Agree Realty Co. (NYSE:ADC) Shares Bought by abrdn plc

abrdn plc lifted its stake in shares of Agree Realty Co. (NYSE:ADC) by 33.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 27,497 shares of the real estate investment trust’s stock after purchasing an additional 6,924 shares during the quarter. abrdn plc’s holdings in Agree Realty were worth $1,922,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in ADC. CWM LLC grew its position in Agree Realty by 8.5% during the third quarter. CWM LLC now owns 3,458 shares of the real estate investment trust’s stock worth $260,000 after buying an additional 271 shares during the period. UMB Bank n.a. grew its holdings in shares of Agree Realty by 44.5% in the 3rd quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock worth $73,000 after acquiring an additional 299 shares during the period. Exchange Traded Concepts LLC increased its stake in Agree Realty by 14.3% in the 3rd quarter. Exchange Traded Concepts LLC now owns 39,027 shares of the real estate investment trust’s stock valued at $2,940,000 after purchasing an additional 4,871 shares in the last quarter. Gilman Hill Asset Management LLC increased its stake in Agree Realty by 4.8% in the 3rd quarter. Gilman Hill Asset Management LLC now owns 8,223 shares of the real estate investment trust’s stock valued at $619,000 after purchasing an additional 375 shares in the last quarter. Finally, Creative Planning raised its holdings in Agree Realty by 7.8% during the third quarter. Creative Planning now owns 61,267 shares of the real estate investment trust’s stock worth $4,615,000 after purchasing an additional 4,448 shares during the last quarter. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Price Performance

Shares of NYSE:ADC opened at $72.79 on Tuesday. The company has a market cap of $7.54 billion, a P/E ratio of 40.22, a P/E/G ratio of 2.87 and a beta of 0.65. The business has a fifty day simple moving average of $72.03 and a 200-day simple moving average of $73.42. Agree Realty Co. has a 52 week low of $54.28 and a 52 week high of $78.39. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52.

Agree Realty Announces Dividend

The business also recently disclosed a feb 25 dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 28th will be paid a dividend of $0.253 per share. This represents a dividend yield of 4.2%. The ex-dividend date is Friday, February 28th. Agree Realty’s dividend payout ratio is currently 167.96%.

Analyst Ratings Changes

Several research firms have weighed in on ADC. Robert W. Baird upped their target price on Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Citizens Jmp cut shares of Agree Realty from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 17th. UBS Group upgraded shares of Agree Realty from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $79.00 to $84.00 in a research report on Monday, January 6th. Evercore ISI began coverage on shares of Agree Realty in a research report on Thursday, December 12th. They issued an “outperform” rating and a $82.00 price target on the stock. Finally, Stifel Nicolaus cut their price objective on Agree Realty from $81.50 to $81.00 and set a “buy” rating for the company in a research report on Tuesday, January 7th. Two analysts have rated the stock with a sell rating, three have issued a hold rating, eleven have issued a buy rating and one has assigned 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 $78.93.

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.