Gilman Hill Asset Management LLC Has $945,000 Stock Holdings in Agree Realty Co. (NYSE:ADC)

Gilman Hill Asset Management LLC lifted its stake in shares of Agree Realty Co. (NYSE:ADC - Free Report) by 59.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 12,240 shares of the real estate investment trust's stock after acquiring an additional 4,582 shares during the quarter. Gilman Hill Asset Management LLC's holdings in Agree Realty were worth $945,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Agree Realty by 1.5% during 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 acquiring an additional 219,806 shares during the period. Cohen & Steers Inc. lifted its position in shares of 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 in the last quarter. JPMorgan Chase & Co. grew its position in Agree Realty by 37.3% during the third quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust's stock valued at $274,693,000 after purchasing an additional 990,362 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Agree Realty by 85.6% during the fourth quarter. Invesco Ltd. now owns 2,212,852 shares of the real estate investment trust's stock worth $155,895,000 after acquiring an additional 1,020,512 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in Agree Realty by 2.8% in the 4th 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 last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Wall Street Zen upgraded shares of Agree Realty from a "sell" rating to a "hold" rating in a report on Friday, May 30th. Wells Fargo & Company boosted their price objective on shares of Agree Realty from $78.00 to $81.00 and gave the stock an "overweight" rating in a report on Monday, March 10th. JMP Securities reaffirmed a "market perform" rating on shares of Agree Realty in a research report on Friday, May 16th. Truist Financial increased their price target on shares of Agree Realty from $77.00 to $82.00 and gave the stock a "buy" rating in a research report on Monday, May 5th. Finally, Barclays set a $77.00 target price on Agree Realty and gave the stock an "equal weight" rating in a research report 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 company's stock. Based on data from MarketBeat.com, Agree Realty presently has a consensus rating of "Moderate Buy" and a consensus target price of $81.19.

Agree Realty Trading Up 0.1%

Shares of ADC stock traded up $0.11 on Friday, reaching $74.01. The company had a trading volume of 1,003,761 shares, compared to its average volume of 1,064,056. The company has a 50-day moving average of $75.38 and a 200-day moving average of $74.08. Agree Realty Co. has a 12 month low of $59.66 and a 12 month high of $79.65. The stock has a market cap of $8.14 billion, a PE ratio of 41.58, a PEG ratio of 2.88 and a beta of 0.56. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52.

Agree Realty (NYSE:ADC - Get Free Report) last released its quarterly earnings results 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 company had revenue of $169.16 million during the quarter, compared to analysts' expectations of $167.77 million. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. During the same quarter in the prior year, the company earned $0.43 earnings per share. On average, equities analysts forecast that Agree Realty Co. will post 4.27 earnings per share for the current year.

Agree Realty Increases Dividend

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

Agree Realty 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.