Resolution Capital Ltd increased its stake in shares of Agree Realty Co. (NYSE:ADC - Free Report) by 67.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 714,815 shares of the real estate investment trust's stock after purchasing an additional 288,675 shares during the quarter. Agree Realty accounts for approximately 0.9% of Resolution Capital Ltd's holdings, making the stock its 22nd biggest position. Resolution Capital Ltd owned approximately 0.69% of Agree Realty worth $50,359,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Barclays PLC raised its position in Agree Realty by 129.4% in the third 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 in the last quarter. Franklin Resources Inc. raised its position in Agree Realty by 8.2% in the third quarter. Franklin Resources Inc. now owns 66,153 shares of the real estate investment trust's stock worth $4,917,000 after acquiring an additional 5,039 shares in the last quarter. JPMorgan Chase & Co. raised its position in Agree Realty by 37.3% in the third quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust's stock worth $274,693,000 after acquiring an additional 990,362 shares in the last quarter. Community Trust & Investment Co. raised its position in Agree Realty by 2.7% in the fourth quarter. Community Trust & Investment Co. now owns 48,992 shares of the real estate investment trust's stock worth $3,451,000 after acquiring an additional 1,275 shares in the last quarter. Finally, Rockland Trust Co. purchased a new position in Agree Realty in the fourth quarter worth $213,000. 97.83% of the stock is owned by institutional investors and hedge funds.
Agree Realty Trading Up 1.3%
ADC traded up $0.97 during midday trading on Friday, hitting $74.89. The company's stock had a trading volume of 864,307 shares, compared to its average volume of 1,045,536. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52. The firm has a market cap of $8.24 billion, a P/E ratio of 42.07, a PEG ratio of 2.88 and a beta of 0.57. The firm has a 50-day moving average price of $75.69 and a two-hundred day moving average price of $74.08. Agree Realty Co. has a 52-week low of $58.52 and a 52-week high of $79.65.
Agree Realty (NYSE:ADC - Get Free Report) last posted its quarterly earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 EPS for the quarter, beating the consensus estimate of $1.05 by $0.01. The company 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 quarter in the previous year, the business earned $0.43 EPS. On average, research analysts anticipate that Agree Realty Co. will post 4.27 earnings per share for the current year.
Agree Realty Increases Dividend
The firm also recently declared a monthly dividend, which will be paid on Friday, June 13th. Shareholders of record on Friday, May 30th will be issued a $0.256 dividend. 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. This represents a $3.07 annualized dividend and a yield of 4.10%. Agree Realty's payout ratio is 173.45%.
Wall Street Analyst Weigh In
ADC has been the subject of several research reports. BTIG Research downgraded Agree Realty from a "buy" rating to a "neutral" rating in a research note on Wednesday, May 7th. Robert W. Baird lifted their price target on Agree Realty from $76.00 to $80.00 and gave the stock an "outperform" rating in a research note on Friday, April 25th. Evercore ISI lifted their price target on Agree Realty from $82.00 to $83.00 and gave the stock an "outperform" rating in a research note on Thursday, April 24th. Wells Fargo & Company lifted their price target on Agree Realty from $78.00 to $81.00 and gave the stock an "overweight" rating in a research note on Monday, March 10th. Finally, Royal Bank of Canada cut their price target on Agree Realty from $79.00 to $78.00 and set an "outperform" rating for the company in a research note on Thursday, February 13th. One research 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 company. According to data from MarketBeat.com, Agree Realty has a consensus rating of "Moderate Buy" and an average target price of $81.04.
Read Our Latest Research Report on Agree Realty
About Agree Realty
(
Free Report)
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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