Rhumbline Advisers Has $22.43 Million Stock Position in Agree Realty Co. (NYSE:ADC)

Rhumbline Advisers grew its position in Agree Realty Co. (NYSE:ADC) by 2.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 318,379 shares of the real estate investment trust’s stock after acquiring an additional 8,276 shares during the quarter. Rhumbline Advisers owned 0.31% of Agree Realty worth $22,430,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of ADC. FMR LLC lifted its position in shares of Agree Realty by 729.3% in the 3rd quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust’s stock worth $168,648,000 after acquiring an additional 1,968,811 shares during the period. Pathway Financial Advisers LLC lifted its position in shares of Agree Realty by 9,118.1% in the 3rd quarter. Pathway Financial Advisers LLC now owns 1,227,756 shares of the real estate investment trust’s stock worth $92,487,000 after acquiring an additional 1,214,437 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Agree Realty by 37.3% in the 3rd 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 period. Daiwa Securities Group Inc. lifted its position in shares of Agree Realty by 29.4% in the 3rd quarter. Daiwa Securities Group Inc. now owns 2,350,056 shares of the real estate investment trust’s stock worth $177,030,000 after acquiring an additional 534,545 shares during the period. Finally, Two Sigma Advisers LP lifted its position in shares of Agree Realty by 92.6% in the 3rd quarter. Two Sigma Advisers LP now owns 714,387 shares of the real estate investment trust’s stock worth $53,815,000 after acquiring an additional 343,400 shares during the period. Institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Up 0.0 %

Shares of Agree Realty stock opened at $71.35 on Friday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.52. Agree Realty Co. has a 12 month low of $54.28 and a 12 month high of $78.39. The business has a fifty day simple moving average of $71.47 and a 200 day simple moving average of $73.49. The stock has a market cap of $7.65 billion, a PE ratio of 40.08, a price-to-earnings-growth ratio of 2.81 and a beta of 0.65.

Agree Realty (NYSE:ADC) last announced its quarterly earnings data on Tuesday, February 11th. The real estate investment trust reported $1.04 EPS for the quarter, topping analysts’ consensus estimates 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 predict that Agree Realty Co. will post 4.27 EPS for the current year.

Agree Realty Dividend Announcement

The firm also recently announced a feb 25 dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be paid a $0.253 dividend. The ex-dividend date is Friday, February 28th. This represents a yield of 4.2%. Agree Realty’s payout ratio is 170.79%.

Analysts Set New Price Targets

Several research firms recently commented on ADC. StockNews.com upgraded Agree Realty from a “sell” rating to a “hold” rating in a research report on Sunday, February 16th. Royal Bank of Canada cut their target price on Agree Realty from $79.00 to $78.00 and set an “outperform” rating for the company in a research report on Thursday, February 13th. Stifel Nicolaus cut their target price 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. JMP Securities downgraded Agree Realty from an “outperform” rating to a “market perform” rating in a research report on Tuesday, December 17th. Finally, Truist Financial raised their target price on Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $79.62.

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.