Agree Realty Co. (NYSE:ADC) Shares Acquired by BNP Paribas Financial Markets

BNP Paribas Financial Markets boosted its holdings in Agree Realty Co. (NYSE:ADC) by 168.7% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 103,731 shares of the real estate investment trust’s stock after buying an additional 65,127 shares during the quarter. BNP Paribas Financial Markets’ holdings in Agree Realty were worth $7,814,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of ADC. FMR LLC grew its holdings in shares of Agree Realty by 729.3% in the 3rd 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. Pathway Financial Advisers LLC raised its holdings in Agree Realty by 9,118.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 1,227,756 shares of the real estate investment trust’s stock worth $92,487,000 after buying an additional 1,214,437 shares during the period. PGGM Investments purchased a new stake in Agree Realty during the second quarter valued at about $70,225,000. Daiwa Securities Group Inc. increased its position in shares of Agree Realty by 55.9% in the second quarter. Daiwa Securities Group Inc. now owns 1,815,511 shares of the real estate investment trust’s stock worth $112,453,000 after acquiring an additional 650,921 shares in the last quarter. Finally, Leeward Investments LLC MA acquired a new stake in shares of Agree Realty during the second quarter valued at approximately $30,306,000. Institutional investors own 97.83% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Royal Bank of Canada lifted their price objective on shares of Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Wells Fargo & Company reduced their price target on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. Raymond James boosted their price objective on shares of Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research report on Wednesday, August 21st. Robert W. Baird increased their target price on shares of Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Finally, Truist Financial boosted their price target on shares of Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Four analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $76.04.

Agree Realty Stock Performance

ADC opened at $75.53 on Tuesday. The stock has a 50-day moving average of $75.28 and a 200-day moving average of $69.98. Agree Realty Co. has a 52-week low of $54.28 and a 52-week high of $78.39. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66. The company has a market cap of $7.82 billion, a PE ratio of 41.73, a price-to-earnings-growth ratio of 3.78 and a beta of 0.61.

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

Agree Realty Dividend Announcement

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 $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 4.02%. The ex-dividend date of this dividend is Friday, November 29th. Agree Realty’s dividend payout ratio (DPR) is currently 167.96%.

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.