Nuveen Asset Management LLC Buys 395,646 Shares of Agree Realty Co. (NYSE:ADC)

Nuveen Asset Management LLC lifted its stake in Agree Realty Co. (NYSE:ADC) by 53.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,142,036 shares of the real estate investment trust’s stock after purchasing an additional 395,646 shares during the quarter. Nuveen Asset Management LLC’s holdings in Agree Realty were worth $80,456,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. Millennium Management LLC boosted its position in shares of Agree Realty by 1,036.9% in the 4th quarter. Millennium Management LLC now owns 1,171,297 shares of the real estate investment trust’s stock worth $82,518,000 after purchasing an additional 1,068,271 shares in the last quarter. Lighthouse Investment Partners LLC lifted its position in Agree Realty by 5.0% in the 4th quarter. Lighthouse Investment Partners LLC now owns 210,000 shares of the real estate investment trust’s stock valued at $14,794,000 after acquiring an additional 10,000 shares in the last quarter. Hudson Bay Capital Management LP lifted its position in Agree Realty by 170.7% in the 4th quarter. Hudson Bay Capital Management LP now owns 362,349 shares of the real estate investment trust’s stock valued at $25,527,000 after acquiring an additional 228,470 shares in the last quarter. GRS Advisors LLC bought a new position in Agree Realty in the 4th quarter valued at approximately $35,910,000. Finally, Graham Capital Management L.P. lifted its position in Agree Realty by 97.9% in the 4th quarter. Graham Capital Management L.P. now owns 6,596 shares of the real estate investment trust’s stock valued at $465,000 after acquiring an additional 3,263 shares in the last quarter. 97.83% of the stock is owned by institutional investors.

Agree Realty Price Performance

NYSE ADC opened at $74.89 on Friday. The business’s fifty day moving average price is $75.69 and its 200-day moving average price is $74.08. The stock has a market capitalization of $8.24 billion, a price-to-earnings ratio of 42.07, a PEG ratio of 2.88 and a beta of 0.57. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78. Agree Realty Co. has a 1-year low of $58.52 and a 1-year high of $79.65.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data 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 firm had revenue of $169.16 million during the quarter, compared to analyst estimates of $167.77 million. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. During the same period in the prior year, the business posted $0.43 EPS. On average, equities analysts predict that Agree Realty Co. will post 4.27 earnings per share for the current year.

Agree Realty Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, June 13th. Stockholders of record on Friday, May 30th will be paid a $0.256 dividend. This represents a $3.07 annualized dividend and a dividend yield of 4.10%. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date is Friday, May 30th. Agree Realty’s dividend payout ratio is 173.45%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Stifel Nicolaus upped their price objective on Agree Realty from $81.00 to $82.50 and gave the company a “buy” rating in a research report on Wednesday, April 23rd. Evercore ISI upped their price objective on Agree Realty from $82.00 to $83.00 and gave the company an “outperform” rating in a research report on Thursday, April 24th. Truist Financial upped their price objective on Agree Realty from $77.00 to $82.00 and gave the company a “buy” rating in a research report on Monday, May 5th. Mizuho upped their price objective on Agree Realty from $74.00 to $81.00 and gave the company a “neutral” rating in a research report on Thursday, April 3rd. Finally, Barclays raised Agree Realty from an “underweight” rating to an “equal weight” rating and upped their price objective for the company from $74.00 to $75.00 in a research report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $81.04.

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.