UniSuper Management Pty Ltd Increases Position in Agree Realty Co. (NYSE:ADC)

UniSuper Management Pty Ltd increased its stake in shares of Agree Realty Co. (NYSE:ADC) by 7.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund 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.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in Agree Realty by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 14,549,952 shares of the real estate investment trust’s stock worth $1,025,044,000 after acquiring an additional 219,806 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Agree Realty by 37.3% during the third 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. FMR LLC lifted its holdings in shares of 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 purchasing an additional 1,968,811 shares during the period. Geode Capital Management LLC grew its position 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 buying an additional 30,377 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Agree Realty by 3.6% in the 4th 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 buying an additional 57,297 shares during the period. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Evercore ISI began coverage on shares of Agree Realty in a report on Thursday, December 12th. They issued an “outperform” rating and a $82.00 target price on the stock. UBS Group raised Agree Realty from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $79.00 to $84.00 in a report on Monday, January 6th. Mizuho cut their target price on Agree Realty from $80.00 to $74.00 and set a “neutral” rating for the company in a research note on Wednesday, January 8th. Wells Fargo & Company lifted their price target on Agree Realty from $78.00 to $81.00 and gave the company an “overweight” rating in a research note on Monday, March 10th. Finally, Barclays upgraded Agree Realty from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $74.00 to $75.00 in a research report on Tuesday, March 4th. Five equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Agree Realty has a consensus rating of “Moderate Buy” and an average target price of $79.85.

Agree Realty Price Performance

Agree Realty stock opened at $76.56 on Monday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.52. The firm’s 50-day simple moving average is $73.80 and its 200 day simple moving average is $73.90. Agree Realty Co. has a 52 week low of $54.78 and a 52 week high of $78.39. The firm has a market capitalization of $8.22 billion, a PE ratio of 43.01, a P/E/G ratio of 2.88 and a beta of 0.64.

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%. On average, equities research analysts predict that Agree Realty Co. will post 4.27 EPS for the current fiscal year.

Agree Realty Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Monday, April 14th. Investors of record on Monday, March 31st will be given a dividend of $0.253 per share. The ex-dividend date is Monday, March 31st. This represents a $3.04 dividend on an annualized basis and a yield of 3.97%. Agree Realty’s dividend payout ratio (DPR) is currently 170.22%.

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.