D. E. Shaw & Co. Inc. boosted its holdings in Agree Realty Co. (NYSE:ADC - Free Report) by 78.4% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 412,928 shares of the real estate investment trust's stock after buying an additional 181,455 shares during the quarter. D. E. Shaw & Co. Inc. owned approximately 0.40% of Agree Realty worth $29,091,000 at the end of the most recent reporting period.
Other large investors have also bought and sold shares of the company. Cohen & Steers Inc. boosted its position in 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 buying an additional 2,937,147 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Agree Realty during the fourth quarter worth $101,382,000. Invesco Ltd. increased its holdings in shares of 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 worth $155,895,000 after buying an additional 1,020,512 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Agree Realty by 37.3% during 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 in the last quarter. Finally, Northern Trust Corp increased its holdings in shares of Agree Realty by 89.2% during 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 in the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.
Agree Realty Stock Performance
NYSE:ADC traded down $0.44 during trading on Wednesday, reaching $72.48. The company's stock had a trading volume of 1,458,209 shares, compared to its average volume of 1,041,241. The firm has a market cap of $7.97 billion, a price-to-earnings ratio of 40.72, a price-to-earnings-growth ratio of 2.88 and a beta of 0.57. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a 50 day moving average of $75.77 and a 200-day moving average of $74.08. Agree Realty Co. has a 12 month low of $58.52 and a 12 month high of $79.65.
Agree Realty (NYSE:ADC - Get Free Report) last announced its quarterly earnings data 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 firm 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 quarter in the prior year, the company earned $0.43 EPS. Research analysts expect that Agree Realty Co. will post 4.27 EPS for the current fiscal year.
Agree Realty Increases Dividend
The company also recently declared a monthly dividend, which will be paid on Friday, June 13th. Stockholders of record on Friday, May 30th will be given a dividend of $0.256 per share. This represents a $3.07 dividend on an annualized basis and a dividend yield of 4.24%. The ex-dividend date is Friday, May 30th. This is a boost from Agree Realty's previous monthly dividend of $0.25. Agree Realty's dividend payout ratio is currently 173.45%.
Analysts Set New Price Targets
Several analysts have recently weighed in on the company. Mizuho boosted their price target on Agree Realty from $74.00 to $81.00 and gave the stock a "neutral" rating in a report on Thursday, April 3rd. StockNews.com downgraded Agree Realty from a "hold" rating to a "sell" rating in a report on Sunday. Truist Financial boosted their price objective on Agree Realty from $77.00 to $82.00 and gave the company a "buy" rating in a report on Monday, May 5th. UBS Group decreased their price objective on Agree Realty from $86.00 to $84.00 and set a "buy" rating for the company in a report on Tuesday. Finally, Wells Fargo & Company boosted their price objective on Agree Realty from $78.00 to $81.00 and gave the company an "overweight" rating in a report on Monday, March 10th. One analyst has rated the stock with a sell rating, five have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $81.04.
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Agree Realty Profile
(
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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