CIBC Asset Management Inc Buys 153 Shares of Agree Realty Co. (NYSE:ADC)

CIBC Asset Management Inc raised its holdings in Agree Realty Co. (NYSE:ADC) by 5.2% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,122 shares of the real estate investment trust’s stock after acquiring an additional 153 shares during the quarter. CIBC Asset Management Inc’s holdings in Agree Realty were worth $220,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in ADC. FMR LLC lifted its holdings 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 buying an additional 1,968,811 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Agree Realty by 37.3% during 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 purchasing an additional 990,362 shares during the last quarter. Daiwa Securities Group Inc. lifted its stake in shares of Agree Realty by 29.4% during 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 purchasing an additional 534,545 shares during the last quarter. Two Sigma Advisers LP lifted its stake in shares of Agree Realty by 92.6% during 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 during the last quarter. Finally, Waterfront Capital Partners LLC purchased a new stake in shares of Agree Realty during the 3rd quarter worth $21,326,000. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently weighed in on ADC. JMP Securities cut Agree Realty from an “outperform” rating to a “market perform” rating in a research note on Tuesday, December 17th. Truist Financial increased their price target on Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Robert W. Baird increased their price target on Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Wells Fargo & Company decreased their price target on Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a research note on Monday, November 4th. Finally, StockNews.com upgraded Agree Realty from a “sell” rating to a “hold” rating in a research note on Sunday, February 16th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Agree Realty presently has an average rating of “Moderate Buy” and a consensus price target of $79.62.

Agree Realty Stock Up 1.3 %

Agree Realty stock opened at $73.87 on Wednesday. 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 business has a 50 day simple moving average of $71.42 and a 200-day simple moving average of $73.54. The stock has a market capitalization of $7.92 billion, a PE ratio of 41.50, a price-to-earnings-growth ratio of 2.88 and a beta of 0.65. Agree Realty Co. has a 12 month low of $54.28 and a 12 month high of $78.39.

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 (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%. On average, analysts anticipate that Agree Realty Co. will post 4.27 EPS for the current fiscal year.

Agree Realty Announces Dividend

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