Daiwa Securities Group Inc. Has $177.03 Million Stock Position in Agree Realty Co. (NYSE:ADC)

Daiwa Securities Group Inc. grew its position in Agree Realty Co. (NYSE:ADC) by 29.4% during the 3rd quarter, HoldingsChannel reports. The firm owned 2,350,056 shares of the real estate investment trust’s stock after purchasing an additional 534,545 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Agree Realty were worth $177,030,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. PGGM Investments acquired a new position in shares of Agree Realty in the 2nd quarter valued at approximately $70,225,000. Virtu Financial LLC bought a new stake in Agree Realty in the 1st quarter valued at $599,000. AQR Capital Management LLC boosted its stake in Agree Realty by 67.4% in the 2nd quarter. AQR Capital Management LLC now owns 462,868 shares of the real estate investment trust’s stock worth $28,476,000 after purchasing an additional 186,285 shares during the period. Walleye Trading LLC bought a new position in Agree Realty during the 1st quarter worth about $955,000. Finally, Manning & Napier Advisors LLC acquired a new stake in shares of Agree Realty in the 2nd quarter valued at about $5,915,000. 97.83% of the stock is owned by institutional investors and hedge funds.

Agree Realty Trading Down 0.9 %

Shares of NYSE:ADC opened at $76.45 on Friday. The business has a 50 day moving average of $75.10 and a 200-day moving average of $69.13. The stock has a market cap of $7.91 billion, a PE ratio of 42.24, a P/E/G ratio of 3.13 and a beta of 0.61. Agree Realty Co. has a 12-month low of $54.28 and a 12-month high of $77.58. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52.

Agree Realty (NYSE:ADC) last announced its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The business had revenue of $154.33 million for the quarter, compared to analyst estimates of $152.83 million. During the same quarter in the previous year, the company earned $1.00 EPS. The business’s revenue for the quarter was up 12.8% on a year-over-year basis. As a group, equities research analysts forecast that Agree Realty Co. will post 4.12 earnings per share for the current year.

Agree Realty Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be issued a $0.253 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $3.04 annualized dividend and a yield of 3.97%. Agree Realty’s dividend payout ratio is presently 167.96%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. UBS Group upped their target price on Agree Realty from $77.00 to $79.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. Mizuho boosted their target price on shares of Agree Realty from $75.00 to $80.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. Royal Bank of Canada increased their price target on shares of Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Truist Financial boosted their price objective on shares of Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, Wells Fargo & Company cut their target price on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a research note on Monday, November 4th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $75.73.

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.