Vanderbilt University reduced its holdings in Agree Realty Corporation (NYSE:ADC - Free Report) by 13.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,489 shares of the real estate investment trust's stock after selling 3,390 shares during the quarter. Vanderbilt University's holdings in Agree Realty were worth $1,736,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Retirement Systems of Alabama raised its holdings in shares of Agree Realty by 3.7% in the 1st quarter. Retirement Systems of Alabama now owns 130,269 shares of the real estate investment trust's stock worth $10,055,000 after purchasing an additional 4,666 shares in the last quarter. Friedenthal Financial bought a new stake in shares of Agree Realty in the 1st quarter worth approximately $897,000. QRG Capital Management Inc. bought a new stake in shares of Agree Realty in the 1st quarter worth approximately $238,000. Janney Montgomery Scott LLC raised its holdings in shares of Agree Realty by 61.2% in the 1st quarter. Janney Montgomery Scott LLC now owns 11,982 shares of the real estate investment trust's stock worth $925,000 after purchasing an additional 4,551 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its holdings in shares of Agree Realty by 4.5% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 11,609 shares of the real estate investment trust's stock worth $896,000 after purchasing an additional 504 shares in the last quarter. 97.83% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently issued reports on the stock. UBS Group cut their price target on shares of Agree Realty from $86.00 to $84.00 and set a "buy" rating on the stock in a report on Tuesday, May 13th. Wall Street Zen upgraded shares of Agree Realty from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Stifel Nicolaus boosted their price target on shares of Agree Realty from $81.00 to $82.50 and gave the company a "buy" rating in a report on Wednesday, April 23rd. Robert W. Baird boosted their price target on shares of Agree Realty from $76.00 to $80.00 and gave the company an "outperform" rating in a report on Friday, April 25th. Finally, Wells Fargo & Company boosted their price target on shares of Agree Realty from $78.00 to $81.00 and gave the company an "overweight" rating in a report on Monday, March 10th. Six investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Agree Realty currently has an average rating of "Moderate Buy" and a consensus price target of $80.96.
Get Our Latest Analysis on Agree Realty
Agree Realty Stock Up 0.9%
Agree Realty stock opened at $75.33 on Friday. The firm has a market cap of $8.29 billion, a PE ratio of 42.56, a P/E/G ratio of 2.36 and a beta of 0.56. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.72 and a current ratio of 0.72. The firm's 50 day moving average price is $75.59 and its two-hundred day moving average price is $73.92. Agree Realty Corporation has a twelve month low of $60.42 and a twelve month high of $79.65.
Agree Realty (NYSE:ADC - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.01. The firm had revenue of $169.16 million for the quarter, compared to analyst estimates 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 in the prior year, the business earned $0.43 EPS. On average, research analysts predict that Agree Realty Corporation will post 4.27 EPS for the current fiscal year.
Agree Realty Dividend Announcement
The firm also recently declared a jun 25 dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be paid a dividend of $0.256 per share. The ex-dividend date is Monday, June 30th. This represents a dividend yield of 4.1%. Agree Realty's dividend payout ratio (DPR) is 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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