Agree Realty Co. (NYSE:ADC) Shares Bought by Nissay Asset Management Corp Japan ADV

Nissay Asset Management Corp Japan ADV boosted its holdings in shares of Agree Realty Co. (NYSE:ADC) by 4.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 14,911 shares of the real estate investment trust’s stock after buying an additional 598 shares during the quarter. Nissay Asset Management Corp Japan ADV’s holdings in Agree Realty were worth $1,048,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in Agree Realty by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 14,549,952 shares of the real estate investment trust’s stock worth $1,025,044,000 after buying an additional 219,806 shares in the last quarter. Cohen & Steers Inc. raised its holdings 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 in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Agree Realty by 37.3% in 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 purchasing an additional 990,362 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Agree Realty by 85.6% in 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 purchasing an additional 1,020,512 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Agree Realty by 2.8% in the 4th quarter. Geode Capital Management LLC now owns 2,132,252 shares of the real estate investment trust’s stock valued at $150,255,000 after purchasing an additional 57,492 shares in the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Agree Realty Stock Up 1.3%

ADC stock opened at $74.89 on Monday. Agree Realty Co. has a one year low of $58.52 and a one year high of $79.65. The stock has a market capitalization of $8.24 billion, a PE ratio of 42.07, a price-to-earnings-growth ratio of 2.88 and a beta of 0.57. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.78 and a current ratio of 0.78. The company has a fifty day moving average of $75.69 and a 200-day moving average of $74.08.

Agree Realty (NYSE:ADC) last announced its quarterly earnings data on Tuesday, April 22nd. The real estate investment trust reported $1.06 EPS for the quarter, beating the consensus estimate of $1.05 by $0.01. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. The firm had revenue of $169.16 million during the quarter, compared to analysts’ expectations of $167.77 million. During the same quarter last year, the business earned $0.43 earnings per share. As a group, analysts expect that Agree Realty Co. will post 4.27 EPS for the current year.

Agree Realty Increases Dividend

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

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Stifel Nicolaus raised their price objective on shares of Agree Realty from $81.00 to $82.50 and gave the company a “buy” rating in a report on Wednesday, April 23rd. Robert W. Baird increased their target price on shares of Agree Realty from $76.00 to $80.00 and gave the company an “outperform” rating in a research report on Friday, April 25th. Truist Financial increased their target price on shares of Agree Realty from $77.00 to $82.00 and gave the company a “buy” rating in a research report on Monday, May 5th. UBS Group dropped their target price on shares of Agree Realty from $86.00 to $84.00 and set a “buy” rating on the stock in a research report on Tuesday, May 13th. Finally, Wells Fargo & Company increased their target price on shares of Agree Realty from $78.00 to $81.00 and gave the company an “overweight” rating in a research report on Monday, March 10th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price 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.