Envestnet Asset Management Inc. Increases Stock Position in Agree Realty Co. (NYSE:ADC)

Envestnet Asset Management Inc. boosted its holdings in shares of Agree Realty Co. (NYSE:ADC) by 3.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 301,751 shares of the real estate investment trust’s stock after buying an additional 10,446 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.29% of Agree Realty worth $21,258,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Versant Capital Management Inc increased its holdings in shares of Agree Realty by 230.7% in the 4th quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust’s stock valued at $30,000 after acquiring an additional 293 shares during the period. Headlands Technologies LLC raised its holdings in Agree Realty by 72.8% in the fourth quarter. Headlands Technologies LLC now owns 558 shares of the real estate investment trust’s stock worth $39,000 after purchasing an additional 235 shares in the last quarter. Financial Life Planners purchased a new stake in shares of Agree Realty during the fourth quarter valued at about $44,000. MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Agree Realty by 34.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust’s stock valued at $63,000 after buying an additional 230 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB purchased a new position in shares of Agree Realty in the 3rd quarter worth approximately $77,000. Institutional investors own 97.83% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on ADC. Barclays raised shares of Agree Realty from an “underweight” rating to an “equal weight” rating and increased their target price for the company from $74.00 to $75.00 in a research report on Tuesday, March 4th. UBS Group raised Agree Realty from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $79.00 to $84.00 in a research report on Monday, January 6th. Stifel Nicolaus dropped their target price on Agree Realty from $81.50 to $81.00 and set a “buy” rating on the stock in a research note on Tuesday, January 7th. Citizens Jmp cut Agree Realty from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Finally, Mizuho boosted their price target on Agree Realty from $74.00 to $81.00 and gave the stock a “neutral” rating in a research note on Thursday, April 3rd. Five equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $80.38.

Agree Realty Trading Up 2.3 %

Shares of Agree Realty stock opened at $76.65 on Tuesday. Agree Realty Co. has a 1 year low of $54.78 and a 1 year high of $78.39. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78. The stock has a market cap of $8.23 billion, a PE ratio of 43.06, a price-to-earnings-growth ratio of 2.88 and a beta of 0.55. The firm has a fifty day moving average price of $74.21 and a 200 day moving average price of $73.82.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share (EPS) for the quarter, beating 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%. Equities research analysts predict that Agree Realty Co. will post 4.27 earnings per share for the current year.

Agree Realty Increases Dividend

The company also recently announced a apr 25 dividend, which will be paid on Wednesday, May 14th. Stockholders of record on Wednesday, April 30th will be issued a dividend of $0.256 per share. This represents a dividend yield of 4.1%. This is a positive change from Agree Realty’s previous apr 25 dividend of $0.25. The ex-dividend date of this dividend is Wednesday, April 30th. 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.