Voya Investment Management LLC Purchases 7,246 Shares of Agree Realty Co. (NYSE:ADC)

Voya Investment Management LLC raised its position in shares of Agree Realty Co. (NYSE:ADC - Free Report) by 56.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,130 shares of the real estate investment trust's stock after purchasing an additional 7,246 shares during the period. Voya Investment Management LLC's holdings in Agree Realty were worth $1,418,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of 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 acquiring an additional 219,806 shares in the last quarter. Cohen & Steers Inc. raised its position in shares of Agree Realty by 43.0% in 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 purchasing an additional 2,937,147 shares during the period. JPMorgan Chase & Co. lifted its stake 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 worth $274,693,000 after buying an additional 990,362 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of Agree Realty by 85.6% during the 4th quarter. Invesco Ltd. now owns 2,212,852 shares of the real estate investment trust's stock worth $155,895,000 after buying an additional 1,020,512 shares during the period. Finally, Geode Capital Management LLC grew its stake in Agree Realty by 2.8% in the 4th quarter. Geode Capital Management LLC now owns 2,132,252 shares of the real estate investment trust's stock valued at $150,255,000 after buying an additional 57,492 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Agree Realty Price Performance

Shares of Agree Realty stock traded up $0.17 during trading on Friday, hitting $75.15. 1,261,718 shares of the company's stock traded hands, compared to its average volume of 1,028,167. Agree Realty Co. has a twelve month low of $58.52 and a twelve month high of $79.65. 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 $8.27 billion, a PE ratio of 42.22, a PEG ratio of 2.88 and a beta of 0.57. The firm's fifty day moving average price is $75.92 and its 200 day moving average price is $74.13.

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

Agree Realty Increases Dividend

The business also recently disclosed a apr 25 dividend, which will be paid on Wednesday, May 14th. Shareholders of record on Wednesday, April 30th will be paid a dividend of $0.256 per share. This is a positive change from Agree Realty's previous apr 25 dividend of $0.25. This represents a yield of 4.1%. The ex-dividend date is Wednesday, April 30th. Agree Realty's dividend payout ratio is currently 173.45%.

Wall Street Analysts Forecast Growth

ADC has been the subject of a number of recent analyst reports. Stifel Nicolaus upped their price target on shares of Agree Realty from $81.00 to $82.50 and gave the company a "buy" rating in a report on Wednesday, April 23rd. Mizuho increased their target price on Agree Realty from $74.00 to $81.00 and gave the company a "neutral" rating in a research note on Thursday, April 3rd. JMP Securities reaffirmed a "market perform" rating on shares of Agree Realty in a report on Wednesday, April 30th. Royal Bank of Canada cut their price target on Agree Realty from $79.00 to $78.00 and set an "outperform" rating for the company in a report on Thursday, February 13th. Finally, BTIG Research downgraded shares of Agree Realty from a "buy" rating to a "neutral" rating in a research note on Wednesday. Six analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Agree Realty presently has a consensus rating of "Moderate Buy" and an average price target of $81.04.

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.