Nuveen Asset Management LLC Grows Stock Holdings in Agree Realty Co. (NYSE:ADC)

Nuveen Asset Management LLC increased its position in shares of Agree Realty Co. (NYSE:ADC - Free Report) by 53.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,142,036 shares of the real estate investment trust's stock after purchasing an additional 395,646 shares during the period. Nuveen Asset Management LLC owned 1.10% of Agree Realty worth $80,456,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of ADC. Bernard Wealth Management Corp. purchased a new stake in Agree Realty in the 4th quarter valued at about $31,000. Headlands Technologies LLC increased its stake in shares of Agree Realty by 72.8% in the fourth quarter. Headlands Technologies LLC now owns 558 shares of the real estate investment trust's stock worth $39,000 after acquiring an additional 235 shares during the period. Financial Life Planners acquired a new stake in Agree Realty during the fourth quarter valued at $44,000. Quarry LP purchased a new stake in Agree Realty during the 4th quarter worth approximately $52,000. Finally, MassMutual Private Wealth & Trust FSB grew its stake in Agree Realty by 34.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust's stock valued at $63,000 after acquiring an additional 230 shares in the last quarter. 97.83% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. StockNews.com raised shares of Agree Realty from a "sell" rating to a "hold" rating in a research note on Monday. Stifel Nicolaus raised their target price on shares of Agree Realty from $81.00 to $82.50 and gave the company a "buy" rating in a report on Wednesday, April 23rd. Barclays raised their price target on shares of Agree Realty from $75.00 to $77.00 and gave the stock an "equal weight" rating in a research note on Wednesday. Mizuho lifted their price target on shares of Agree Realty from $74.00 to $81.00 and gave the company a "neutral" rating in a research report on Thursday, April 3rd. Finally, UBS Group lowered their price objective on Agree Realty from $86.00 to $84.00 and set a "buy" rating for the company in a research note on Tuesday, May 13th. Six equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $81.19.

Agree Realty Price Performance

NYSE:ADC traded down $0.82 on Wednesday, reaching $75.00. 1,274,068 shares of the company's stock traded hands, compared to its average volume of 1,047,118. Agree Realty Co. has a 12 month low of $58.52 and a 12 month high of $79.65. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.52. The stock has a 50-day simple moving average of $75.67 and a 200-day simple moving average of $74.11. The firm has a market cap of $8.25 billion, a PE ratio of 42.13, a P/E/G ratio of 2.88 and a beta of 0.57.

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 (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.01. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. The business had revenue of $169.16 million for the quarter, compared to analysts' expectations of $167.77 million. During the same quarter last year, the firm earned $0.43 EPS. Equities research analysts forecast that Agree Realty Co. will post 4.27 earnings per share for the current year.

Agree Realty Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 30th will be issued a $0.256 dividend. This represents a $3.07 annualized dividend and a yield of 4.10%. The ex-dividend date is Friday, May 30th. This is an increase from Agree Realty's previous monthly dividend of $0.25. Agree Realty's dividend payout ratio (DPR) is 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.