BROOKFIELD Corp ON Has $24.17 Million Stake in Agree Realty Co. (NYSE:ADC)

BROOKFIELD Corp ON cut its holdings in shares of Agree Realty Co. (NYSE:ADC - Free Report) by 5.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 343,013 shares of the real estate investment trust's stock after selling 21,685 shares during the quarter. BROOKFIELD Corp ON owned about 0.33% of Agree Realty worth $24,165,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Cohen & Steers Inc. boosted 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 worth $688,108,000 after acquiring an additional 2,937,147 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Agree Realty in the 4th quarter worth about $101,382,000. Invesco Ltd. lifted its position in Agree Realty by 85.6% during the fourth quarter. Invesco Ltd. now owns 2,212,852 shares of the real estate investment trust's stock valued at $155,895,000 after buying an additional 1,020,512 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of 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 in the last quarter. Finally, Northern Trust Corp boosted its position 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 buying an additional 718,114 shares during the period. Hedge funds and other institutional investors own 97.83% of the company's stock.

Agree Realty Trading Down 1.6 %

NYSE:ADC traded down $1.24 during trading hours on Thursday, hitting $74.95. 1,204,408 shares of the stock were exchanged, compared to its average volume of 1,026,307. The company's 50 day moving average is $75.89 and its two-hundred day moving average is $74.13. The company has a market capitalization of $8.25 billion, a P/E ratio of 42.11, a price-to-earnings-growth ratio of 2.88 and a beta of 0.57. Agree Realty Co. has a twelve month low of $58.38 and a twelve month high of $79.65. 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 (NYSE:ADC - Get Free Report) last posted its quarterly earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.01. The business had revenue of $169.16 million for the quarter, compared to analysts' expectations of $167.77 million. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. During the same quarter last year, the business earned $0.43 earnings per share. On average, sell-side analysts anticipate that Agree Realty Co. will post 4.27 earnings per share for the current fiscal 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. 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%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on ADC shares. Truist Financial lifted their price target on shares of Agree Realty from $77.00 to $82.00 and gave the stock a "buy" rating in a research note on Monday. StockNews.com raised Agree Realty from a "sell" rating to a "hold" rating in a report on Saturday, May 3rd. Barclays upgraded Agree Realty from an "underweight" rating to an "equal weight" rating and raised their price objective for the company from $74.00 to $75.00 in a research note on Tuesday, March 4th. Evercore ISI upped their target price on Agree Realty from $82.00 to $83.00 and gave the company an "outperform" rating in a research report on Thursday, April 24th. Finally, Mizuho lifted their price target on shares of Agree Realty from $74.00 to $81.00 and gave the stock a "neutral" rating in a research note on Thursday, April 3rd. Six investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Agree Realty currently has an average rating of "Moderate Buy" and a consensus target price of $81.04.

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.