4,162 Shares in Agree Realty Co. (NYSE:ADC) Acquired by Portfolio Design Labs LLC

Portfolio Design Labs LLC bought a new position in shares of Agree Realty Co. (NYSE:ADC) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 4,162 shares of the real estate investment trust’s stock, valued at approximately $293,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Citigroup Inc. raised its holdings in Agree Realty by 348.9% during the third quarter. Citigroup Inc. now owns 347,496 shares of the real estate investment trust’s stock worth $26,177,000 after purchasing an additional 270,093 shares in the last quarter. Spire Wealth Management bought a new stake in Agree Realty during the fourth quarter worth approximately $411,000. JPMorgan Chase & Co. raised its holdings in 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 in the last quarter. KBC Group NV grew its position in Agree Realty by 1,670.8% in the fourth quarter. KBC Group NV now owns 43,561 shares of the real estate investment trust’s stock worth $3,069,000 after buying an additional 41,101 shares during the last quarter. Finally, abrdn plc grew its position in Agree Realty by 33.7% in the fourth quarter. abrdn plc now owns 27,497 shares of the real estate investment trust’s stock worth $1,922,000 after buying an additional 6,924 shares during the last quarter. Institutional investors own 97.83% of the company’s stock.

Agree Realty Trading Down 1.8 %

Agree Realty stock opened at $71.27 on Thursday. The company’s fifty day simple moving average is $71.85 and its 200-day simple moving average is $73.46. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52. Agree Realty Co. has a 12 month low of $54.28 and a 12 month high of $78.39. The stock has a market cap of $7.38 billion, a P/E ratio of 39.38, a P/E/G ratio of 2.87 and a beta of 0.65.

Agree Realty (NYSE:ADC) last posted its quarterly 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 net margin of 31.62% and a return on equity of 3.77%. As a group, sell-side analysts forecast that Agree Realty Co. will post 4.13 EPS for the current fiscal year.

Agree Realty Announces Dividend

The firm also recently disclosed a feb 25 dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be paid a $0.253 dividend. This represents a dividend yield of 4.2%. The ex-dividend date of this dividend is Friday, February 28th. Agree Realty’s payout ratio is presently 167.96%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Stifel Nicolaus decreased their price target on shares of Agree Realty from $81.50 to $81.00 and set a “buy” rating on the stock in a research report on Tuesday, January 7th. StockNews.com lowered shares of Agree Realty from a “hold” rating to a “sell” rating in a research report on Saturday, February 8th. Wells Fargo & Company decreased their price target on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. Deutsche Bank Aktiengesellschaft began coverage on shares of Agree Realty in a research report on Wednesday, December 11th. They issued a “buy” rating and a $88.00 price target on the stock. Finally, Barclays lowered their price objective on shares of Agree Realty from $76.00 to $74.00 and set an “underweight” rating on the stock in a research report on Tuesday, February 4th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $78.93.

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.