UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Agree Realty Co. (NYSE:ADC - Free Report) by 524.2% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 707,421 shares of the real estate investment trust's stock after buying an additional 594,080 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.68% of Agree Realty worth $49,838,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors also recently bought and sold shares of the company. Spire Wealth Management purchased a new stake in shares of Agree Realty during the fourth quarter valued at $411,000. abrdn plc raised its holdings in Agree Realty by 33.7% in the 4th quarter. abrdn plc now owns 27,497 shares of the real estate investment trust's stock valued at $1,922,000 after acquiring an additional 6,924 shares during the last quarter. Envestnet Asset Management Inc. raised its holdings in Agree Realty by 3.6% in the 4th quarter. Envestnet Asset Management Inc. now owns 301,751 shares of the real estate investment trust's stock valued at $21,258,000 after acquiring an additional 10,446 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Agree Realty by 37.3% in the 3rd 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. Finally, Sage Investment Counsel LLC acquired a new stake in Agree Realty in the 4th quarter valued at about $329,000. Institutional investors own 97.83% of the company's stock.
Wall Street Analyst Weigh In
Several equities analysts have commented on ADC shares. Wells Fargo & Company raised their price target on shares of Agree Realty from $78.00 to $81.00 and gave the company an "overweight" rating in a research report on Monday, March 10th. Mizuho boosted their price target on shares of Agree Realty from $74.00 to $81.00 and gave the stock a "neutral" rating in a research note on Thursday, April 3rd. UBS Group dropped their price target on shares of Agree Realty from $86.00 to $84.00 and set a "buy" rating on the stock in a research note on Tuesday, May 13th. Wall Street Zen raised shares of Agree Realty from a "sell" rating to a "hold" rating in a report on Monday, May 19th. Finally, JMP Securities reaffirmed a "market perform" rating on shares of Agree Realty in a report on Friday, May 16th. Six equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $81.19.
View Our Latest Analysis on ADC
Agree Realty Trading Up 0.8%
Shares of Agree Realty stock traded up $0.59 during trading hours on Friday, hitting $74.73. The company's stock had a trading volume of 225,930 shares, compared to its average volume of 1,054,564. Agree Realty Co. has a 1-year low of $59.36 and a 1-year high of $79.65. The business has a fifty day moving average of $75.52 and a 200 day moving average of $74.13. The company has a market capitalization of $8.22 billion, a PE ratio of 42.01, a P/E/G ratio of 2.88 and a beta of 0.57. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.52.
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 the consensus estimate of $1.05 by $0.01. The business 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 period in the prior year, the firm earned $0.43 earnings per share. As a group, equities analysts forecast that Agree Realty Co. will post 4.27 EPS for the current year.
Agree Realty Increases Dividend
The firm also recently announced a monthly dividend, which will be paid on Friday, June 13th. Shareholders of record on Friday, May 30th will be issued a dividend of $0.256 per share. This represents a $3.07 dividend on an annualized basis and a dividend yield of 4.11%. This is a boost from Agree Realty's previous monthly dividend of $0.25. The ex-dividend date is Friday, May 30th. Agree Realty's dividend payout ratio is 173.45%.
Agree Realty Profile
(
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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