Agree Realty Co. (NYSE:ADC) Shares Sold by Bamco Inc. NY

Bamco Inc. NY reduced its holdings in shares of Agree Realty Co. (NYSE:ADC - Free Report) by 4.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 90,840 shares of the real estate investment trust's stock after selling 4,200 shares during the period. Bamco Inc. NY owned approximately 0.09% of Agree Realty worth $6,400,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ADC. Cohen & Steers Inc. raised its stake in Agree Realty by 43.0% in the 4th quarter. Cohen & Steers Inc. now owns 9,767,632 shares of the real estate investment trust's stock worth $688,108,000 after acquiring an additional 2,937,147 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Agree Realty in the 4th quarter worth approximately $101,382,000. Invesco Ltd. lifted its stake in 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 valued at $155,895,000 after acquiring an additional 1,020,512 shares during the period. JPMorgan Chase & Co. lifted its stake in Agree Realty by 37.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust's stock valued at $274,693,000 after acquiring an additional 990,362 shares during the period. Finally, Northern Trust Corp increased its stake in shares of Agree Realty by 89.2% in the fourth quarter. Northern Trust Corp now owns 1,523,280 shares of the real estate investment trust's stock worth $107,315,000 after acquiring an additional 718,114 shares during the period. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Barclays raised Agree Realty from an "underweight" rating to an "equal weight" rating and boosted their price objective for the company from $74.00 to $75.00 in a report on Tuesday, March 4th. Royal Bank of Canada cut their price objective on shares of Agree Realty from $79.00 to $78.00 and set an "outperform" rating for the company in a report on Thursday, February 13th. BTIG Research cut Agree Realty from a "buy" rating to a "neutral" rating in a research report on Wednesday. JMP Securities reaffirmed a "market perform" rating on shares of Agree Realty in a report on Wednesday, April 30th. Finally, Truist Financial boosted their price objective on Agree Realty from $77.00 to $82.00 and gave the company a "buy" rating in a research report on Monday. Six research 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 company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $81.04.

Agree Realty Trading Up 0.2 %

Shares of Agree Realty stock traded up $0.17 during mid-day trading on Friday, hitting $75.15. The stock had a trading volume of 1,261,718 shares, compared to its average volume of 1,028,167. The firm has a market cap of $8.27 billion, a P/E ratio of 42.22, a price-to-earnings-growth ratio of 2.88 and a beta of 0.57. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.52. Agree Realty Co. has a 12-month low of $58.52 and a 12-month high of $79.65. The firm has a 50-day moving average of $75.91 and a two-hundred day moving average of $74.13.

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

Agree Realty Increases Dividend

The company also recently declared a apr 25 dividend, which will be paid on Wednesday, May 14th. Stockholders of record on Wednesday, April 30th will be given 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 dividend yield of 4.1%. The ex-dividend date is Wednesday, April 30th. Agree Realty's dividend payout ratio (DPR) is currently 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.