Victory Capital Management Inc. Increases Stock Position in Agree Realty Co. (NYSE:ADC)

Victory Capital Management Inc. boosted its stake in shares of Agree Realty Co. (NYSE:ADC) by 143.7% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 50,453 shares of the real estate investment trust’s stock after acquiring an additional 29,747 shares during the quarter. Victory Capital Management Inc.’s holdings in Agree Realty were worth $3,554,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in ADC. Atria Investments Inc boosted its stake in shares of Agree Realty by 9.7% in the third quarter. Atria Investments Inc now owns 12,928 shares of the real estate investment trust’s stock valued at $974,000 after purchasing an additional 1,142 shares during the period. Oppenheimer Asset Management Inc. boosted its stake in shares of Agree Realty by 3.3% in the third quarter. Oppenheimer Asset Management Inc. now owns 15,353 shares of the real estate investment trust’s stock valued at $1,157,000 after purchasing an additional 484 shares during the period. KBC Group NV boosted its stake in shares of Agree Realty by 15.0% in the third quarter. KBC Group NV now owns 2,460 shares of the real estate investment trust’s stock valued at $185,000 after purchasing an additional 320 shares during the period. Metis Global Partners LLC boosted its stake in shares of Agree Realty by 29.7% in the third quarter. Metis Global Partners LLC now owns 10,336 shares of the real estate investment trust’s stock valued at $779,000 after purchasing an additional 2,366 shares during the period. Finally, CIBC Asset Management Inc purchased a new position in shares of Agree Realty in the third quarter valued at approximately $224,000. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Wall Street Analyst Weigh In

ADC has been the subject of a number of recent research reports. Citizens Jmp downgraded shares of Agree Realty from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 17th. JMP Securities downgraded shares of Agree Realty from an “outperform” rating to a “market perform” rating in a research note on Tuesday, December 17th. Wells Fargo & Company lifted their price target on shares of Agree Realty from $78.00 to $81.00 and gave the stock an “overweight” rating in a research note on Monday, March 10th. StockNews.com upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a research note on Sunday, February 16th. Finally, BTIG Research lifted their price target on shares of Agree Realty from $74.00 to $78.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Five investment 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. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $79.85.

Agree Realty Stock Up 1.7 %

ADC stock opened at $76.86 on Monday. The company’s 50 day moving average is $72.65 and its two-hundred day moving average is $73.80. The stock has a market cap of $8.24 billion, a P/E ratio of 43.18, a PEG ratio of 2.88 and a beta of 0.64. Agree Realty Co. has a twelve month low of $54.78 and a twelve month high of $78.39. 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 announced its earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.61. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. Research analysts expect that Agree Realty Co. will post 4.27 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

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 issued a $0.253 dividend. The ex-dividend date is Monday, March 31st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.95%. Agree Realty’s payout ratio is 170.22%.

About Agree Realty

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.