5,093 Shares in Agree Realty Co. (NYSE:ADC) Purchased by USA Financial Formulas

USA Financial Formulas bought a new position in shares of Agree Realty Co. (NYSE:ADC - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 5,093 shares of the real estate investment trust's stock, valued at approximately $359,000.

Several other institutional investors also recently modified their holdings of ADC. JPMorgan Chase & Co. boosted its stake 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 shares of Agree Realty by 29.4% during the third quarter. Daiwa Securities Group Inc. now owns 2,350,056 shares of the real estate investment trust's stock worth $177,030,000 after purchasing an additional 534,545 shares in the last quarter. FMR LLC grew its holdings in shares of Agree Realty by 729.3% in the 3rd 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. Geode Capital Management LLC increased its position in shares of Agree Realty by 1.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,074,760 shares of the real estate investment trust's stock valued at $156,327,000 after buying an additional 30,377 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Agree Realty by 3.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,588,355 shares of the real estate investment trust's stock worth $119,651,000 after buying an additional 57,354 shares during the period. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Agree Realty Stock Up 1.6 %

ADC stock traded up $1.10 during mid-day trading on Thursday, reaching $71.81. The company had a trading volume of 313,509 shares, compared to its average volume of 1,009,903. The company has a market capitalization of $7.43 billion, a price-to-earnings ratio of 39.68, a PEG ratio of 2.41 and a beta of 0.64. Agree Realty Co. has a 52 week low of $54.28 and a 52 week high of $78.39. The stock has a 50 day simple moving average of $73.35 and a two-hundred day simple moving average of $72.35. 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 (NYSE:ADC - Get Free Report) last released its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.61). Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The firm had revenue of $154.33 million during the quarter, compared to the consensus estimate of $152.83 million. During the same period in the prior year, the business posted $1.00 earnings per share. Agree Realty's quarterly revenue was up 12.8% compared to the same quarter last year. As a group, equities analysts predict that Agree Realty Co. will post 4.12 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be paid a $0.253 dividend. The ex-dividend date of this dividend is Friday, January 31st. This represents a $3.04 annualized dividend and a yield of 4.23%. Agree Realty's dividend payout ratio (DPR) is currently 167.96%.

Analysts Set New Price Targets

ADC has been the subject of a number of research analyst reports. Wells Fargo & Company decreased their target price on Agree Realty from $80.00 to $79.00 and set an "overweight" rating for the company in a research note on Monday, November 4th. Barclays started coverage on Agree Realty in a research note on Tuesday, December 17th. They set an "underweight" rating and a $76.00 target price for the company. Robert W. Baird lifted their price target 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. Stifel Nicolaus reduced their price target on shares of Agree Realty from $81.50 to $81.00 and set a "buy" rating for the company in a report on Tuesday, January 7th. Finally, Royal Bank of Canada dropped their price objective on shares of Agree Realty from $80.00 to $79.00 and set an "outperform" rating on the stock in a report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $78.53.

Agree Realty Company 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.