Agree Realty Co. (NYSE:ADC) Position Increased by Vanguard Group Inc.

Vanguard Group Inc. lifted its holdings in Agree Realty Co. (NYSE:ADC) by 1.5% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 14,549,952 shares of the real estate investment trust’s stock after buying an additional 219,806 shares during the quarter. Vanguard Group Inc. owned approximately 14.06% of Agree Realty worth $1,025,044,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of ADC. FMR LLC raised its stake in Agree Realty by 729.3% during the third quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust’s stock worth $168,648,000 after acquiring an additional 1,968,811 shares during the period. Raymond James Financial Inc. bought a new position in shares of Agree Realty during the fourth quarter valued at approximately $101,382,000. JPMorgan Chase & Co. raised its position in shares of Agree Realty by 37.3% during 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. Two Sigma Advisers LP lifted its holdings in shares of Agree Realty by 92.6% in the 3rd quarter. Two Sigma Advisers LP now owns 714,387 shares of the real estate investment trust’s stock worth $53,815,000 after purchasing an additional 343,400 shares during the last quarter. Finally, Waterfront Capital Partners LLC acquired a new position in Agree Realty during the 3rd quarter valued at approximately $21,326,000. 97.83% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft initiated coverage on Agree Realty in a research report on Wednesday, December 11th. They issued a “buy” rating and a $88.00 target price on the stock. Wells Fargo & Company increased their price objective on shares of Agree Realty from $78.00 to $81.00 and gave the stock an “overweight” rating in a report on Monday, March 10th. Evercore ISI assumed coverage on shares of Agree Realty in a research note on Thursday, December 12th. They set an “outperform” rating and a $82.00 target price for the company. UBS Group upgraded shares of Agree Realty from a “neutral” rating to a “buy” rating and raised their price target for the company from $79.00 to $84.00 in a research note on Monday, January 6th. Finally, Citizens Jmp downgraded Agree Realty from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Five equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $79.85.

Agree Realty Stock Performance

Shares of NYSE ADC opened at $76.56 on Friday. Agree Realty Co. has a 1 year low of $54.78 and a 1 year high of $78.39. The firm has a market cap of $8.22 billion, a P/E ratio of 43.01, a PEG ratio of 2.88 and a beta of 0.64. The stock has a fifty day moving average price of $73.80 and a two-hundred day moving average price of $73.94. 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 (NYSE:ADC) last announced its quarterly earnings data on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.61. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. Research analysts forecast that Agree Realty Co. will post 4.27 EPS for the current fiscal year.

Agree Realty Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Monday, April 14th. Stockholders of record on Monday, March 31st will be paid a $0.253 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $3.04 annualized dividend and a dividend yield of 3.97%. Agree Realty’s dividend payout ratio is currently 170.22%.

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.