Parr Mcknight Wealth Management Group LLC Buys New Stake in Agree Realty Co. (NYSE:ADC)

Parr Mcknight Wealth Management Group LLC acquired a new position in shares of Agree Realty Co. (NYSE:ADC - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 15,272 shares of the real estate investment trust's stock, valued at approximately $1,076,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ADC. Cohen & Steers Inc. increased its position in Agree Realty by 43.0% during 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 last quarter. Raymond James Financial Inc. acquired a new stake in shares of Agree Realty during the fourth quarter valued at about $101,382,000. Millennium Management LLC increased its position in shares of Agree Realty by 1,036.9% during the fourth quarter. Millennium Management LLC now owns 1,171,297 shares of the real estate investment trust's stock valued at $82,518,000 after acquiring an additional 1,068,271 shares during the last quarter. Invesco Ltd. increased its position 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 valued at $155,895,000 after acquiring an additional 1,020,512 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of 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 acquiring an additional 990,362 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ADC has been the subject of a number of recent analyst reports. Barclays set a $77.00 price target on shares of Agree Realty and gave the company an "equal weight" rating in a research report on Wednesday, May 21st. Stifel Nicolaus raised their price objective on shares of Agree Realty from $81.00 to $82.50 and gave the company a "buy" rating in a research note on Wednesday, April 23rd. Wells Fargo & Company raised their price objective on shares of Agree Realty from $78.00 to $81.00 and gave the company an "overweight" rating in a research note on Monday, March 10th. Royal Bank of Canada lowered their price objective on shares of Agree Realty from $79.00 to $78.00 and set an "outperform" rating for the company in a research note on Thursday, February 13th. Finally, JMP Securities reissued a "market perform" rating on shares of Agree Realty in a research note on Friday, May 16th. Six 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. According to data from MarketBeat.com, Agree Realty has a consensus rating of "Moderate Buy" and an average price target of $81.19.

Agree Realty Stock Performance

ADC stock traded up $0.74 on Tuesday, hitting $75.78. The company's stock had a trading volume of 1,082,820 shares, compared to its average volume of 1,053,886. The firm has a 50 day moving average of $75.55 and a two-hundred day moving average of $74.13. Agree Realty Co. has a 1 year low of $58.52 and a 1 year high of $79.65. The stock has a market cap of $8.34 billion, a price-to-earnings ratio of 42.57, a price-to-earnings-growth ratio of 2.88 and a beta of 0.57. 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 EPS for the quarter, beating the consensus estimate of $1.05 by $0.01. The firm had revenue of $169.16 million during the quarter, compared to the consensus estimate 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 firm earned $0.43 EPS. Equities analysts predict that Agree Realty Co. will post 4.27 EPS for the current fiscal year.

Agree Realty Increases Dividend

The firm also recently disclosed 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. This represents a $3.07 dividend on an annualized basis and a yield of 4.05%. This is a boost from Agree Realty's previous monthly dividend of $0.25. The ex-dividend date of this dividend is Friday, May 30th. Agree Realty's dividend payout ratio is presently 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.