US Bancorp DE Has $1.10 Million Stake in Agree Realty Co. (NYSE:ADC)

US Bancorp DE reduced its holdings in Agree Realty Co. (NYSE:ADC) by 8.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 15,675 shares of the real estate investment trust’s stock after selling 1,455 shares during the quarter. US Bancorp DE’s holdings in Agree Realty were worth $1,104,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. FMR LLC boosted its holdings in Agree Realty by 729.3% in the third 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 in the last quarter. JPMorgan Chase & Co. raised its position in shares of Agree Realty by 37.3% during the third quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust’s stock worth $274,693,000 after purchasing an additional 990,362 shares during the period. Daiwa Securities Group Inc. raised its position in shares of Agree Realty by 29.4% during the third quarter. Daiwa Securities Group Inc. now owns 2,350,056 shares of the real estate investment trust’s stock worth $177,030,000 after purchasing an additional 534,545 shares during the period. Two Sigma Advisers LP lifted its holdings 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 purchasing an additional 343,400 shares in the last quarter. Finally, Waterfront Capital Partners LLC acquired a new stake in Agree Realty in the 3rd quarter valued at $21,326,000. 97.83% of the stock is owned by institutional investors and hedge funds.

Agree Realty Trading Up 1.3 %

Shares of Agree Realty stock opened at $75.95 on Monday. The firm has a market cap of $8.15 billion, a PE ratio of 42.67, a P/E/G ratio of 2.88 and a beta of 0.64. 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 fifty day moving average price of $72.05 and a 200-day moving average price of $73.68.

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

Agree Realty Announces Dividend

The company also recently disclosed a feb 25 dividend, which will be paid on Friday, March 14th. Investors 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 170.22%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. JMP Securities downgraded shares of Agree Realty from an “outperform” rating to a “market perform” rating in a report on Tuesday, December 17th. UBS Group upgraded shares of Agree Realty from a “neutral” rating to a “buy” rating and upped their target price for the stock from $79.00 to $84.00 in a report on Monday, January 6th. Royal Bank of Canada cut their price target on Agree Realty from $79.00 to $78.00 and set an “outperform” rating for the company in a research note on Thursday, February 13th. Stifel Nicolaus decreased their price objective on Agree Realty from $81.50 to $81.00 and set a “buy” rating for the company in a report on Tuesday, January 7th. Finally, Evercore ISI assumed coverage on Agree Realty in a report on Thursday, December 12th. They issued an “outperform” rating and a $82.00 target price on the stock. Five analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Agree Realty presently has an average rating of “Moderate Buy” and an average price target of $79.69.

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.