Northern Trust Corp Boosts Stock Position in Agree Realty Co. (NYSE:ADC)

Northern Trust Corp raised its holdings in Agree Realty Co. (NYSE:ADC - Free Report) by 89.2% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,523,280 shares of the real estate investment trust's stock after acquiring an additional 718,114 shares during the quarter. Northern Trust Corp owned approximately 1.47% of Agree Realty worth $107,315,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of ADC. Versant Capital Management Inc increased its stake in Agree Realty by 230.7% in the 4th quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust's stock worth $30,000 after buying an additional 293 shares during the period. Bernard Wealth Management Corp. bought a new stake in shares of Agree Realty during the fourth quarter valued at approximately $31,000. Headlands Technologies LLC boosted its holdings in shares of Agree Realty by 72.8% in the fourth quarter. Headlands Technologies LLC now owns 558 shares of the real estate investment trust's stock valued at $39,000 after purchasing an additional 235 shares during the period. Financial Life Planners bought a new position in Agree Realty in the fourth quarter worth approximately $44,000. Finally, Quarry LP purchased a new position in Agree Realty during the 4th quarter worth $52,000. Hedge funds and other institutional investors own 97.83% of the company's stock.

Analyst Upgrades and Downgrades

ADC has been the topic of a number of recent research reports. Barclays raised Agree Realty from an "underweight" rating to an "equal weight" rating and increased their price target for the stock from $74.00 to $75.00 in a research report on Tuesday, March 4th. Stifel Nicolaus boosted their price target on shares of Agree Realty from $81.00 to $82.50 and gave the company a "buy" rating in a report on Wednesday, April 23rd. Royal Bank of Canada dropped their price objective on shares of Agree Realty from $79.00 to $78.00 and set an "outperform" rating on the stock in a research note on Thursday, February 13th. JMP Securities reissued a "market perform" rating on shares of Agree Realty in a research note on Wednesday. Finally, Mizuho increased their target price on Agree Realty from $74.00 to $81.00 and gave the company a "neutral" rating in a research report on Thursday, April 3rd. Five research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $80.88.

Agree Realty Stock Performance

NYSE ADC opened at $76.29 on Friday. The firm has a market capitalization of $8.39 billion, a P/E ratio of 42.86, a PEG ratio of 2.88 and a beta of 0.55. The stock has a 50-day simple moving average of $75.71 and a two-hundred day simple moving average of $74.11. 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 fifty-two week low of $58.18 and a fifty-two week high of $79.65.

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 (EPS) for the quarter, beating analysts' consensus estimates of $1.05 by $0.01. The company had revenue of $169.16 million during 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 period in the previous year, the company posted $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 firm also recently announced a apr 25 dividend, which will be paid on Wednesday, May 14th. Stockholders of record on Wednesday, April 30th will be given a dividend of $0.256 per share. The ex-dividend date is Wednesday, April 30th. This is a boost from Agree Realty's previous apr 25 dividend of $0.25. This represents a dividend yield of 4.1%. Agree Realty's dividend payout ratio (DPR) is 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.

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