Franklin Resources Inc. Has $4.92 Million Position in Agree Realty Co. (NYSE:ADC)

Franklin Resources Inc. lifted its holdings in Agree Realty Co. (NYSE:ADC) by 8.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 66,153 shares of the real estate investment trust’s stock after purchasing an additional 5,039 shares during the period. Franklin Resources Inc.’s holdings in Agree Realty were worth $4,917,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Wilmington Savings Fund Society FSB acquired a new position in shares of Agree Realty during the third quarter worth approximately $77,000. World Investment Advisors LLC bought a new position in Agree Realty during the third quarter worth $211,000. Geode Capital Management LLC raised its stake in Agree Realty by 1.5% during 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 during the last quarter. Vestcor Inc bought a new stake in Agree Realty in the 3rd quarter valued at $111,000. Finally, Barclays PLC grew its position in Agree Realty by 129.4% in the 3rd quarter. Barclays PLC now owns 239,783 shares of the real estate investment trust’s stock worth $18,062,000 after purchasing an additional 135,274 shares during the last quarter. Institutional investors own 97.83% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. JMP Securities downgraded Agree Realty from an “outperform” rating to a “market perform” rating in a research report on Tuesday, December 17th. BTIG Research boosted their price objective on Agree Realty from $74.00 to $78.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. UBS Group raised their target price on Agree Realty from $77.00 to $79.00 and gave the stock a “neutral” rating in a research report on Thursday, November 14th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Agree Realty in a report on Wednesday, December 11th. They issued a “buy” rating and a $88.00 price target on the stock. Finally, Wells Fargo & Company reduced their price objective on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a report on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $78.03.

Agree Realty Price Performance

Agree Realty stock opened at $70.29 on Tuesday. The stock has a market cap of $7.28 billion, a price-to-earnings ratio of 38.83, a P/E/G ratio of 3.66 and a beta of 0.62. Agree Realty Co. has a 12-month low of $54.28 and a 12-month high of $78.39. 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 business’s 50-day simple moving average is $74.95 and its 200 day simple moving average is $71.35.

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

Agree Realty Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.253 per share. The ex-dividend date is Tuesday, December 31st. This represents a $3.04 annualized dividend and a dividend yield of 4.32%. Agree Realty’s 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.