Agree Realty Co. (NYSE:ADC) Shares Acquired by Vanguard Group Inc.

Vanguard Group Inc. lifted its stake in shares of Agree Realty Co. (NYSE:ADC) by 1.5% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,549,952 shares of the real estate investment trust’s stock after purchasing an additional 219,806 shares during the period. Vanguard Group Inc. owned approximately 0.14% of Agree Realty worth $1,025,044,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of ADC. Versant Capital Management Inc raised its holdings in 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 buying an additional 293 shares during the period. Financial Life Planners acquired a new stake in shares of Agree Realty during the fourth quarter valued at approximately $44,000. MassMutual Private Wealth & Trust FSB lifted its position in shares of Agree Realty by 34.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust’s stock valued at $63,000 after acquiring an additional 230 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Agree Realty in the 3rd quarter valued at approximately $77,000. Finally, UMB Bank n.a. boosted its stake in Agree Realty by 17.3% in 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 during the period. 97.83% of the stock is owned by hedge funds and other institutional investors.

Agree Realty Stock Up 0.7 %

Agree Realty stock opened at $76.56 on Friday. The company has a market capitalization of $8.22 billion, a P/E ratio of 43.01, a P/E/G ratio of 2.88 and a beta of 0.64. Agree Realty Co. has a 1-year low of $54.78 and a 1-year high of $78.39. The firm’s fifty day simple moving average is $73.80 and its 200-day simple moving average is $73.94. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52.

Agree Realty (NYSE:ADC) last announced its quarterly earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.61. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. Sell-side analysts forecast that Agree Realty Co. will post 4.27 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Monday, April 14th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.253 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $3.04 annualized dividend and a yield of 3.97%. Agree Realty’s dividend payout ratio (DPR) is presently 170.22%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on ADC. Mizuho cut their target price on shares of Agree Realty from $80.00 to $74.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 8th. UBS Group raised Agree Realty from a “neutral” rating to a “buy” rating and upped their price target for the company from $79.00 to $84.00 in a research report on Monday, January 6th. Evercore ISI initiated coverage on Agree Realty in a research report on Thursday, December 12th. They set an “outperform” rating and a $82.00 price objective for the company. Wells Fargo & Company upped their target price on Agree Realty from $78.00 to $81.00 and gave the company an “overweight” rating in a report on Monday, March 10th. Finally, JMP Securities cut shares of Agree Realty from an “outperform” rating to a “market perform” rating in a report on Tuesday, December 17th. Five investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $79.85.

About Agree Realty

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.