Principal Securities Inc. Buys 237 Shares of Agree Realty Co. (NYSE:ADC)

Principal Securities Inc. grew its holdings in Agree Realty Co. (NYSE:ADC) by 26.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,142 shares of the real estate investment trust’s stock after acquiring an additional 237 shares during the period. Principal Securities Inc.’s holdings in Agree Realty were worth $80,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ADC. Citigroup Inc. increased its stake in Agree Realty by 348.9% in the third quarter. Citigroup Inc. now owns 347,496 shares of the real estate investment trust’s stock worth $26,177,000 after purchasing an additional 270,093 shares during the period. Spire Wealth Management bought a new stake in shares of Agree Realty in the 4th quarter valued at about $411,000. abrdn plc grew its position in shares of Agree Realty by 33.7% in the 4th quarter. abrdn plc now owns 27,497 shares of the real estate investment trust’s stock worth $1,922,000 after buying an additional 6,924 shares during the last quarter. JPMorgan Chase & Co. grew 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 buying an additional 990,362 shares during the last quarter. Finally, KBC Group NV grew its position in shares of Agree Realty by 1,670.8% in the 4th quarter. KBC Group NV now owns 43,561 shares of the real estate investment trust’s stock worth $3,069,000 after buying an additional 41,101 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on ADC shares. JMP Securities downgraded shares of Agree Realty from an “outperform” rating to a “market perform” rating in a report on Tuesday, December 17th. BTIG Research upped their price objective on shares of Agree Realty from $74.00 to $78.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Evercore ISI started coverage on shares of Agree Realty in a research report on Thursday, December 12th. They issued an “outperform” rating and a $82.00 target price for the company. StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a report on Sunday, February 16th. Finally, Royal Bank of Canada lowered their target price on shares of Agree Realty from $79.00 to $78.00 and set an “outperform” rating for the company in a research note on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $79.62.

Agree Realty Stock Performance

NYSE ADC opened at $72.69 on Thursday. The firm has a 50-day moving average of $71.42 and a 200-day moving average of $73.54. 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 stock has a market cap of $7.80 billion, a PE ratio of 40.84, a P/E/G ratio of 2.88 and a beta of 0.65. Agree Realty Co. has a 52-week low of $54.28 and a 52-week high of $78.39.

Agree Realty (NYSE:ADC) last released its quarterly earnings results 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 net margin of 30.66% and a return on equity of 3.70%. On average, sell-side analysts anticipate 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. Investors of record on Friday, February 28th will be given a dividend of $0.253 per share. The ex-dividend date is Friday, February 28th. This represents a yield of 4.2%. Agree Realty’s dividend payout ratio is presently 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.