Rockland Trust Co. Purchases New Stake in Agree Realty Co. (NYSE:ADC)

Rockland Trust Co. purchased a new stake in shares of Agree Realty Co. (NYSE:ADC) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 3,020 shares of the real estate investment trust’s stock, valued at approximately $213,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ADC. 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 buying an additional 990,362 shares during the last quarter. Daiwa Securities Group Inc. lifted its position 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 acquiring an additional 534,545 shares during the last quarter. FMR LLC lifted its position 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 acquiring an additional 1,968,811 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of 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 acquiring an additional 30,377 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Agree Realty by 3.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,588,355 shares of the real estate investment trust’s stock valued at $119,651,000 after purchasing an additional 57,354 shares during the last quarter. 97.83% of the stock is owned by institutional investors.

Agree Realty Stock Down 0.0 %

Shares of NYSE ADC opened at $70.62 on Thursday. Agree Realty Co. has a 12 month low of $54.28 and a 12 month high of $78.39. The company has a market cap of $7.31 billion, a price-to-earnings ratio of 39.02, a PEG ratio of 3.66 and a beta of 0.64. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. The stock has a 50-day moving average price of $73.35 and a two-hundred day moving average price of $72.35.

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

Agree Realty Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be paid a $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.30%. The ex-dividend date is Friday, January 31st. Agree Realty’s dividend payout ratio is currently 167.40%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on ADC shares. Robert W. Baird boosted 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. UBS Group upgraded shares of 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. KeyCorp raised their price target on shares of Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. Deutsche Bank Aktiengesellschaft started coverage on shares of Agree Realty in a report on Wednesday, December 11th. They issued a “buy” rating and a $88.00 price objective for the company. Finally, Royal Bank of Canada lowered their target price on shares of Agree Realty from $80.00 to $79.00 and set an “outperform” rating on the stock in a report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Agree Realty presently has a consensus rating of “Moderate Buy” and an average price target of $78.53.

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.