JPMorgan Chase & Co. Has $73.17 Million Stock Holdings in Agree Realty Co. (NYSE:ADC)

JPMorgan Chase & Co. grew its position in shares of Agree Realty Co. (NYSE:ADCGet Rating) by 35.8% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 1,014,418 shares of the real estate investment trust’s stock after buying an additional 267,540 shares during the quarter. JPMorgan Chase & Co.’s holdings in Agree Realty were worth $73,169,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in ADC. Meeder Asset Management Inc. increased its position in Agree Realty by 88.1% during the 2nd quarter. Meeder Asset Management Inc. now owns 476 shares of the real estate investment trust’s stock worth $34,000 after buying an additional 223 shares during the period. Prospera Financial Services Inc bought a new position in Agree Realty during the 1st quarter worth $38,000. New Century Advisors LLC increased its position in Agree Realty by 56.1% during the 2nd quarter. New Century Advisors LLC now owns 576 shares of the real estate investment trust’s stock worth $42,000 after buying an additional 207 shares during the period. Archer Investment Corp bought a new position in Agree Realty during the 1st quarter worth $60,000. Finally, Private Capital Group LLC increased its position in Agree Realty by 20.0% during the 2nd quarter. Private Capital Group LLC now owns 875 shares of the real estate investment trust’s stock worth $63,000 after buying an additional 146 shares during the period.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Morgan Stanley lowered their price objective on Agree Realty from $77.00 to $73.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 2nd. Truist Financial raised their price target on Agree Realty from $77.00 to $84.00 and gave the stock a “buy” rating in a research report on Monday, August 22nd. Citigroup raised their price target on Agree Realty to $80.00 in a research report on Monday, August 15th. JMP Securities decreased their price target on Agree Realty from $82.00 to $75.00 and set a “market outperform” rating on the stock in a research report on Tuesday, October 18th. Finally, Raymond James decreased their price target on Agree Realty from $85.00 to $80.00 and set a “strong-buy” rating on the stock in a research report on Tuesday, October 4th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $78.41.

Agree Realty Stock Performance

Shares of ADC stock opened at $70.31 on Thursday. The business’s 50-day moving average price is $67.93 and its 200-day moving average price is $71.53. Agree Realty Co. has a 12 month low of $61.62 and a 12 month high of $80.44. The firm has a market capitalization of $6.23 billion, a price-to-earnings ratio of 38.42, a PEG ratio of 3.23 and a beta of 0.45. The company has a current ratio of 2.98, a quick ratio of 2.98 and a debt-to-equity ratio of 0.43.

Agree Realty Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Wednesday, December 14th. Stockholders of record on Wednesday, November 30th will be paid a dividend of $0.24 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 4.10%. The ex-dividend date of this dividend is Tuesday, November 29th. Agree Realty’s payout ratio is 157.38%.

About Agree Realty

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Agree Realty Corporation is a publicly traded real estate investment trust primarily engaged in the acquisition and development of properties net leased to industry-leading retail tenants. As of September 30, 2020, the Company owned and operated a portfolio of 1,027 properties, located in 45 states and containing approximately 21.0 million square feet of gross leasable area.

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Institutional Ownership by Quarter for Agree Realty (NYSE:ADC)

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