Virtus Investment Advisers Inc. Buys New Stake in Agree Realty Co. (NYSE:ADC)

Virtus Investment Advisers Inc. bought a new position in shares of Agree Realty Co. (NYSE:ADC - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 7,815 shares of the real estate investment trust's stock, valued at approximately $551,000.

Other institutional investors also recently bought and sold shares of the company. CIBC Asset Management Inc lifted its position in Agree Realty by 5.2% during the fourth 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 during the period. Carmel Capital Partners LLC lifted its position in Agree Realty by 2.5% during the fourth quarter. Carmel Capital Partners LLC now owns 6,894 shares of the real estate investment trust's stock worth $486,000 after buying an additional 167 shares during the period. UMB Bank n.a. increased its stake in Agree Realty by 17.3% during the fourth quarter. UMB Bank n.a. now owns 1,139 shares of the real estate investment trust's stock worth $80,000 after acquiring an additional 168 shares during the last quarter. Sequoia Financial Advisors LLC increased its stake in Agree Realty by 3.8% during the fourth quarter. Sequoia Financial Advisors LLC now owns 4,590 shares of the real estate investment trust's stock worth $323,000 after acquiring an additional 169 shares during the last quarter. Finally, Private Advisor Group LLC increased its stake in Agree Realty by 3.6% during the fourth quarter. Private Advisor Group LLC now owns 4,909 shares of the real estate investment trust's stock worth $346,000 after acquiring an additional 170 shares during the last quarter. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on ADC shares. Mizuho increased their target price on Agree Realty from $74.00 to $81.00 and gave the company a "neutral" rating in a research note on Thursday, April 3rd. Wells Fargo & Company increased their target price on Agree Realty from $78.00 to $81.00 and gave the company an "overweight" rating in a research note on Monday, March 10th. Wall Street Zen upgraded Agree Realty from a "sell" rating to a "hold" rating in a research note on Monday. Stifel Nicolaus increased their target price on Agree Realty from $81.00 to $82.50 and gave the company a "buy" rating in a research note on Wednesday, April 23rd. Finally, Evercore ISI increased their price target on Agree Realty from $82.00 to $83.00 and gave the company an "outperform" rating in a report on Thursday, April 24th. Six research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $81.19.

Agree Realty Stock Performance

NYSE:ADC traded down $0.44 during trading hours on Thursday, reaching $74.49. 1,086,156 shares of the stock were exchanged, compared to its average volume of 1,050,582. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.52. The firm has a 50 day simple moving average of $75.61 and a 200-day simple moving average of $74.11. Agree Realty Co. has a 52 week low of $58.52 and a 52 week high of $79.65. The stock has a market capitalization of $8.19 billion, a P/E ratio of 41.85, a P/E/G ratio of 2.88 and a beta of 0.57.

Agree Realty (NYSE:ADC - Get Free Report) last released its earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 EPS for the quarter, topping analysts' consensus estimates of $1.05 by $0.01. The company had revenue of $169.16 million for the quarter, compared to the consensus estimate of $167.77 million. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. During the same quarter last year, the business posted $0.43 EPS. As a group, sell-side analysts forecast that Agree Realty Co. will post 4.27 earnings per share for the current fiscal year.

Agree Realty Increases Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 30th will be issued a $0.256 dividend. This is an increase from Agree Realty's previous monthly dividend of $0.25. The ex-dividend date is Friday, May 30th. This represents a $3.07 annualized dividend and a dividend yield of 4.12%. Agree Realty's dividend payout ratio (DPR) is 173.45%.

About Agree Realty

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.