Agree Realty Co. (NYSE:ADC) Shares Purchased by First Trust Advisors LP

First Trust Advisors LP raised its holdings in Agree Realty Co. (NYSE:ADC) by 77.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 93,257 shares of the real estate investment trust’s stock after acquiring an additional 40,577 shares during the quarter. First Trust Advisors LP owned 0.09% of Agree Realty worth $6,570,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the business. Cohen & Steers Inc. lifted its stake in Agree Realty by 43.0% during the fourth quarter. Cohen & Steers Inc. now owns 9,767,632 shares of the real estate investment trust’s stock valued at $688,108,000 after purchasing an additional 2,937,147 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Agree Realty during the 4th quarter valued at $101,382,000. Invesco Ltd. lifted its position in shares of Agree Realty by 85.6% during the 4th quarter. Invesco Ltd. now owns 2,212,852 shares of the real estate investment trust’s stock valued at $155,895,000 after acquiring an additional 1,020,512 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Agree Realty by 37.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust’s stock worth $274,693,000 after acquiring an additional 990,362 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Agree Realty in the 4th quarter worth $48,862,000. Institutional investors own 97.83% of the company’s stock.

Agree Realty Trading Up 1.1 %

Shares of NYSE ADC opened at $77.28 on Wednesday. The business has a 50 day simple moving average of $75.49 and a 200 day simple moving average of $74.08. Agree Realty Co. has a 52 week low of $57.02 and a 52 week high of $79.65. The stock has a market cap of $8.50 billion, a price-to-earnings ratio of 43.42, a PEG ratio of 2.88 and a beta of 0.55. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.78 and a current ratio of 0.78.

Agree Realty (NYSE:ADC) last posted its earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 EPS for the quarter, topping the consensus estimate of $1.05 by $0.01. The company had revenue of $169.16 million during the quarter, compared to the consensus estimate of $167.77 million. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. During the same period in the previous year, the firm posted $0.43 earnings per share. On average, research analysts predict that Agree Realty Co. will post 4.27 earnings per share for the current fiscal year.

Agree Realty Increases Dividend

The business also recently declared a apr 25 dividend, which will be paid on Wednesday, May 14th. Shareholders of record on Wednesday, April 30th will be given a $0.256 dividend. The ex-dividend date of this dividend is Wednesday, April 30th. This represents a dividend yield of 4.1%. This is a boost from Agree Realty’s previous apr 25 dividend of $0.25. Agree Realty’s payout ratio is currently 173.45%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. Barclays upgraded Agree Realty from an “underweight” rating to an “equal weight” rating and increased their price target for the company from $74.00 to $75.00 in a research report on Tuesday, March 4th. UBS Group upgraded shares of Agree Realty from a “neutral” rating to a “buy” rating and raised their target price for the stock from $79.00 to $84.00 in a report on Monday, January 6th. StockNews.com lowered shares of Agree Realty from a “hold” rating to a “sell” rating in a report on Friday, April 25th. Wells Fargo & Company raised their price objective on shares of Agree Realty from $78.00 to $81.00 and gave the stock an “overweight” rating in a research note on Monday, March 10th. Finally, Robert W. Baird boosted their target price on shares of Agree Realty from $76.00 to $80.00 and gave the company an “outperform” rating in a research note on Friday, April 25th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $80.88.

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.