Parr Mcknight Wealth Management Group LLC acquired a new position in shares of Agree Realty Co. (NYSE:ADC - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm acquired 15,272 shares of the real estate investment trust's stock, valued at approximately $1,076,000.
Other institutional investors also recently bought and sold shares of the company. CIBC Asset Management Inc increased its stake in 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 buying an additional 153 shares in the last quarter. Carmel Capital Partners LLC boosted its holdings in shares of Agree Realty by 2.5% during 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 last quarter. UMB Bank n.a. boosted its holdings in shares of Agree Realty by 17.3% during the 4th quarter. UMB Bank n.a. now owns 1,139 shares of the real estate investment trust's stock worth $80,000 after purchasing an additional 168 shares during the last quarter. Sequoia Financial Advisors LLC boosted its holdings in shares of Agree Realty by 3.8% during 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 last quarter. Finally, Private Advisor Group LLC boosted its holdings in shares of Agree Realty by 3.6% during 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 last quarter. 97.83% of the stock is currently owned by hedge funds and other institutional investors.
Agree Realty Price Performance
Shares of ADC stock traded down $0.71 during midday trading on Thursday, reaching $74.61. 768,712 shares of the company traded hands, compared to its average volume of 1,053,126. The firm's 50 day simple moving average is $75.54 and its two-hundred day simple moving average is $74.14. Agree Realty Co. has a 1-year low of $58.52 and a 1-year high of $79.65. 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 firm has a market cap of $8.21 billion, a PE ratio of 41.93, a price-to-earnings-growth ratio of 2.88 and a beta of 0.57.
Agree Realty (NYSE:ADC - Get Free Report) last issued its quarterly earnings data on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $169.16 million during the quarter, compared to the consensus estimate of $167.77 million. During the same period in the previous year, the firm posted $0.43 EPS. On average, equities research analysts expect that Agree Realty Co. will post 4.27 EPS for the current fiscal year.
Agree Realty Increases Dividend
The company also recently announced a monthly dividend, which will be paid on Friday, June 13th. Shareholders of record on Friday, May 30th will be paid a $0.256 dividend. This is a boost from Agree Realty's previous monthly dividend of $0.25. This represents a $3.07 annualized dividend and a yield of 4.12%. The ex-dividend date of this dividend is Friday, May 30th. Agree Realty's payout ratio is presently 173.45%.
Analyst Upgrades and Downgrades
Several brokerages have recently weighed in on ADC. Mizuho boosted their target price on Agree Realty from $74.00 to $81.00 and gave the stock a "neutral" rating in a report on Thursday, April 3rd. Wall Street Zen upgraded Agree Realty from a "sell" rating to a "hold" rating in a report on Monday, May 19th. Robert W. Baird boosted their target price on Agree Realty from $76.00 to $80.00 and gave the stock an "outperform" rating in a report on Friday, April 25th. JMP Securities reiterated a "market perform" rating on shares of Agree Realty in a report on Friday, May 16th. Finally, Barclays set a $77.00 price objective on Agree Realty and gave the company an "equal weight" rating in a report on Wednesday, May 21st. 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $81.19.
View Our Latest Research Report on ADC
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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