Raymond James Financial Inc. purchased a new stake in shares of Agree Realty Co. (NYSE:ADC - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 1,439,058 shares of the real estate investment trust's stock, valued at approximately $101,382,000. Raymond James Financial Inc. owned about 1.39% of Agree Realty as of its most recent filing with the Securities & Exchange Commission.
Several other large investors have also recently modified their holdings of the business. JPMorgan Chase & Co. raised its stake in shares of Agree Realty by 37.3% during the third 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. Daiwa Securities Group Inc. raised its stake in shares of Agree Realty by 29.4% during the third quarter. Daiwa Securities Group Inc. now owns 2,350,056 shares of the real estate investment trust's stock valued at $177,030,000 after acquiring an additional 534,545 shares during the last quarter. FMR LLC raised its stake in shares of Agree Realty by 729.3% during the third quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust's stock valued at $168,648,000 after acquiring an additional 1,968,811 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Agree Realty by 1.5% during the third quarter. Geode Capital Management LLC now owns 2,074,760 shares of the real estate investment trust's stock valued at $156,327,000 after acquiring an additional 30,377 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Agree Realty by 3.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,645,652 shares of the real estate investment trust's stock valued at $115,936,000 after acquiring an additional 57,297 shares during the last quarter. Institutional investors own 97.83% of the company's stock.
A number of equities analysts recently weighed in on ADC shares. Stifel Nicolaus lowered their target price on shares of Agree Realty from $81.50 to $81.00 and set a "buy" rating for the company in a research note on Tuesday, January 7th. Barclays raised shares of Agree Realty from an "underweight" rating to an "equal weight" rating and lifted their target price for the stock from $74.00 to $75.00 in a research note on Tuesday, March 4th. Mizuho lowered their target price on shares of Agree Realty from $80.00 to $74.00 and set a "neutral" rating for the company in a research note on Wednesday, January 8th. Deutsche Bank Aktiengesellschaft started coverage on shares of Agree Realty in a research note on Wednesday, December 11th. They set a "buy" rating and a $88.00 target price for the company. Finally, BTIG Research lifted their target price on shares of Agree Realty from $74.00 to $78.00 and gave the stock a "buy" rating in a research note on Wednesday, November 27th. Five investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $79.69.
Get Our Latest Stock Analysis on ADC
Shares of NYSE ADC opened at $75.95 on Friday. The stock has a market capitalization of $8.15 billion, a P/E ratio of 42.67, a P/E/G ratio of 2.88 and a beta of 0.64. The company has a 50-day moving average price of $72.05 and a 200-day moving average price of $73.67. Agree Realty Co. has a 1 year low of $54.78 and a 1 year high of $78.39. 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 - Get Free Report) last issued its quarterly earnings data 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%. On average, equities research analysts forecast that Agree Realty Co. will post 4.27 EPS for the current fiscal year.
The firm also recently disclosed a feb 25 dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 28th will be issued a dividend of $0.253 per share. This represents a dividend yield of 4.2%. The ex-dividend date of this dividend is Friday, February 28th. Agree Realty's dividend payout ratio is currently 170.22%.
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.
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