Agree Realty Co. (NYSE:ADC) Shares Bought by Bank of America Corp DE

Bank of America Corp DE lifted its holdings in shares of Agree Realty Co. (NYSE:ADC) by 217.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 525,232 shares of the real estate investment trust’s stock after acquiring an additional 359,605 shares during the period. Bank of America Corp DE owned 0.51% of Agree Realty worth $37,003,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of ADC. Barclays PLC grew its position in shares of Agree Realty by 129.4% during the third quarter. Barclays PLC now owns 239,783 shares of the real estate investment trust’s stock worth $18,062,000 after acquiring an additional 135,274 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of Agree Realty by 37.3% during the third quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust’s stock worth $274,693,000 after acquiring an additional 990,362 shares during the last quarter. Rockland Trust Co. purchased a new position in shares of Agree Realty during the fourth quarter worth approximately $213,000. Park Avenue Securities LLC grew its position in shares of Agree Realty by 39.3% during the fourth quarter. Park Avenue Securities LLC now owns 6,893 shares of the real estate investment trust’s stock worth $486,000 after acquiring an additional 1,943 shares during the last quarter. Finally, USA Financial Formulas purchased a new position in shares of Agree Realty during the fourth quarter worth approximately $359,000. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Agree Realty Trading Up 2.1%

Shares of ADC stock opened at $73.91 on Friday. The firm has a 50-day moving average price of $75.71 and a 200 day moving average price of $74.08. Agree Realty Co. has a twelve month low of $58.52 and a twelve month high of $79.65. The company has a market capitalization of $8.13 billion, a price-to-earnings ratio of 41.52, a PEG ratio of 2.88 and a beta of 0.57. 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 posted its quarterly earnings data on Tuesday, April 22nd. The real estate investment trust reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $1.05 by $0.01. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. The company had revenue of $169.16 million during the quarter, compared to the consensus estimate of $167.77 million. During the same quarter in the prior year, the company posted $0.43 EPS. Research analysts forecast that Agree Realty Co. will post 4.27 earnings per share for the current fiscal year.

Agree Realty Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, June 13th. Stockholders of record on Friday, May 30th will be paid a dividend of $0.256 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $3.07 dividend on an annualized basis and a dividend yield of 4.16%. This is an increase from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s dividend payout ratio is currently 173.45%.

Analyst Upgrades and Downgrades

ADC has been the topic of a number of research reports. Truist Financial raised their target price on shares of Agree Realty from $77.00 to $82.00 and gave the stock a “buy” rating in a research report on Monday, May 5th. JMP Securities restated a “market perform” rating on shares of Agree Realty in a research report on Wednesday, April 30th. Robert W. Baird raised their target price on shares of Agree Realty from $76.00 to $80.00 and gave the stock an “outperform” rating in a research report on Friday, April 25th. Mizuho lifted their price objective on shares of Agree Realty from $74.00 to $81.00 and gave the company a “neutral” rating in a research report on Thursday, April 3rd. Finally, Evercore ISI lifted their price objective on shares of Agree Realty from $82.00 to $83.00 and gave the company an “outperform” rating in a research report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Agree Realty presently has an average rating of “Moderate Buy” and a consensus price target of $81.04.

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.