Agree Realty Corporation (NYSE:ADC) Shares Acquired by Vanguard Group Inc.

Vanguard Group Inc. lifted its holdings in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 2.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,913,633 shares of the real estate investment trust's stock after buying an additional 363,681 shares during the quarter. Vanguard Group Inc. owned approximately 13.56% of Agree Realty worth $1,151,183,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Sequoia Financial Advisors LLC raised its position in shares of Agree Realty by 3.0% in the first quarter. Sequoia Financial Advisors LLC now owns 4,729 shares of the real estate investment trust's stock valued at $365,000 after buying an additional 139 shares during the last quarter. Janney Montgomery Scott LLC increased its holdings in shares of Agree Realty by 61.2% in the first quarter. Janney Montgomery Scott LLC now owns 11,982 shares of the real estate investment trust's stock valued at $925,000 after purchasing an additional 4,551 shares during the last quarter. Envestnet Asset Management Inc. lifted its position in Agree Realty by 3.6% during the fourth quarter. Envestnet Asset Management Inc. now owns 301,751 shares of the real estate investment trust's stock worth $21,258,000 after buying an additional 10,446 shares in the last quarter. AE Wealth Management LLC acquired a new position in Agree Realty during the first quarter worth $358,000. Finally, Oppenheimer Asset Management Inc. grew its holdings in Agree Realty by 10.1% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 21,070 shares of the real estate investment trust's stock valued at $1,626,000 after buying an additional 1,941 shares in the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.

Agree Realty Trading Down 0.3%

NYSE:ADC traded down $0.25 during trading hours on Tuesday, reaching $72.62. 1,004,246 shares of the stock were exchanged, compared to its average volume of 1,096,052. Agree Realty Corporation has a twelve month low of $67.58 and a twelve month high of $79.65. The business has a 50-day moving average of $73.35 and a two-hundred day moving average of $74.27. The company has a market capitalization of $8.04 billion, a price-to-earnings ratio of 43.23, a PEG ratio of 2.37 and a beta of 0.55. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.59.

Agree Realty (NYSE:ADC - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. 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 3.47% and a net margin of 28.16%. The firm had revenue of $175.53 million for the quarter, compared to the consensus estimate of $173.95 million. During the same quarter in the previous year, the business earned $1.04 EPS. The company's quarterly revenue was up 15.0% compared to the same quarter last year. On average, equities analysts predict that Agree Realty Corporation will post 4.27 EPS for the current year.

Agree Realty Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Thursday, August 14th. Stockholders of record on Thursday, July 31st will be paid a $0.256 dividend. The ex-dividend date of this dividend is Thursday, July 31st. This represents a c) annualized dividend and a dividend yield of 4.2%. Agree Realty's dividend payout ratio (DPR) is presently 182.74%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Robert W. Baird lifted their price target 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 reaffirmed a "market perform" rating on shares of Agree Realty in a research note on Monday, June 30th. Morgan Stanley lowered shares of Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 target price on the stock. in a report on Friday, July 11th. Mizuho cut their price target on shares of Agree Realty from $81.00 to $78.00 and set a "neutral" rating for the company in a report on Monday, June 16th. Finally, Wall Street Zen lowered shares of Agree Realty from a "hold" rating to a "sell" rating in a research report on Sunday, July 13th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Agree Realty has an average rating of "Moderate Buy" and a consensus price target of $80.61.

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.