UniSuper Management Pty Ltd Boosts Stake in Agree Realty Co. (NYSE:ADC)

UniSuper Management Pty Ltd raised its position in Agree Realty Co. (NYSE:ADC) by 7.1% during the fourth quarter, HoldingsChannel.com reports. The firm owned 30,000 shares of the real estate investment trust’s stock after buying an additional 2,000 shares during the quarter. UniSuper Management Pty Ltd’s holdings in Agree Realty were worth $2,114,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in Agree Realty by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 14,549,952 shares of the real estate investment trust’s stock valued at $1,025,044,000 after buying an additional 219,806 shares during the period. JPMorgan Chase & Co. lifted its holdings 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 valued at $274,693,000 after acquiring an additional 990,362 shares in the last quarter. FMR LLC boosted its position in Agree Realty by 729.3% during the 3rd quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust’s stock worth $168,648,000 after purchasing an additional 1,968,811 shares during the period. Geode Capital Management LLC increased its holdings in Agree Realty by 1.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,074,760 shares of the real estate investment trust’s stock valued at $156,327,000 after purchasing an additional 30,377 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Agree Realty by 3.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,645,652 shares of the real estate investment trust’s stock valued at $115,936,000 after purchasing an additional 57,297 shares during the period. 97.83% of the stock is owned by institutional investors and hedge funds.

Agree Realty Stock Up 0.7 %

Shares of Agree Realty stock opened at $76.56 on Monday. The stock has a market capitalization of $8.22 billion, a price-to-earnings ratio of 43.01, a PEG ratio of 2.88 and a beta of 0.64. Agree Realty Co. has a twelve month low of $54.78 and a twelve month high of $78.39. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52. The business’s 50 day simple moving average is $73.80 and its 200-day simple moving average is $73.90.

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

Agree Realty Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Monday, April 14th. Shareholders of record on Monday, March 31st will be paid a $0.253 dividend. The ex-dividend date is Monday, March 31st. This represents a $3.04 annualized dividend and a dividend yield of 3.97%. Agree Realty’s payout ratio is currently 170.22%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft started coverage on Agree Realty in a research note on Wednesday, December 11th. They issued a “buy” rating and a $88.00 target price for the company. Stifel Nicolaus dropped their price objective on shares of Agree Realty from $81.50 to $81.00 and set a “buy” rating on the stock in a research note on Tuesday, January 7th. Mizuho decreased their price objective on shares of Agree Realty from $80.00 to $74.00 and set a “neutral” rating for the company in a research report on Wednesday, January 8th. StockNews.com upgraded Agree Realty from a “sell” rating to a “hold” rating in a research note on Sunday, February 16th. Finally, Citizens Jmp downgraded Agree Realty from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 17th. Five equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $79.85.

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.