Schonfeld Strategic Advisors LLC Lowers Position in Agree Realty Co. (NYSE:ADC)

Schonfeld Strategic Advisors LLC trimmed its position in Agree Realty Co. (NYSE:ADC) by 85.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 20,902 shares of the real estate investment trust’s stock after selling 125,211 shares during the period. Schonfeld Strategic Advisors LLC’s holdings in Agree Realty were worth $1,473,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in ADC. Barclays PLC boosted its holdings in Agree Realty by 129.4% in the third quarter. Barclays PLC now owns 239,783 shares of the real estate investment trust’s stock worth $18,062,000 after acquiring an additional 135,274 shares in the last quarter. World Investment Advisors LLC purchased a new position in shares of Agree Realty in the 3rd quarter worth about $211,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Agree Realty in the 3rd quarter worth about $77,000. Franklin Resources Inc. boosted its stake in Agree Realty by 8.2% in the 3rd quarter. Franklin Resources Inc. now owns 66,153 shares of the real estate investment trust’s stock worth $4,917,000 after purchasing an additional 5,039 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its position in 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 purchasing an additional 990,362 shares during the last quarter. Institutional investors own 97.83% of the company’s stock.

Agree Realty Price Performance

Shares of ADC opened at $76.71 on Wednesday. The stock has a market capitalization of $8.44 billion, a PE ratio of 43.09, a PEG ratio of 2.88 and a beta of 0.57. The company has a 50 day moving average price of $75.84 and a 200-day moving average price of $74.12. 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 Co. has a fifty-two week low of $58.18 and a fifty-two week high of $79.65.

Agree Realty (NYSE:ADC) last announced its earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.01. The firm had revenue of $169.16 million for the quarter, compared to the consensus estimate 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 previous year, the business earned $0.43 EPS. Equities analysts predict that Agree Realty Co. will post 4.27 earnings per share for the current fiscal year.

Agree Realty Increases Dividend

The firm 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 represents a dividend yield of 4.1%. The ex-dividend date is Wednesday, April 30th. This is a positive change from Agree Realty’s previous apr 25 dividend of $0.25. Agree Realty’s payout ratio is currently 173.45%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Stifel Nicolaus upped their target price on shares of Agree Realty from $81.00 to $82.50 and gave the stock a “buy” rating in a research note on Wednesday, April 23rd. Mizuho increased their target price on Agree Realty from $74.00 to $81.00 and gave the company a “neutral” rating in a research note on Thursday, April 3rd. Royal Bank of Canada decreased their price target on Agree Realty from $79.00 to $78.00 and set an “outperform” rating for the company in a research note on Thursday, February 13th. Robert W. Baird upped their price target on Agree Realty from $76.00 to $80.00 and gave the company an “outperform” rating in a report on Friday, April 25th. Finally, Evercore ISI lifted their price objective on Agree Realty from $82.00 to $83.00 and gave the stock an “outperform” rating in a report on Thursday, April 24th. Five equities research 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 company. According to data from MarketBeat, the company 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.