Van ECK Associates Corp Raises Holdings in Agree Realty Co. (NYSE:ADC)

Van ECK Associates Corp increased its position in shares of Agree Realty Co. (NYSE:ADC) by 3.5% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 43,552 shares of the real estate investment trust’s stock after purchasing an additional 1,493 shares during the quarter. Van ECK Associates Corp’s holdings in Agree Realty were worth $3,068,000 as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. JPMorgan Chase & Co. boosted its stake in 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 buying an additional 990,362 shares during the last quarter. Daiwa Securities Group Inc. boosted its stake in 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 buying an additional 534,545 shares during the last quarter. FMR LLC boosted its stake in Agree Realty by 729.3% during the third quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust’s stock worth $168,648,000 after buying an additional 1,968,811 shares during the last quarter. Geode Capital Management LLC boosted its stake in Agree Realty by 1.5% during the third quarter. Geode Capital Management LLC now owns 2,074,760 shares of the real estate investment trust’s stock worth $156,327,000 after buying an additional 30,377 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Agree Realty by 3.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,588,355 shares of the real estate investment trust’s stock worth $119,651,000 after buying an additional 57,354 shares during the last quarter. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Barclays lowered their price objective on Agree Realty from $76.00 to $74.00 and set an “underweight” rating on the stock in a research note on Tuesday, February 4th. Evercore ISI began coverage on Agree Realty in a research note on Thursday, December 12th. They set an “outperform” rating and a $82.00 price objective on the stock. Royal Bank of Canada decreased their price target on Agree Realty from $79.00 to $78.00 and set an “outperform” rating on the stock in a research note on Thursday, February 13th. UBS Group raised Agree Realty from a “neutral” rating to a “buy” rating and upped their price target for the company from $79.00 to $84.00 in a research note on Monday, January 6th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Agree Realty in a research note on Wednesday, December 11th. They issued a “buy” rating and a $88.00 price target on the stock. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $79.62.

Agree Realty Price Performance

Shares of NYSE ADC opened at $71.35 on Friday. The stock’s 50-day moving average is $71.47 and its two-hundred day moving average is $73.49. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78. Agree Realty Co. has a 1-year low of $54.28 and a 1-year high of $78.39. The company has a market cap of $7.65 billion, a price-to-earnings ratio of 40.08, a price-to-earnings-growth ratio of 2.81 and a beta of 0.65.

Agree Realty (NYSE:ADC) last issued its quarterly earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share 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%. Analysts forecast that Agree Realty Co. will post 4.27 EPS for the current fiscal year.

Agree Realty Dividend Announcement

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

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.