Harvest Fund Management Co. Ltd Boosts Holdings in Agree Realty Co. (NYSE:ADC)

Harvest Fund Management Co. Ltd boosted its position in Agree Realty Co. (NYSE:ADC) by 70.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,110 shares of the real estate investment trust’s stock after buying an additional 2,106 shares during the period. Harvest Fund Management Co. Ltd’s holdings in Agree Realty were worth $360,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Versant Capital Management Inc boosted its position 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 purchasing an additional 293 shares in the last quarter. Financial Life Planners purchased a new stake in shares of Agree Realty during the 4th quarter worth $44,000. MassMutual Private Wealth & Trust FSB boosted its position in shares of Agree Realty by 34.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust’s stock worth $63,000 after purchasing an additional 230 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Agree Realty during the 3rd quarter worth $77,000. Finally, UMB Bank n.a. boosted its position in shares of Agree Realty by 17.3% during the 4th quarter. UMB Bank n.a. now owns 1,139 shares of the real estate investment trust’s stock worth $80,000 after purchasing an additional 168 shares in the last quarter. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Agree Realty Trading Down 1.0 %

NYSE ADC opened at $75.48 on Friday. Agree Realty Co. has a 12 month low of $54.78 and a 12 month high of $78.39. The company has a 50-day moving average of $73.32 and a 200-day moving average of $73.90. 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 has a market cap of $8.10 billion, a P/E ratio of 42.40, a P/E/G ratio of 2.88 and a beta of 0.64.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Tuesday, February 11th. The real estate investment trust reported $1.04 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.61. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. As a group, equities analysts predict that Agree Realty Co. will post 4.27 earnings per share for the current year.

Agree Realty Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Monday, April 14th. Stockholders of record on Monday, March 31st will be paid a dividend of $0.253 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.02%. The ex-dividend date is Monday, March 31st. Agree Realty’s dividend payout ratio is currently 170.22%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Wells Fargo & Company boosted their target price on shares of Agree Realty from $78.00 to $81.00 and gave the stock an “overweight” rating in a research report on Monday, March 10th. Citizens Jmp downgraded Agree Realty from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 17th. UBS Group raised Agree Realty from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $79.00 to $84.00 in a research note on Monday, January 6th. Deutsche Bank Aktiengesellschaft assumed coverage on Agree Realty in a research note on Wednesday, December 11th. They set a “buy” rating and a $88.00 price target for the company. Finally, Mizuho cut 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. Five investment 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, the stock presently has an average rating of “Moderate Buy” and an average price target of $79.85.

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.