Agree Realty Co. (NYSE:ADC) Holdings Reduced by T. Rowe Price Investment Management Inc.

T. Rowe Price Investment Management Inc. lowered its position in Agree Realty Co. (NYSE:ADC - Free Report) by 11.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 419,901 shares of the real estate investment trust's stock after selling 53,851 shares during the period. T. Rowe Price Investment Management Inc. owned about 0.41% of Agree Realty worth $29,583,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in ADC. Spire Wealth Management acquired a new stake in shares of Agree Realty in the 4th quarter worth approximately $411,000. abrdn plc raised its stake 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. boosted its position 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 buying an additional 10,446 shares in the last quarter. JPMorgan Chase & Co. grew its stake in 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 valued at $274,693,000 after acquiring an additional 990,362 shares during the last quarter. Finally, Sage Investment Counsel LLC acquired a new position in Agree Realty during the fourth quarter worth about $329,000. Hedge funds and other institutional investors own 97.83% of the company's stock.

Agree Realty Stock Down 0.9 %

ADC stock traded down $0.70 during trading on Thursday, reaching $76.91. The stock had a trading volume of 1,279,702 shares, compared to its average volume of 1,240,039. Agree Realty Co. has a 1-year low of $57.73 and a 1-year high of $79.65. The company has a market capitalization of $8.46 billion, a P/E ratio of 43.21, a PEG ratio of 2.88 and a beta of 0.55. 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 fifty day moving average price of $75.58 and a 200 day moving average price of $74.10.

Agree Realty (NYSE:ADC - Get Free Report) last released its quarterly earnings results 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. The business had revenue of $169.16 million during the quarter, compared to the consensus estimate of $167.77 million. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. During the same quarter last year, the company earned $0.43 earnings per share. On average, equities analysts anticipate 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 paid a dividend of $0.256 per share. The ex-dividend date is Wednesday, April 30th. This represents a yield of 4.1%. This is a boost from Agree Realty's previous apr 25 dividend of $0.25. Agree Realty's dividend payout ratio is presently 173.45%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on ADC. Robert W. Baird raised their price objective 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 reissued a "market perform" rating on shares of Agree Realty in a report on Wednesday. Barclays raised Agree Realty from an "underweight" rating to an "equal weight" rating and increased their price objective for the company from $74.00 to $75.00 in a research note on Tuesday, March 4th. UBS Group upgraded shares of Agree Realty from a "neutral" rating to a "buy" rating and upped their target price for the company from $79.00 to $84.00 in a report on Monday, January 6th. Finally, Wells Fargo & Company boosted their price objective on shares of Agree Realty from $78.00 to $81.00 and gave the company an "overweight" rating in a research report on Monday, March 10th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Agree Realty presently has a consensus rating of "Moderate Buy" and a consensus price target of $80.88.

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.