Asset Management One Co. Ltd. Buys 13,242 Shares of Agree Realty Corporation (NYSE:ADC)

Asset Management One Co. Ltd. boosted its position in Agree Realty Corporation (NYSE:ADC - Free Report) by 6.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 214,844 shares of the real estate investment trust's stock after buying an additional 13,242 shares during the quarter. Asset Management One Co. Ltd. owned approximately 0.20% of Agree Realty worth $16,584,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Principal Securities Inc. grew its stake in shares of Agree Realty by 26.2% in the fourth quarter. Principal Securities Inc. now owns 1,142 shares of the real estate investment trust's stock worth $80,000 after acquiring an additional 237 shares during the period. CIBC Asset Management Inc boosted its stake in shares of Agree Realty by 5.2% during the 4th quarter. CIBC Asset Management Inc now owns 3,122 shares of the real estate investment trust's stock worth $220,000 after acquiring an additional 153 shares in the last quarter. Private Advisor Group LLC raised its holdings in Agree Realty by 3.6% in the 4th quarter. Private Advisor Group LLC now owns 4,909 shares of the real estate investment trust's stock valued at $346,000 after acquiring an additional 170 shares during the last quarter. Wealthspire Advisors LLC increased its position in shares of Agree Realty by 14.4% during the fourth quarter. Wealthspire Advisors LLC now owns 4,548 shares of the real estate investment trust's stock valued at $320,000 after acquiring an additional 572 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Agree Realty by 7.6% in the fourth quarter. Bank of New York Mellon Corp now owns 1,219,512 shares of the real estate investment trust's stock valued at $85,915,000 after acquiring an additional 85,664 shares in the last quarter. Institutional investors own 97.83% of the company's stock.

Agree Realty Stock Down 0.4%

Shares of ADC traded down $0.30 during midday trading on Thursday, reaching $73.00. 1,380,345 shares of the stock were exchanged, compared to its average volume of 1,079,307. Agree Realty Corporation has a 52 week low of $60.42 and a 52 week high of $79.65. The company has a market capitalization of $8.03 billion, a P/E ratio of 41.24, a PEG ratio of 2.34 and a beta of 0.56. 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 company's 50 day moving average is $75.43 and its two-hundred day moving average is $73.91.

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 analysts' consensus estimates of $1.05 by $0.01. Agree Realty had a return on equity of 3.66% and a net margin of 30.05%. The company had revenue of $169.16 million for the quarter, compared to analyst estimates of $167.77 million. During the same quarter last year, the company earned $0.43 EPS. On average, sell-side analysts anticipate that Agree Realty Corporation will post 4.27 earnings per share for the current year.

Agree Realty Dividend Announcement

The firm also recently disclosed a jun 25 dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be given 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%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ADC. JMP Securities reissued a "market perform" rating on shares of Agree Realty in a research note on Friday, May 16th. Wells Fargo & Company increased their target price on shares of Agree Realty from $78.00 to $81.00 and gave the stock an "overweight" rating in a research report on Monday, March 10th. Wall Street Zen downgraded shares of Agree Realty from a "hold" rating to a "sell" rating in a research report on Saturday, June 21st. BTIG Research downgraded Agree Realty from a "buy" rating to a "neutral" rating in a research report on Wednesday, May 7th. Finally, 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 research report on Tuesday, May 13th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $80.96.

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.