Envestnet Asset Management Inc. Increases Position in Agree Realty Co. (NYSE:ADC)

Envestnet Asset Management Inc. boosted its holdings in shares of Agree Realty Co. (NYSE:ADC) by 3.6% during the fourth quarter, HoldingsChannel.com reports. The firm owned 301,751 shares of the real estate investment trust’s stock after purchasing an additional 10,446 shares during the period. Envestnet Asset Management Inc.’s holdings in Agree Realty were worth $21,258,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of ADC. CIBC Asset Management Inc raised its stake in shares of Agree Realty by 5.2% during the 4th quarter. CIBC Asset Management Inc now owns 3,122 shares of the real estate investment trust’s stock worth $220,000 after buying an additional 153 shares during the period. Carmel Capital Partners LLC raised its position in Agree Realty by 2.5% during the fourth quarter. Carmel Capital Partners LLC now owns 6,894 shares of the real estate investment trust’s stock worth $486,000 after acquiring an additional 167 shares during the period. UMB Bank n.a. lifted its holdings in Agree Realty by 17.3% during the fourth quarter. UMB Bank n.a. now owns 1,139 shares of the real estate investment trust’s stock valued at $80,000 after purchasing an additional 168 shares in the last quarter. Sequoia Financial Advisors LLC grew its position in shares of Agree Realty by 3.8% in the fourth quarter. Sequoia Financial Advisors LLC now owns 4,590 shares of the real estate investment trust’s stock valued at $323,000 after purchasing an additional 169 shares during the period. Finally, Private Advisor Group LLC increased its stake in shares of Agree Realty by 3.6% during the fourth quarter. Private Advisor Group LLC now owns 4,909 shares of the real estate investment trust’s stock worth $346,000 after purchasing an additional 170 shares in the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.

Agree Realty Stock Up 2.3 %

Shares of NYSE:ADC opened at $76.65 on Tuesday. The business has a 50-day moving average price of $74.21 and a 200 day moving average price of $73.82. Agree Realty Co. has a 12-month low of $54.78 and a 12-month high of $78.39. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $8.23 billion, a price-to-earnings ratio of 43.06, a PEG ratio of 2.88 and a beta of 0.55.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.61. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. Sell-side analysts expect that Agree Realty Co. will post 4.27 EPS for the current year.

Agree Realty Increases Dividend

The company also recently declared a apr 25 dividend, which will be paid on Wednesday, May 14th. Stockholders of record on Wednesday, April 30th will be given a dividend of $0.256 per share. This is a positive change from Agree Realty’s previous apr 25 dividend of $0.25. This represents a dividend yield of 4.1%. The ex-dividend date is Wednesday, April 30th. Agree Realty’s dividend payout ratio (DPR) is currently 170.22%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on ADC shares. Wells Fargo & Company raised their target price on Agree Realty from $78.00 to $81.00 and gave the company an “overweight” rating in a research report on Monday, March 10th. StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a research note on Sunday, February 16th. Mizuho raised their price target on shares of Agree Realty from $74.00 to $81.00 and gave the stock a “neutral” rating in a research note on Thursday, April 3rd. UBS Group raised shares of Agree Realty from a “neutral” rating to a “buy” rating and upped their price objective for the company from $79.00 to $84.00 in a research note on Monday, January 6th. Finally, Citizens Jmp lowered shares of Agree Realty from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Five research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $80.38.

Agree Realty Company 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.