First Trust Advisors LP Has $6.57 Million Stock Position in Agree Realty Co. (NYSE:ADC)

First Trust Advisors LP boosted its position in Agree Realty Co. (NYSE:ADC) by 77.0% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 93,257 shares of the real estate investment trust’s stock after acquiring an additional 40,577 shares during the quarter. First Trust Advisors LP’s holdings in Agree Realty were worth $6,570,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently bought and sold shares of ADC. Versant Capital Management Inc grew its position in shares of Agree Realty by 230.7% in the fourth quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust’s stock valued at $30,000 after purchasing an additional 293 shares during the last quarter. Bernard Wealth Management Corp. acquired a new stake in Agree Realty in the 4th quarter valued at approximately $31,000. Headlands Technologies LLC increased its position in Agree Realty by 72.8% in the 4th quarter. Headlands Technologies LLC now owns 558 shares of the real estate investment trust’s stock worth $39,000 after buying an additional 235 shares during the period. Financial Life Planners acquired a new position in shares of Agree Realty during the fourth quarter worth approximately $44,000. Finally, MassMutual Private Wealth & Trust FSB boosted its position in shares of Agree Realty by 34.4% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust’s stock valued at $63,000 after acquiring an additional 230 shares during the period. Institutional investors own 97.83% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on ADC. Robert W. Baird upped their target price on shares of Agree Realty from $76.00 to $80.00 and gave the company an “outperform” rating in a research note on Friday, April 25th. Mizuho increased their target price on shares of Agree Realty from $74.00 to $81.00 and gave the company a “neutral” rating in a research note on Thursday, April 3rd. Evercore ISI boosted their price target on Agree Realty from $82.00 to $83.00 and gave the company an “outperform” rating in a research note on Thursday, April 24th. Wells Fargo & Company raised their price objective on Agree Realty from $78.00 to $81.00 and gave the stock an “overweight” rating in a research report on Monday, March 10th. Finally, UBS Group upgraded Agree Realty from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $79.00 to $84.00 in a research report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $80.88.

Agree Realty Stock Up 1.1 %

ADC opened at $77.28 on Wednesday. Agree Realty Co. has a twelve month low of $57.02 and a twelve month high of $79.65. The firm has a market cap of $8.50 billion, a price-to-earnings ratio of 43.42, a PEG ratio of 2.88 and a beta of 0.55. The firm’s 50-day simple moving average is $75.49 and its 200-day simple moving average is $74.08. 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 posted its quarterly earnings data on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.01. The company had revenue of $169.16 million during the quarter, compared to analyst estimates 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 business posted $0.43 earnings per share. Equities research analysts anticipate that Agree Realty Co. will post 4.27 EPS for the current fiscal year.

Agree Realty Increases Dividend

The firm also recently disclosed a apr 25 dividend, which will be paid on Wednesday, May 14th. Shareholders of record on Wednesday, April 30th will be given a $0.256 dividend. This is an increase from Agree Realty’s previous apr 25 dividend of $0.25. The ex-dividend date is Wednesday, April 30th. This represents a yield of 4.1%. Agree Realty’s payout ratio is presently 173.45%.

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.