Agree Realty Co. (NYSE:ADC) Stock Holdings Trimmed by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC decreased its holdings in Agree Realty Co. (NYSE:ADC) by 8.6% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 6,040 shares of the real estate investment trust’s stock after selling 566 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Agree Realty were worth $426,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of ADC. Raymond James Financial Inc. bought a new position in Agree Realty in the 4th quarter valued at about $101,382,000. JPMorgan Chase & Co. boosted its holdings in shares of Agree Realty by 37.3% in the third quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust’s stock valued at $274,693,000 after acquiring an additional 990,362 shares in the last quarter. Barclays PLC boosted its holdings in shares of Agree Realty by 129.4% in the third quarter. Barclays PLC now owns 239,783 shares of the real estate investment trust’s stock valued at $18,062,000 after acquiring an additional 135,274 shares in the last quarter. Burkehill Global Management LP acquired a new position in shares of Agree Realty during the fourth quarter valued at approximately $7,045,000. Finally, Ibex Wealth Advisors bought a new stake in Agree Realty during the fourth quarter worth approximately $6,585,000. 97.83% of the stock is owned by institutional investors and hedge funds.

Agree Realty Trading Down 3.2 %

Agree Realty stock opened at $74.34 on Monday. Agree Realty Co. has a 52 week low of $54.78 and a 52 week high of $78.39. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a market capitalization of $7.98 billion, a price-to-earnings ratio of 41.76, a P/E/G ratio of 2.88 and a beta of 0.55. The company has a 50 day moving average price of $74.22 and a 200 day moving average price of $73.91.

Agree Realty (NYSE:ADC) last issued its earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 EPS for the quarter, topping the consensus estimate of $0.43 by $0.61. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. Research analysts forecast that Agree Realty Co. will post 4.27 EPS for the current 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 of this dividend is Monday, March 31st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.08%. Agree Realty’s dividend payout ratio is 170.22%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ADC. UBS Group raised Agree Realty from a “neutral” rating to a “buy” rating and increased their price target for the company from $79.00 to $84.00 in a research note on Monday, January 6th. Royal Bank of Canada lowered their target price on Agree Realty from $79.00 to $78.00 and set an “outperform” rating on the stock in a report on Thursday, February 13th. Deutsche Bank Aktiengesellschaft started coverage on shares of Agree Realty in a report on Wednesday, December 11th. They issued a “buy” rating and a $88.00 price target for the company. Barclays raised shares of Agree Realty from an “underweight” rating to an “equal weight” rating and lifted their price objective for the stock from $74.00 to $75.00 in a research note on Tuesday, March 4th. Finally, Evercore ISI initiated coverage on shares of Agree Realty in a research note on Thursday, December 12th. They set an “outperform” rating and a $82.00 target price for the company. Five investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $80.38.

Agree Realty 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.