Ballentine Partners LLC Takes $384,000 Position in Agree Realty Co. (NYSE:ADC)

Ballentine Partners LLC acquired a new stake in shares of Agree Realty Co. (NYSE:ADC) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 5,450 shares of the real estate investment trust’s stock, valued at approximately $384,000.

Several other institutional investors also recently bought and sold shares of ADC. JPMorgan Chase & Co. increased 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 valued at $274,693,000 after acquiring an additional 990,362 shares during the period. Daiwa Securities Group Inc. boosted its position in Agree Realty by 29.4% during the third quarter. Daiwa Securities Group Inc. now owns 2,350,056 shares of the real estate investment trust’s stock valued at $177,030,000 after purchasing an additional 534,545 shares in the last quarter. FMR LLC grew its stake in Agree Realty by 729.3% in the third quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust’s stock valued at $168,648,000 after purchasing an additional 1,968,811 shares during the last quarter. Geode Capital Management LLC raised its holdings in Agree Realty by 1.5% in the third quarter. Geode Capital Management LLC now owns 2,074,760 shares of the real estate investment trust’s stock worth $156,327,000 after purchasing an additional 30,377 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Agree Realty by 3.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,588,355 shares of the real estate investment trust’s stock valued at $119,651,000 after buying an additional 57,354 shares during the last quarter. 97.83% of the stock is owned by hedge funds and other institutional investors.

Agree Realty Trading Down 0.0 %

NYSE ADC opened at $71.48 on Friday. Agree Realty Co. has a 1 year low of $54.28 and a 1 year high of $78.39. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66. The company has a market capitalization of $7.40 billion, a PE ratio of 39.49, a P/E/G ratio of 2.58 and a beta of 0.64. The company has a fifty day moving average of $73.02 and a 200 day moving average of $72.72.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.61). The company had revenue of $154.33 million during the quarter, compared to analyst estimates of $152.83 million. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The business’s quarterly revenue was up 12.8% compared to the same quarter last year. During the same period last year, the firm earned $1.00 EPS. Research analysts forecast that Agree Realty Co. will post 4.12 earnings per share for the current year.

Agree Realty Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be given a $0.253 dividend. The ex-dividend date of this dividend is Friday, January 31st. This represents a $3.04 annualized dividend and a yield of 4.25%. Agree Realty’s dividend payout ratio is presently 167.96%.

Analysts Set New Price Targets

Several research analysts recently commented on ADC shares. UBS Group upgraded shares of Agree Realty from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $79.00 to $84.00 in a research note on Monday, January 6th. Evercore ISI began coverage on Agree Realty in a research report on Thursday, December 12th. They set an “outperform” rating and a $82.00 price target on the stock. Barclays started coverage on Agree Realty in a research report on Tuesday, December 17th. They issued an “underweight” rating and a $76.00 price objective for the company. KeyCorp upped their target price on Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, October 4th. Finally, Stifel Nicolaus lowered their price target on Agree Realty from $81.50 to $81.00 and set a “buy” rating for the company in a report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Agree Realty currently has an average rating of “Moderate Buy” and an average target price of $79.07.

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.