Asset Management One Co. Ltd. Grows Position in Agree Realty Corporation (NYSE:ADC)

Asset Management One Co. Ltd. increased its holdings in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 6.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 214,844 shares of the real estate investment trust's stock after purchasing an additional 13,242 shares during the quarter. Asset Management One Co. Ltd. owned approximately 0.20% of Agree Realty worth $16,584,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in ADC. Bernard Wealth Management Corp. purchased a new stake in Agree Realty during the fourth quarter worth approximately $31,000. Capital Advisors Ltd. LLC lifted its stake in Agree Realty by 137.8% during the first quarter. Capital Advisors Ltd. LLC now owns 466 shares of the real estate investment trust's stock worth $36,000 after purchasing an additional 270 shares during the last quarter. Headlands Technologies LLC lifted its stake in Agree Realty by 72.8% during the fourth quarter. Headlands Technologies LLC now owns 558 shares of the real estate investment trust's stock worth $39,000 after purchasing an additional 235 shares during the last quarter. NBC Securities Inc. purchased a new stake in Agree Realty during the first quarter worth approximately $39,000. Finally, Quarry LP purchased a new stake in Agree Realty during the fourth quarter worth approximately $52,000. Hedge funds and other institutional investors own 97.83% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on ADC shares. BTIG Research cut Agree Realty from a "buy" rating to a "neutral" rating in a research note on Wednesday, May 7th. Stifel Nicolaus boosted their price objective on Agree Realty from $81.00 to $82.50 and gave the company a "buy" rating in a research note on Wednesday, April 23rd. 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 note on Monday, May 5th. Robert W. Baird boosted their price objective on Agree Realty from $76.00 to $80.00 and gave the company an "outperform" rating in a research note on Friday, April 25th. 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 research note on Monday, March 10th. One equities research 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, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $80.96.

Agree Realty Stock Performance

Shares of Agree Realty stock traded down $0.62 during trading hours on Friday, hitting $72.38. 1,460,939 shares of the company were exchanged, compared to its average volume of 1,084,324. Agree Realty Corporation has a 1 year low of $61.03 and a 1 year high of $79.65. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.54. The business has a 50-day moving average of $75.18 and a 200-day moving average of $73.89. The stock has a market capitalization of $7.96 billion, a price-to-earnings ratio of 40.89, a P/E/G ratio of 2.30 and a beta of 0.56.

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 (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.01. The firm had revenue of $169.16 million during the quarter, compared to analysts' expectations of $167.77 million. Agree Realty had a return on equity of 3.66% and a net margin of 30.05%. During the same quarter in the prior year, the business posted $0.43 earnings per share. As a group, analysts expect that Agree Realty Corporation will post 4.27 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The firm also recently disclosed a jun 25 dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be given a $0.256 dividend. This represents a yield of 4.1%. The ex-dividend date is Monday, June 30th. Agree Realty's payout ratio is 173.45%.

About Agree Realty

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.