Pinebridge Investments L.P. Grows Stock Position in Agree Realty Co. (NYSE:ADC)

Pinebridge Investments L.P. increased its holdings in Agree Realty Co. (NYSE:ADC - Free Report) by 42.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 28,259 shares of the real estate investment trust's stock after acquiring an additional 8,454 shares during the quarter. Pinebridge Investments L.P.'s holdings in Agree Realty were worth $1,991,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in the stock. Versant Capital Management Inc lifted its position in shares of Agree Realty by 230.7% in 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 during the period. Bernard Wealth Management Corp. bought a new position in Agree Realty in the fourth quarter worth about $31,000. Headlands Technologies LLC lifted its holdings in Agree Realty by 72.8% in the fourth quarter. Headlands Technologies LLC now owns 558 shares of the real estate investment trust's stock worth $39,000 after buying an additional 235 shares during the period. Financial Life Planners purchased a new stake in Agree Realty in the fourth quarter worth about $44,000. Finally, MassMutual Private Wealth & Trust FSB boosted its position in 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 valued at $63,000 after acquiring an additional 230 shares in the last quarter. Institutional investors own 97.83% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on ADC shares. Wells Fargo & Company raised their target price on Agree Realty from $78.00 to $81.00 and gave the company an "overweight" rating in a research note on Monday, March 10th. StockNews.com lowered Agree Realty from a "hold" rating to a "sell" rating in a research report on Friday, April 25th. JMP Securities restated a "market perform" rating on shares of Agree Realty in a report on Wednesday. Robert W. Baird increased their price target on shares of Agree Realty from $76.00 to $80.00 and gave the stock an "outperform" rating in a research note on Friday, April 25th. Finally, Stifel Nicolaus boosted their price objective on shares of Agree Realty from $81.00 to $82.50 and gave the stock a "buy" rating in a research note on Wednesday, April 23rd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $80.88.

Agree Realty Stock Down 0.9 %

Shares of Agree Realty stock traded down $0.70 on Thursday, reaching $76.91. The company's stock had a trading volume of 1,306,785 shares, compared to its average volume of 1,014,542. Agree Realty Co. has a 52 week low of $57.04 and a 52 week high of $79.65. The firm's fifty day simple moving average is $75.58 and its two-hundred day simple moving average is $74.10. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $8.46 billion, a price-to-earnings ratio of 43.21, a P/E/G ratio of 2.88 and a beta of 0.55.

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 EPS for the quarter, topping the consensus estimate of $1.05 by $0.01. The company had revenue of $169.16 million during 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 last year, the company earned $0.43 EPS. Equities analysts anticipate 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. Investors of record on Wednesday, April 30th will be given a dividend of $0.256 per share. This is an increase from Agree Realty's previous apr 25 dividend of $0.25. The ex-dividend date is Wednesday, April 30th. This represents a yield of 4.1%. Agree Realty's dividend payout ratio is 173.45%.

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.