Balyasny Asset Management L.P. increased its holdings in Agree Realty Co. (NYSE:ADC - Free Report) by 21.2% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 182,728 shares of the real estate investment trust's stock after buying an additional 31,972 shares during the period. Balyasny Asset Management L.P. owned about 0.18% of Agree Realty worth $12,873,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors also recently added to or reduced their stakes in the stock. Bank of America Corp DE increased its position in shares of Agree Realty by 217.1% in the 4th quarter. Bank of America Corp DE now owns 525,232 shares of the real estate investment trust's stock valued at $37,003,000 after acquiring an additional 359,605 shares during the period. Alyeska Investment Group L.P. boosted its holdings in Agree Realty by 122.4% in the 4th quarter. Alyeska Investment Group L.P. now owns 1,070,951 shares of the real estate investment trust's stock worth $75,448,000 after buying an additional 589,349 shares during the last quarter. Aptus Capital Advisors LLC raised its stake in Agree Realty by 22.3% in the 4th quarter. Aptus Capital Advisors LLC now owns 64,001 shares of the real estate investment trust's stock valued at $4,509,000 after purchasing an additional 11,686 shares during the last quarter. Freestone Grove Partners LP purchased a new stake in Agree Realty during the 4th quarter valued at about $2,192,000. Finally, Kapitalo Investimentos Ltda lifted its position in Agree Realty by 23.1% during the fourth quarter. Kapitalo Investimentos Ltda now owns 5,869 shares of the real estate investment trust's stock worth $413,000 after buying an additional 1,100 shares in the last quarter. Institutional investors own 97.83% of the company's stock.
Wall Street Analysts Forecast Growth
A number of research firms have commented on ADC. UBS Group decreased their target price on shares of Agree Realty from $86.00 to $84.00 and set a "buy" rating on the stock in a research report on Tuesday. Robert W. Baird raised 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. Royal Bank of Canada cut their target price on Agree Realty from $79.00 to $78.00 and set an "outperform" rating on the stock in a research report on Thursday, February 13th. Truist Financial upped their price target on Agree Realty from $77.00 to $82.00 and gave the stock a "buy" rating in a research note on Monday, May 5th. Finally, StockNews.com cut shares of Agree Realty from a "hold" rating to a "sell" rating in a research note on Sunday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $81.04.
Read Our Latest Report on Agree Realty
Agree Realty Price Performance
NYSE ADC traded down $0.53 on Tuesday, reaching $73.07. The company's stock had a trading volume of 1,582,865 shares, compared to its average volume of 1,035,849. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52. The business has a 50-day moving average price of $75.88 and a 200 day moving average price of $74.10. Agree Realty Co. has a 52 week low of $58.52 and a 52 week high of $79.65. The firm has a market cap of $8.04 billion, a PE ratio of 41.05, a price-to-earnings-growth ratio of 2.88 and a beta of 0.57.
Agree Realty (NYSE:ADC - Get Free Report) last released its earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 EPS for the quarter, beating the consensus estimate 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 analysts' expectations of $167.77 million. During the same period last year, the firm earned $0.43 EPS. Sell-side analysts expect that Agree Realty Co. will post 4.27 EPS 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 given a $0.256 dividend. The ex-dividend date of this dividend is Wednesday, April 30th. This is a positive change from Agree Realty's previous apr 25 dividend of $0.25. This represents a dividend yield of 4.1%. Agree Realty's payout ratio is currently 173.45%.
About Agree Realty
(
Free Report)
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.
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