Agree Realty Co. (NYSE:ADC) Shares Purchased by Fmr LLC

Fmr LLC raised its stake in Agree Realty Co. (NYSE:ADC) by 729.3% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,238,784 shares of the real estate investment trust’s stock after acquiring an additional 1,968,811 shares during the quarter. Fmr LLC’s holdings in Agree Realty were worth $168,648,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Dana Investment Advisors Inc. raised its stake in Agree Realty by 0.6% in the 2nd quarter. Dana Investment Advisors Inc. now owns 29,274 shares of the real estate investment trust’s stock valued at $1,813,000 after purchasing an additional 170 shares during the last quarter. Capital Square LLC grew its holdings in shares of Agree Realty by 1.0% during the second quarter. Capital Square LLC now owns 17,995 shares of the real estate investment trust’s stock worth $1,193,000 after buying an additional 179 shares in the last quarter. Blue Trust Inc. raised its position in shares of Agree Realty by 8.8% in the second quarter. Blue Trust Inc. now owns 2,634 shares of the real estate investment trust’s stock valued at $150,000 after buying an additional 213 shares during the last quarter. Commonwealth Equity Services LLC raised its position in shares of Agree Realty by 3.2% in the second quarter. Commonwealth Equity Services LLC now owns 6,895 shares of the real estate investment trust’s stock valued at $427,000 after buying an additional 216 shares during the last quarter. Finally, State of Alaska Department of Revenue lifted its stake in shares of Agree Realty by 0.4% during the third quarter. State of Alaska Department of Revenue now owns 58,934 shares of the real estate investment trust’s stock valued at $4,438,000 after buying an additional 224 shares during the period. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ADC has been the subject of several analyst reports. Mizuho boosted their price target on Agree Realty from $75.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. UBS Group increased 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. StockNews.com raised Agree Realty from a “sell” rating to a “hold” rating in a research note on Friday, November 22nd. Raymond James upped 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 note on Wednesday, August 21st. Finally, KeyCorp raised their target price 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. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $76.04.

Agree Realty Stock Down 1.7 %

Shares of Agree Realty stock opened at $75.53 on Tuesday. Agree Realty Co. has a twelve month low of $54.28 and a twelve month high of $78.39. The stock has a market cap of $7.82 billion, a price-to-earnings ratio of 41.73, a price-to-earnings-growth ratio of 3.78 and a beta of 0.61. 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 company has a fifty day moving average price of $75.28 and a 200 day moving average price of $69.98.

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

Agree Realty Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be paid a dividend of $0.253 per share. The ex-dividend date is Friday, November 29th. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.02%. Agree Realty’s dividend payout ratio is currently 167.96%.

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.