Millennium Management LLC Buys 1,068,271 Shares of Agree Realty Co. (NYSE:ADC)

Millennium Management LLC grew its holdings in Agree Realty Co. (NYSE:ADC - Free Report) by 1,036.9% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,171,297 shares of the real estate investment trust's stock after buying an additional 1,068,271 shares during the period. Millennium Management LLC owned approximately 1.13% of Agree Realty worth $82,518,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in ADC. Spire Wealth Management purchased a new position in Agree Realty in the fourth quarter worth about $411,000. abrdn plc lifted its stake in shares of Agree Realty by 33.7% in the 4th quarter. abrdn plc now owns 27,497 shares of the real estate investment trust's stock valued at $1,922,000 after purchasing an additional 6,924 shares during the last quarter. Envestnet Asset Management Inc. boosted its holdings in shares of Agree Realty by 3.6% in 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 purchasing an additional 10,446 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Agree Realty by 37.3% in 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 purchasing an additional 990,362 shares during the period. Finally, Sage Investment Counsel LLC bought a new position in shares of Agree Realty during the 4th quarter valued at approximately $329,000. 97.83% of the stock is currently owned by institutional investors.

Agree Realty Trading Up 1.3%

NYSE:ADC traded up $0.97 during midday trading on Friday, hitting $74.89. The stock had a trading volume of 864,307 shares, compared to its average volume of 1,045,536. The stock has a 50-day moving average of $75.69 and a 200 day moving average of $74.08. The company has a market capitalization of $8.24 billion, a price-to-earnings ratio of 42.07, a PEG ratio of 2.88 and a beta of 0.57. Agree Realty Co. has a one year low of $58.52 and a one year high of $79.65. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.52.

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

Agree Realty Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, June 13th. Shareholders of record on Friday, May 30th will be issued a dividend of $0.256 per share. This represents a $3.07 annualized dividend and a yield of 4.10%. This is a boost from Agree Realty's previous monthly dividend of $0.25. The ex-dividend date of this dividend is Friday, May 30th. Agree Realty's dividend payout ratio is presently 173.45%.

Wall Street Analysts Forecast Growth

Several research firms have commented on ADC. Barclays raised shares of Agree Realty from an "underweight" rating to an "equal weight" rating and lifted their price objective for the stock from $74.00 to $75.00 in a research note on Tuesday, March 4th. StockNews.com cut shares of Agree Realty from a "hold" rating to a "sell" rating in a research note on Sunday, May 11th. Mizuho increased their price objective on shares of Agree Realty from $74.00 to $81.00 and gave the stock a "neutral" rating in a research report on Thursday, April 3rd. Wells Fargo & Company raised their price objective on shares of Agree Realty from $78.00 to $81.00 and gave the stock an "overweight" rating in a research note on Monday, March 10th. Finally, BTIG Research cut Agree Realty from a "buy" rating to a "neutral" rating in a research note on Wednesday, May 7th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Agree Realty presently has a consensus rating of "Moderate Buy" and a consensus target price of $81.04.

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.