Allspring Global Investments Holdings LLC increased its stake in Agree Realty Corporation (NYSE:ADC - Free Report) by 12.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 788,752 shares of the real estate investment trust's stock after buying an additional 90,408 shares during the period. Allspring Global Investments Holdings LLC owned 0.73% of Agree Realty worth $60,608,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ADC. Bernard Wealth Management Corp. bought a new stake in shares of Agree Realty in the fourth quarter valued at about $31,000. Capital Advisors Ltd. LLC raised its holdings in shares of Agree Realty by 137.8% in the 1st quarter. Capital Advisors Ltd. LLC now owns 466 shares of the real estate investment trust's stock valued at $36,000 after purchasing an additional 270 shares in the last quarter. NBC Securities Inc. purchased a new stake in shares of Agree Realty in the 1st quarter worth approximately $39,000. Headlands Technologies LLC boosted its stake in shares of Agree Realty by 72.8% during the fourth quarter. Headlands Technologies LLC now owns 558 shares of the real estate investment trust's stock valued at $39,000 after purchasing an additional 235 shares in the last quarter. Finally, Quarry LP bought a new position in shares of Agree Realty during the fourth quarter valued at approximately $52,000. Institutional investors own 97.83% of the company's stock.
Agree Realty Stock Performance
Shares of Agree Realty stock traded up $1.84 during midday trading on Thursday, hitting $73.90. The company had a trading volume of 529,957 shares, compared to its average volume of 1,088,774. The stock has a market cap of $8.13 billion, a price-to-earnings ratio of 41.75, a PEG ratio of 2.31 and a beta of 0.54. Agree Realty Corporation has a 12-month low of $61.34 and a 12-month high of $79.65. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.54. The company has a fifty day simple moving average of $74.84 and a 200 day simple moving average of $73.86.
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, topping analysts' consensus estimates of $1.05 by $0.01. The business had revenue of $169.16 million during the quarter, compared to analysts' expectations of $167.77 million. Agree Realty had a net margin of 30.05% and a return on equity of 3.66%. During the same quarter last year, the company posted $0.43 earnings per share. As a group, analysts predict that Agree Realty Corporation will post 4.27 earnings per share for the current fiscal year.
Agree Realty Announces Dividend
The company also recently declared a jun 25 dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be paid a dividend of $0.256 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a yield of 4.1%. Agree Realty's payout ratio is presently 173.45%.
Analyst Upgrades and Downgrades
A number of analysts have weighed in on the company. JMP Securities restated a "market perform" rating on shares of Agree Realty in a report on Monday. Robert W. Baird boosted their price target on Agree Realty from $76.00 to $80.00 and gave the stock an "outperform" rating in a research report on Friday, April 25th. Mizuho dropped their price objective on Agree Realty from $81.00 to $78.00 and set a "neutral" rating on the stock in a research report on Monday, June 16th. Wall Street Zen lowered Agree Realty from a "hold" rating to a "sell" rating in a research note on Saturday, June 21st. Finally, BTIG Research lowered shares of Agree Realty from a "buy" rating to a "neutral" rating in a research report on Wednesday, May 7th. 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 stock. According to MarketBeat, Agree Realty currently has a consensus rating of "Moderate Buy" and an average price target of $80.96.
Check Out Our Latest Research Report on ADC
Agree Realty Company 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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