Agree Realty Co. (NYSE:ADC) Shares Acquired by Blue Trust Inc.

Blue Trust Inc. raised its stake in shares of Agree Realty Co. (NYSE:ADC) by 57.3% in the 4th quarter, HoldingsChannel.com reports. The firm owned 4,913 shares of the real estate investment trust’s stock after purchasing an additional 1,790 shares during the quarter. Blue Trust Inc.’s holdings in Agree Realty were worth $346,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. JPMorgan Chase & Co. increased its holdings 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 buying an additional 990,362 shares during the last quarter. Daiwa Securities Group Inc. increased its stake 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 worth $177,030,000 after acquiring an additional 534,545 shares during the last quarter. FMR LLC raised its holdings in shares of Agree Realty by 729.3% in the 3rd quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust’s stock worth $168,648,000 after purchasing an additional 1,968,811 shares during the period. Geode Capital Management LLC lifted its stake in shares of Agree Realty by 1.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,074,760 shares of the real estate investment trust’s stock valued at $156,327,000 after purchasing an additional 30,377 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Agree Realty by 3.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,588,355 shares of the real estate investment trust’s stock worth $119,651,000 after purchasing an additional 57,354 shares during the period. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Down 0.1 %

Shares of NYSE:ADC opened at $70.95 on Wednesday. The firm has a market cap of $7.61 billion, a PE ratio of 39.20, a price-to-earnings-growth ratio of 2.87 and a beta of 0.65. The company has a fifty day simple moving average of $71.64 and a 200 day simple moving average of $73.52. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. Agree Realty Co. has a 12-month low of $54.28 and a 12-month high of $78.39.

Agree Realty (NYSE:ADC) last released its earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.61. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. On average, equities research analysts anticipate that Agree Realty Co. will post 4.13 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The company also recently announced a feb 25 dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be issued a dividend of $0.253 per share. This represents a yield of 4.2%. The ex-dividend date of this dividend is Friday, February 28th. Agree Realty’s dividend payout ratio is presently 170.22%.

Wall Street Analyst Weigh In

ADC has been the topic of several research reports. Mizuho cut their price target on shares of Agree Realty from $80.00 to $74.00 and set a “neutral” rating on the stock in a report on Wednesday, January 8th. Wells Fargo & Company reduced their target price on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. Barclays lowered their price target on Agree Realty from $76.00 to $74.00 and set an “underweight” rating for the company in a report on Tuesday, February 4th. Stifel Nicolaus reduced their price objective on Agree Realty from $81.50 to $81.00 and set a “buy” rating on the stock in a research note on Tuesday, January 7th. Finally, Truist Financial increased their target price on Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. One analyst has rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $79.62.

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.