E. Ohman J or Asset Management AB Increases Stock Position in Agree Realty Co. (NYSE:ADC)

E. Ohman J or Asset Management AB lifted its holdings in Agree Realty Co. (NYSE:ADC - Free Report) by 18.0% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 27,883 shares of the real estate investment trust's stock after purchasing an additional 4,245 shares during the period. E. Ohman J or Asset Management AB's holdings in Agree Realty were worth $2,152,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. CIBC Asset Management Inc lifted its stake in shares of Agree Realty by 5.2% in the 4th quarter. CIBC Asset Management Inc now owns 3,122 shares of the real estate investment trust's stock worth $220,000 after purchasing an additional 153 shares during the period. Carmel Capital Partners LLC lifted its stake in shares of Agree Realty by 2.5% in the 4th quarter. Carmel Capital Partners LLC now owns 6,894 shares of the real estate investment trust's stock worth $486,000 after purchasing an additional 167 shares during the period. Sequoia Financial Advisors LLC lifted its stake in shares of Agree Realty by 3.8% in the 4th quarter. Sequoia Financial Advisors LLC now owns 4,590 shares of the real estate investment trust's stock worth $323,000 after purchasing an additional 169 shares during the period. Private Advisor Group LLC lifted its stake in shares of 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 worth $346,000 after purchasing an additional 170 shares during the period. Finally, Arizona State Retirement System lifted its stake in shares of Agree Realty by 0.8% in the 4th quarter. Arizona State Retirement System now owns 29,204 shares of the real estate investment trust's stock worth $2,057,000 after purchasing an additional 229 shares during the period. Institutional investors own 97.83% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Evercore ISI raised their target price on shares of Agree Realty from $82.00 to $83.00 and gave the stock an "outperform" rating in a research note on Thursday, April 24th. Wall Street Zen upgraded shares of Agree Realty from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. Wells Fargo & Company raised their target price on shares of Agree Realty from $78.00 to $81.00 and gave the stock an "overweight" rating in a research note on Monday, March 10th. Barclays set a $77.00 target price on shares of Agree Realty and gave the stock an "equal weight" rating in a research note on Wednesday, May 21st. Finally, Stifel Nicolaus raised their target price on shares of Agree Realty from $81.00 to $82.50 and gave the stock a "buy" rating in a research note on Wednesday, April 23rd. Six equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $81.19.

Agree Realty Trading Up 0.1%

Shares of ADC opened at $74.01 on Friday. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78. Agree Realty Co. has a 1 year low of $59.66 and a 1 year high of $79.65. The company has a 50 day simple moving average of $75.33 and a two-hundred day simple moving average of $74.06. The firm has a market cap of $8.14 billion, a P/E ratio of 41.58, a price-to-earnings-growth ratio of 2.88 and a beta of 0.56.

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. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. The business had revenue of $169.16 million during the quarter, compared to analyst estimates of $167.77 million. During the same period last year, the firm posted $0.43 EPS. On average, equities analysts expect that Agree Realty Co. will post 4.27 earnings per share for the current fiscal year.

Agree Realty Increases Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 30th will be given a $0.256 dividend. This represents a $3.07 annualized dividend and a yield of 4.15%. The ex-dividend date of this dividend is Friday, May 30th. This is a boost from Agree Realty's previous monthly dividend of $0.25. Agree Realty's payout ratio is currently 173.45%.

Agree Realty Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.