Victory Capital Management Inc. Grows Stock Holdings in Agree Realty Co. (NYSE:ADC)

Victory Capital Management Inc. raised its stake in Agree Realty Co. (NYSE:ADC) by 143.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 50,453 shares of the real estate investment trust’s stock after buying an additional 29,747 shares during the period. Victory Capital Management Inc.’s holdings in Agree Realty were worth $3,554,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in ADC. Atria Investments Inc boosted its position in Agree Realty by 9.7% in the 3rd quarter. Atria Investments Inc now owns 12,928 shares of the real estate investment trust’s stock valued at $974,000 after buying an additional 1,142 shares during the period. Oppenheimer Asset Management Inc. raised its holdings in shares of Agree Realty by 3.3% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 15,353 shares of the real estate investment trust’s stock valued at $1,157,000 after purchasing an additional 484 shares in the last quarter. KBC Group NV raised its holdings in shares of Agree Realty by 15.0% in the 3rd quarter. KBC Group NV now owns 2,460 shares of the real estate investment trust’s stock valued at $185,000 after purchasing an additional 320 shares in the last quarter. Metis Global Partners LLC raised its holdings in shares of Agree Realty by 29.7% in the 3rd quarter. Metis Global Partners LLC now owns 10,336 shares of the real estate investment trust’s stock valued at $779,000 after purchasing an additional 2,366 shares in the last quarter. Finally, CIBC Asset Management Inc bought a new stake in shares of Agree Realty in the 3rd quarter valued at about $224,000. 97.83% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on ADC shares. Mizuho reduced their price target on shares of Agree Realty from $80.00 to $74.00 and set a “neutral” rating for the company in a report on Wednesday, January 8th. Stifel Nicolaus reduced their price objective on shares of Agree Realty from $81.50 to $81.00 and set a “buy” rating for the company in a research note on Tuesday, January 7th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Agree Realty in a research note on Wednesday, December 11th. They set a “buy” rating and a $88.00 price objective for the company. BTIG Research boosted their price objective on shares of Agree Realty from $74.00 to $78.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Finally, Wells Fargo & Company boosted their price objective on shares of Agree Realty from $78.00 to $81.00 and gave the stock an “overweight” rating in a research note on Monday, March 10th. Five analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $79.85.

Agree Realty Stock Performance

NYSE:ADC opened at $76.86 on Monday. 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 company has a fifty day moving average of $72.65 and a two-hundred day moving average of $73.80. The stock has a market capitalization of $8.24 billion, a PE ratio of 43.18, a P/E/G ratio of 2.88 and a beta of 0.64. Agree Realty Co. has a fifty-two week low of $54.78 and a fifty-two week high of $78.39.

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

Agree Realty Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, April 14th. Stockholders of record on Monday, March 31st will be given a $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.95%. The ex-dividend date of this dividend is Monday, March 31st. Agree Realty’s dividend payout ratio (DPR) is 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.