Wellington Management Group LLP Raises Holdings in Agree Realty Co. (NYSE:ADC)

Wellington Management Group LLP raised its stake in shares of Agree Realty Co. (NYSE:ADC - Free Report) by 664.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 590,845 shares of the real estate investment trust's stock after buying an additional 513,571 shares during the quarter. Wellington Management Group LLP owned about 0.55% of Agree Realty worth $41,625,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently bought and sold shares of ADC. Barclays PLC lifted its holdings in shares of Agree Realty by 129.4% in the 3rd quarter. Barclays PLC now owns 239,783 shares of the real estate investment trust's stock worth $18,062,000 after acquiring an additional 135,274 shares during the last quarter. JPMorgan Chase & Co. boosted 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 buying an additional 990,362 shares during the period. Fifth Third Bancorp grew its stake in shares of Agree Realty by 112.2% during the fourth quarter. Fifth Third Bancorp now owns 4,669 shares of the real estate investment trust's stock valued at $329,000 after buying an additional 2,469 shares during the last quarter. Blue Trust Inc. raised its holdings in shares of Agree Realty by 90.5% in the fourth quarter. Blue Trust Inc. now owns 5,948 shares of the real estate investment trust's stock worth $448,000 after buying an additional 2,825 shares during the period. Finally, KBC Group NV lifted its stake in shares of Agree Realty by 1,670.8% during the 4th quarter. KBC Group NV now owns 43,561 shares of the real estate investment trust's stock worth $3,069,000 after acquiring an additional 41,101 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Mizuho upped their price objective on Agree Realty from $74.00 to $81.00 and gave the company a "neutral" rating in a research report on Thursday, April 3rd. Robert W. Baird upped their target price on shares of Agree Realty from $76.00 to $80.00 and gave the stock an "outperform" rating in a research note on Friday, April 25th. JMP Securities reiterated a "market perform" rating on shares of Agree Realty in a report on Friday, May 16th. BTIG Research downgraded Agree Realty from a "buy" rating to a "neutral" rating in a report on Wednesday, May 7th. Finally, Wells Fargo & Company lifted their target price on Agree Realty from $78.00 to $81.00 and gave the company an "overweight" rating in a research report on Monday, March 10th. Six equities 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's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $81.19.

Agree Realty Stock Up 0.3%

ADC traded up $0.22 during trading on Monday, hitting $75.52. The stock had a trading volume of 717,976 shares, compared to its average volume of 1,059,381. The stock has a 50 day simple moving average of $75.52 and a two-hundred day simple moving average of $74.09. 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 twelve month low of $59.66 and a twelve month high of $79.65. The company has a market capitalization of $8.31 billion, a PE ratio of 42.43, a PEG ratio of 2.88 and a beta of 0.57.

Agree Realty (NYSE:ADC - Get Free Report) last posted its quarterly earnings data 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. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. The firm had revenue of $169.16 million during the quarter, compared to analysts' expectations of $167.77 million. During the same quarter last year, the firm earned $0.43 EPS. On average, research analysts predict that Agree Realty Co. will post 4.27 earnings per share for the current year.

Agree Realty Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, June 13th. Stockholders of record on Friday, May 30th will be issued a dividend of $0.256 per share. The ex-dividend date is Friday, May 30th. This represents a $3.07 annualized dividend and a dividend yield of 4.07%. This is an increase from Agree Realty's previous monthly dividend of $0.25. Agree Realty's dividend payout ratio is 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.