Thrivent Financial for Lutherans reduced its position in shares of Agree Realty Co. (NYSE:ADC - Free Report) by 25.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,012,468 shares of the real estate investment trust's stock after selling 340,612 shares during the period. Thrivent Financial for Lutherans owned approximately 0.98% of Agree Realty worth $71,329,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Citigroup Inc. boosted its position in shares of Agree Realty by 348.9% in the third quarter. Citigroup Inc. now owns 347,496 shares of the real estate investment trust's stock valued at $26,177,000 after acquiring an additional 270,093 shares during the period. Spire Wealth Management bought a new stake in Agree Realty in the 4th quarter valued at about $411,000. abrdn plc grew its position in shares of Agree Realty by 33.7% during the 4th quarter. abrdn plc now owns 27,497 shares of the real estate investment trust's stock worth $1,922,000 after purchasing an additional 6,924 shares in the last quarter. JPMorgan Chase & Co. increased its holdings 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 worth $274,693,000 after purchasing an additional 990,362 shares during the period. Finally, Oppenheimer Asset Management Inc. raised its position in shares of Agree Realty by 24.6% in the fourth quarter. Oppenheimer Asset Management Inc. now owns 19,129 shares of the real estate investment trust's stock valued at $1,348,000 after buying an additional 3,776 shares in the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.
Agree Realty Price Performance
Shares of NYSE:ADC traded down $0.78 during trading on Friday, hitting $75.48. 2,079,779 shares of the company were exchanged, compared to its average volume of 925,833. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.52. Agree Realty Co. has a 1-year low of $54.78 and a 1-year high of $78.39. The company has a market capitalization of $8.10 billion, a P/E ratio of 42.40, a price-to-earnings-growth ratio of 2.88 and a beta of 0.64. The business's 50 day moving average is $73.32 and its 200-day moving average is $73.91.
Agree Realty (NYSE:ADC - Get Free Report) last posted its earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 EPS for the quarter, beating the consensus estimate of $0.43 by $0.61. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. Equities analysts forecast that Agree Realty Co. will post 4.27 earnings per share for the current year.
Agree Realty Announces Dividend
The firm also recently announced a monthly dividend, which will be paid on Monday, April 14th. Investors of record on Monday, March 31st will be given a dividend of $0.253 per share. The ex-dividend date is Monday, March 31st. This represents a $3.04 annualized dividend and a yield of 4.02%. Agree Realty's dividend payout ratio is presently 170.22%.
Analyst Ratings Changes
A number of brokerages recently issued reports on ADC. JMP Securities downgraded Agree Realty from an "outperform" rating to a "market perform" rating in a research report on Tuesday, December 17th. Wells Fargo & Company increased their target price on Agree Realty from $78.00 to $81.00 and gave the stock an "overweight" rating in a report on Monday, March 10th. Mizuho dropped their price target on Agree Realty from $80.00 to $74.00 and set a "neutral" rating for the company in a research note on Wednesday, January 8th. Stifel Nicolaus reduced 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. Finally, BTIG Research boosted their target price on shares of Agree Realty from $74.00 to $78.00 and gave the company a "buy" rating in a research report on Wednesday, November 27th. Five research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Agree Realty has a consensus rating of "Moderate Buy" and a consensus price target of $79.85.
Get Our Latest Stock Report on ADC
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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