Adelante Capital Management LLC Acquires New Position in Agree Realty Co. (NYSE:ADC)

Adelante Capital Management LLC purchased a new position in shares of Agree Realty Co. (NYSE:ADC - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 11,885 shares of the real estate investment trust's stock, valued at approximately $837,000.

A number of other hedge funds and other institutional investors have also modified their holdings of ADC. Vanguard Group Inc. grew its stake in Agree Realty by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 14,549,952 shares of the real estate investment trust's stock valued at $1,025,044,000 after buying an additional 219,806 shares during the last quarter. Cohen & Steers Inc. boosted its holdings in Agree Realty by 43.0% during the fourth quarter. Cohen & Steers Inc. now owns 9,767,632 shares of the real estate investment trust's stock valued at $688,108,000 after acquiring an additional 2,937,147 shares during the period. JPMorgan Chase & Co. grew its position in shares of Agree Realty by 37.3% in the third quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust's stock valued at $274,693,000 after purchasing an additional 990,362 shares during the last quarter. Invesco Ltd. increased its stake in shares of Agree Realty by 85.6% in the fourth quarter. Invesco Ltd. now owns 2,212,852 shares of the real estate investment trust's stock worth $155,895,000 after purchasing an additional 1,020,512 shares during the period. Finally, Geode Capital Management LLC lifted its position in shares of Agree Realty by 2.8% during the 4th quarter. Geode Capital Management LLC now owns 2,132,252 shares of the real estate investment trust's stock worth $150,255,000 after purchasing an additional 57,492 shares during the last quarter. Institutional investors own 97.83% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on ADC shares. JMP Securities restated a "market perform" rating on shares of Agree Realty in a report on Wednesday. Robert W. Baird boosted their price target on Agree Realty from $76.00 to $80.00 and gave the company an "outperform" rating in a research note on Friday, April 25th. Wells Fargo & Company raised their price objective on Agree Realty from $78.00 to $81.00 and gave the stock an "overweight" rating in a research report on Monday, March 10th. Mizuho lifted their price objective on Agree Realty from $74.00 to $81.00 and gave the stock a "neutral" rating in a report on Thursday, April 3rd. Finally, Royal Bank of Canada cut their target price on Agree Realty from $79.00 to $78.00 and set an "outperform" rating for the company in a research note on Thursday, February 13th. One analyst has rated the stock with a sell rating, four have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $80.88.

Agree Realty Stock Down 0.8 %

Shares of Agree Realty stock traded down $0.63 on Friday, hitting $76.29. The company had a trading volume of 1,189,897 shares, compared to its average volume of 1,018,026. The stock has a market capitalization of $8.39 billion, a price-to-earnings ratio of 42.86, a P/E/G ratio of 2.88 and a beta of 0.55. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.78 and a current ratio of 0.78. Agree Realty Co. has a 1 year low of $58.07 and a 1 year high of $79.65. The stock has a 50 day moving average of $75.66 and a 200-day moving average of $74.12.

Agree Realty (NYSE:ADC - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 EPS for the quarter, beating analysts' consensus estimates of $1.05 by $0.01. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. The company had revenue of $169.16 million during the quarter, compared to the consensus estimate of $167.77 million. During the same period last year, the business posted $0.43 earnings per share. As a group, sell-side analysts forecast that Agree Realty Co. will post 4.27 earnings per share for the current year.

Agree Realty Increases Dividend

The firm also recently disclosed a apr 25 dividend, which will be paid on Wednesday, May 14th. Investors of record on Wednesday, April 30th will be issued a $0.256 dividend. The ex-dividend date is Wednesday, April 30th. This is an increase from Agree Realty's previous apr 25 dividend of $0.25. This represents a yield of 4.1%. Agree Realty's dividend payout ratio (DPR) is 173.45%.

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.