" rating in a research note on Thursday, April 24th. Barclays raised 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 report on Tuesday, March 4th. Wells Fargo & Company upped their price target on Agree Realty from $78.00 to $81.00 and gave the company an "overweight" rating in a research report on Monday, March 10th. Finally, Robert W. Baird raised their price objective on Agree Realty from $76.00 to $80.00 and gave the stock an "outperform" rating in a research report on Friday. 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 stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $80.88.
View Our Latest Report on Agree Realty
Agree Realty Stock Performance
ADC traded up $0.85 on Tuesday, hitting $77.28. The company had a trading volume of 1,285,537 shares, compared to its average volume of 1,012,217. Agree Realty Co. has a 1-year low of $57.02 and a 1-year high of $79.65. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78. The company's fifty day moving average price is $75.37 and its 200 day moving average price is $74.05. The stock has a market cap of $8.50 billion, a price-to-earnings ratio of 43.42, a price-to-earnings-growth ratio of 2.88 and a beta of 0.55.
Agree Realty (NYSE:ADC - Get Free Report) last posted its quarterly earnings data 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. The business had revenue of $169.16 million during the quarter, compared to the consensus estimate of $167.77 million. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. During the same period in the prior year, the firm earned $0.43 EPS. Equities analysts predict that Agree Realty Co. will post 4.27 earnings per share for the current fiscal year.
Agree Realty Increases Dividend
The firm also recently disclosed a apr 25 dividend, which will be paid on Wednesday, May 14th. Stockholders of record on Wednesday, April 30th will be paid a $0.256 dividend. The ex-dividend date of this dividend is Wednesday, April 30th. This is a positive change from Agree Realty's previous apr 25 dividend of $0.25. This represents a dividend yield of 4.1%. Agree Realty's payout ratio is presently 173.45%.
About Agree Realty
(
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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