Virtus Investment Advisers Inc. bought a new position in shares of Agree Realty Co. (NYSE:ADC - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 7,815 shares of the real estate investment trust's stock, valued at approximately $551,000.
Several other large investors also recently bought and sold shares of ADC. Bernard Wealth Management Corp. purchased a new stake in Agree Realty during the 4th quarter worth approximately $31,000. Headlands Technologies LLC lifted its stake in Agree Realty by 72.8% during the 4th quarter. Headlands Technologies LLC now owns 558 shares of the real estate investment trust's stock valued at $39,000 after acquiring an additional 235 shares during the period. Financial Life Planners acquired a new stake in Agree Realty during the 4th quarter valued at approximately $44,000. Quarry LP acquired a new stake in Agree Realty during the 4th quarter valued at approximately $52,000. Finally, MassMutual Private Wealth & Trust FSB lifted 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 during the period. Hedge funds and other institutional investors own 97.83% of the company's stock.
Wall Street Analyst Weigh In
ADC has been the subject of several research reports. Wells Fargo & Company lifted 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. Robert W. Baird lifted their price objective on shares of Agree Realty from $76.00 to $80.00 and gave the company an "outperform" rating in a research note on Friday, April 25th. BTIG Research cut shares of Agree Realty from a "buy" rating to a "neutral" rating in a research note on Wednesday, May 7th. UBS Group decreased their price objective on shares of Agree Realty from $86.00 to $84.00 and set a "buy" rating for the company in a research note on Tuesday, May 13th. Finally, Wall Street Zen upgraded shares of Agree Realty from a "sell" rating to a "hold" rating in a research note on Monday, May 19th. Six equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $81.19.
Read Our Latest Report on ADC
Agree Realty Price Performance
Shares of ADC stock traded up $0.53 on Friday, reaching $75.03. 1,002,913 shares of the company were exchanged, compared to its average volume of 1,051,585. The company has a market cap of $8.25 billion, a price-to-earnings ratio of 42.15, a P/E/G ratio of 2.88 and a beta of 0.57. The business has a 50-day moving average price of $75.57 and a 200 day moving average price of $74.12. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.78 and a current ratio of 0.78. Agree Realty Co. has a 1 year low of $58.52 and a 1 year high of $79.65.
Agree Realty (NYSE:ADC - Get Free Report) last posted its quarterly earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share for the quarter, topping analysts' consensus estimates of $1.05 by $0.01. The firm had revenue of $169.16 million for the quarter, compared to analyst estimates 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 previous year, the business posted $0.43 earnings per share. Equities research analysts forecast that Agree Realty Co. will post 4.27 earnings per share for the current fiscal year.
Agree Realty Increases Dividend
The firm also recently declared a monthly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 30th will be given a dividend of $0.256 per share. The ex-dividend date is Friday, May 30th. This is a positive change from Agree Realty's previous monthly dividend of $0.25. This represents a $3.07 dividend on an annualized basis and a yield of 4.09%. Agree Realty's payout ratio is presently 173.45%.
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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