Frontier Capital Management Co. LLC Reduces Holdings in Agree Realty Co. (NYSE:ADC)

Frontier Capital Management Co. LLC lowered its position in shares of Agree Realty Co. (NYSE:ADC - Free Report) by 8.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,030,205 shares of the real estate investment trust's stock after selling 101,165 shares during the period. Frontier Capital Management Co. LLC owned approximately 1.00% of Agree Realty worth $72,578,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. Spire Wealth Management acquired a new stake in shares of Agree Realty during the 4th quarter worth approximately $411,000. abrdn plc increased its holdings in shares of Agree Realty by 33.7% during the 4th quarter. abrdn plc now owns 27,497 shares of the real estate investment trust's stock worth $1,922,000 after buying an additional 6,924 shares during the last quarter. Envestnet Asset Management Inc. increased its holdings in shares of Agree Realty by 3.6% during the 4th 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 during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Agree Realty by 37.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust's stock worth $274,693,000 after buying an additional 990,362 shares during the last quarter. Finally, Sage Investment Counsel LLC purchased a new position in shares of Agree Realty during the 4th quarter worth approximately $329,000. Institutional investors and hedge funds own 97.83% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. JMP Securities reaffirmed a "market perform" rating on shares of Agree Realty in a research report on Wednesday, April 30th. UBS Group lowered 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 report on Tuesday. Robert W. Baird increased their price objective on shares of Agree Realty from $76.00 to $80.00 and gave the stock an "outperform" rating in a research report on Friday, April 25th. Stifel Nicolaus increased their price objective on shares of Agree Realty from $81.00 to $82.50 and gave the stock a "buy" rating in a research report on Wednesday, April 23rd. Finally, Mizuho raised their price objective on shares of Agree Realty from $74.00 to $81.00 and gave the company a "neutral" rating in a research note on Thursday, April 3rd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $81.04.

Agree Realty Stock Down 0.5%

ADC stock traded down $0.40 during midday trading on Tuesday, reaching $73.20. 700,439 shares of the company were exchanged, compared to its average volume of 1,032,633. The stock's 50-day simple moving average is $75.88 and its 200 day simple moving average is $74.10. Agree Realty Co. has a 1-year low of $58.52 and a 1-year high of $79.65. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market cap of $8.05 billion, a price-to-earnings ratio of 41.12, a price-to-earnings-growth ratio of 2.88 and a beta of 0.57.

Agree Realty (NYSE:ADC - Get Free Report) last announced its quarterly earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share for the quarter, beating analysts' consensus estimates of $1.05 by $0.01. The firm had revenue of $169.16 million during the quarter, compared to analysts' expectations 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 company earned $0.43 earnings per share. On average, equities analysts forecast that Agree Realty Co. will post 4.27 earnings per share for the current year.

Agree Realty Increases Dividend

The company also recently disclosed a apr 25 dividend, which will be paid on Wednesday, May 14th. Shareholders of record on Wednesday, April 30th will be issued a dividend of $0.256 per share. This is a positive change from Agree Realty's previous apr 25 dividend of $0.25. The ex-dividend date of this dividend is Wednesday, April 30th. This represents a dividend yield of 4.1%. Agree Realty's dividend payout ratio (DPR) is presently 173.45%.

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.