Fort Washington Investment Advisors Inc. OH grew its holdings in Agree Realty Co. (NYSE:ADC - Free Report) by 18.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 296,993 shares of the real estate investment trust's stock after acquiring an additional 45,706 shares during the quarter. Fort Washington Investment Advisors Inc. OH owned 0.28% of Agree Realty worth $22,925,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently modified their holdings of the business. Vanguard Group Inc. lifted its position in Agree Realty by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 14,549,952 shares of the real estate investment trust's stock worth $1,025,044,000 after purchasing an additional 219,806 shares during the period. Cohen & Steers Inc. lifted its position in Agree Realty by 43.0% in the fourth quarter. Cohen & Steers Inc. now owns 9,767,632 shares of the real estate investment trust's stock worth $688,108,000 after purchasing an additional 2,937,147 shares during the period. Invesco Ltd. lifted its position in Agree Realty by 85.6% in the fourth quarter. Invesco Ltd. now owns 2,212,852 shares of the real estate investment trust's stock worth $155,895,000 after purchasing an additional 1,020,512 shares during the period. Geode Capital Management LLC lifted its position in Agree Realty by 2.8% in the fourth quarter. Geode Capital Management LLC now owns 2,132,252 shares of the real estate investment trust's stock worth $150,255,000 after purchasing an additional 57,492 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in Agree Realty by 3.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,645,652 shares of the real estate investment trust's stock worth $115,936,000 after purchasing an additional 57,297 shares during the period. 97.83% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
Several brokerages recently commented on ADC. Evercore ISI raised their target price on Agree Realty from $82.00 to $83.00 and gave the stock an "outperform" rating in a research report on Thursday, April 24th. Robert W. Baird raised their target price on Agree Realty from $76.00 to $80.00 and gave the stock an "outperform" rating in a research report on Friday, April 25th. Truist Financial raised their target price on Agree Realty from $77.00 to $82.00 and gave the stock a "buy" rating in a research report on Monday, May 5th. Wall Street Zen upgraded Agree Realty from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. Finally, Barclays set a $77.00 price objective on Agree Realty and gave the stock an "equal weight" rating in a research note on Wednesday, May 21st. Six 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 company presently has a consensus rating of "Moderate Buy" and an average price target of $80.96.
Read Our Latest Research Report on ADC
Agree Realty Price Performance
Shares of NYSE:ADC traded down $0.85 during midday trading on Monday, reaching $73.70. The company's stock had a trading volume of 1,108,884 shares, compared to its average volume of 1,071,092. Agree Realty Co. has a fifty-two week low of $60.42 and a fifty-two week high of $79.65. The company has a market capitalization of $8.11 billion, a P/E ratio of 41.40, a P/E/G ratio of 2.88 and a beta of 0.56. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78. The business's fifty day simple moving average is $75.46 and its 200-day simple moving average is $73.91.
Agree Realty (NYSE:ADC - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share for the quarter, beating analysts' consensus estimates of $1.05 by $0.01. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. The company had revenue of $169.16 million during the quarter, compared to analyst estimates of $167.77 million. During the same period last year, the company posted $0.43 earnings per share. As a group, equities research analysts expect that Agree Realty Co. will post 4.27 EPS for the current fiscal year.
Agree Realty Announces Dividend
The firm also recently announced a jun 25 dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be paid a $0.256 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a dividend yield of 4.1%. Agree Realty's dividend payout ratio (DPR) is presently 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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