Charles Schwab Investment Management Inc. Purchases 57,354 Shares of Agree Realty Co. (NYSE:ADC)

Charles Schwab Investment Management Inc. lifted its position in Agree Realty Co. (NYSE:ADC) by 3.7% in the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,588,355 shares of the real estate investment trust’s stock after acquiring an additional 57,354 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Agree Realty were worth $119,651,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. MCF Advisors LLC purchased a new stake in Agree Realty in the second quarter worth $26,000. Massmutual Trust Co. FSB ADV grew its position in shares of Agree Realty by 248.3% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock worth $38,000 after buying an additional 442 shares during the period. Headlands Technologies LLC increased its stake in shares of Agree Realty by 232.0% in the 2nd quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock worth $71,000 after acquiring an additional 798 shares in the last quarter. UMB Bank n.a. lifted its position in Agree Realty by 44.5% during the 3rd quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock valued at $73,000 after acquiring an additional 299 shares during the period. Finally, Arcadia Investment Management Corp MI bought a new stake in Agree Realty during the third quarter worth about $75,000. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Wall Street Analysts Forecast Growth

ADC has been the subject of a number of analyst reports. UBS Group raised their target price on shares of Agree Realty from $77.00 to $79.00 and gave the company a “neutral” rating in a research note on Thursday, November 14th. Robert W. Baird raised their price objective on Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Truist Financial boosted their target price on Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Wells Fargo & Company reduced their price target on Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a report on Monday, November 4th. Finally, StockNews.com upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a research note on Friday. Four analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $75.73.

Agree Realty Stock Performance

Shares of ADC stock opened at $76.41 on Tuesday. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52. The company has a 50 day moving average price of $75.10 and a 200-day moving average price of $69.28. Agree Realty Co. has a 52 week low of $54.28 and a 52 week high of $77.58. The firm has a market capitalization of $7.91 billion, a PE ratio of 42.21, a P/E/G ratio of 3.10 and a beta of 0.61.

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

Agree Realty Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be issued a dividend of $0.253 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $3.04 dividend on an annualized basis and a yield of 3.97%. Agree Realty’s dividend payout ratio is currently 167.40%.

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.