Agree Realty Co. (NYSE:ADC) Shares Acquired by Wellington Management Group LLP

Wellington Management Group LLP lifted its position in Agree Realty Co. (NYSE:ADC) by 664.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 590,845 shares of the real estate investment trust’s stock after acquiring an additional 513,571 shares during the period. Wellington Management Group LLP owned 0.57% of Agree Realty worth $41,625,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ADC. Versant Capital Management Inc lifted its stake in Agree Realty by 230.7% during the 4th quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust’s stock valued at $30,000 after acquiring an additional 293 shares during the period. Financial Life Planners purchased a new position in shares of Agree Realty during the fourth quarter worth $44,000. MassMutual Private Wealth & Trust FSB raised its holdings in shares of Agree Realty by 34.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust’s stock worth $63,000 after purchasing an additional 230 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new position in Agree Realty during the third quarter valued at $77,000. Finally, UMB Bank n.a. boosted its holdings in Agree Realty by 17.3% in the fourth quarter. UMB Bank n.a. now owns 1,139 shares of the real estate investment trust’s stock valued at $80,000 after purchasing an additional 168 shares during the last quarter. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Wall Street Analysts Forecast Growth

ADC has been the subject of several analyst reports. Evercore ISI initiated coverage on Agree Realty in a report on Thursday, December 12th. They issued an “outperform” rating and a $82.00 price objective for the company. Deutsche Bank Aktiengesellschaft initiated coverage on Agree Realty in a report on Wednesday, December 11th. They issued a “buy” rating and a $88.00 price target for the company. Stifel Nicolaus dropped their price objective on shares of Agree Realty from $81.50 to $81.00 and set a “buy” rating on the stock in a research note on Tuesday, January 7th. StockNews.com upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a research note on Sunday, February 16th. Finally, Royal Bank of Canada dropped their price target on shares of Agree Realty from $79.00 to $78.00 and set an “outperform” rating on the stock in a research report on Thursday, February 13th. Five analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $80.38.

Agree Realty Trading Down 3.2 %

ADC stock opened at $74.34 on Monday. The business’s 50-day moving average is $74.22 and its 200 day moving average is $73.91. Agree Realty Co. has a 12-month low of $54.78 and a 12-month high of $78.39. The stock has a market cap of $7.98 billion, a price-to-earnings ratio of 41.76, 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.

Agree Realty (NYSE:ADC) last issued its quarterly earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.61. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. On average, sell-side analysts anticipate that Agree Realty Co. will post 4.27 EPS for the current fiscal year.

Agree Realty Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, April 14th. Stockholders of record on Monday, March 31st will be given a $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.08%. The ex-dividend date of this dividend is Monday, March 31st. Agree Realty’s dividend payout ratio (DPR) is 170.22%.

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.