GeoWealth Management LLC Has $179,000 Position in Agree Realty Co. (NYSE:ADC)

GeoWealth Management LLC raised its holdings in Agree Realty Co. (NYSE:ADC) by 671.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,539 shares of the real estate investment trust’s stock after acquiring an additional 2,210 shares during the quarter. GeoWealth Management LLC’s holdings in Agree Realty were worth $179,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Cohen & Steers Inc. lifted its stake in shares of Agree Realty by 43.0% in the 4th 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 in the fourth quarter worth about $101,382,000. Invesco Ltd. boosted its stake 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 worth $155,895,000 after acquiring an additional 1,020,512 shares in the last quarter. JPMorgan Chase & Co. increased its holdings 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 valued at $274,693,000 after acquiring an additional 990,362 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Agree Realty in the 4th quarter valued at approximately $48,862,000. 97.83% of the stock is owned by institutional investors.

Agree Realty Trading Down 2.4 %

Shares of Agree Realty stock opened at $77.20 on Thursday. The company’s fifty day moving average price is $75.06 and its two-hundred day moving average price is $73.99. The firm has a market capitalization of $8.29 billion, a PE ratio of 43.37, a price-to-earnings-growth ratio of 2.88 and a beta of 0.55. Agree Realty Co. has a 52-week low of $57.02 and a 52-week high of $79.65. 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 (NYSE:ADC) last posted its quarterly earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share (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 net margin of 30.66% and a return on equity of 3.70%. During the same quarter in the prior year, the business posted $0.43 earnings per share. On average, analysts expect that Agree Realty Co. will post 4.27 EPS for the current year.

Agree Realty Increases Dividend

The business also recently declared a apr 25 dividend, which will be paid on Wednesday, May 14th. Investors of record on Wednesday, April 30th will be paid a $0.256 dividend. This is a positive change from Agree Realty’s previous apr 25 dividend of $0.25. The ex-dividend date of this dividend is Wednesday, April 30th. This represents a yield of 4.1%. Agree Realty’s payout ratio is currently 172.47%.

Wall Street Analyst Weigh In

Several equities analysts have commented on ADC shares. Royal Bank of Canada lowered their price target on Agree Realty from $79.00 to $78.00 and set an “outperform” rating on the stock in a report on Thursday, February 13th. Mizuho raised their target price on shares of Agree Realty from $74.00 to $81.00 and gave the company a “neutral” rating in a research note on Thursday, April 3rd. StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a research report on Sunday, February 16th. Barclays raised Agree Realty from an “underweight” rating to an “equal weight” rating and raised their price target for the company from $74.00 to $75.00 in a research report on Tuesday, March 4th. Finally, Stifel Nicolaus increased their target price on Agree Realty from $81.00 to $82.50 and gave the company a “buy” rating in a research note on Wednesday. Five investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Agree Realty presently has an average rating of “Moderate Buy” and an average price target of $80.50.

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.