Agree Realty Co. (NYSE:ADC) Shares Bought by Swiss National Bank

Swiss National Bank raised its stake in Agree Realty Co. (NYSE:ADC) by 0.8% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 197,982 shares of the real estate investment trust’s stock after purchasing an additional 1,500 shares during the period. Swiss National Bank owned 0.19% of Agree Realty worth $13,948,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. JPMorgan Chase & Co. increased its holdings in Agree Realty by 37.3% in 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 buying an additional 990,362 shares during the last quarter. Daiwa Securities Group Inc. grew its position in shares of Agree Realty by 29.4% in the 3rd quarter. Daiwa Securities Group Inc. now owns 2,350,056 shares of the real estate investment trust’s stock worth $177,030,000 after acquiring an additional 534,545 shares in the last quarter. FMR LLC increased its holdings in shares of Agree Realty by 729.3% in the 3rd 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 position in shares of Agree Realty by 1.5% during the 3rd 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 in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in 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 worth $115,936,000 after purchasing an additional 57,297 shares during the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Agree Realty Price Performance

Shares of ADC opened at $75.96 on Thursday. The stock’s fifty day moving average is $73.05 and its 200-day moving average is $73.87. The firm has a market capitalization of $8.15 billion, a price-to-earnings ratio of 42.67, a price-to-earnings-growth ratio of 2.88 and a beta of 0.64. 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 one year low of $54.78 and a one year high of $78.39.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 EPS for the quarter, topping 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%. Equities analysts anticipate that Agree Realty Co. will post 4.27 EPS for the current year.

Agree Realty Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Monday, April 14th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.253 per share. This represents a $3.04 dividend on an annualized basis and a yield of 4.00%. The ex-dividend date of this dividend is Monday, March 31st. Agree Realty’s payout ratio is currently 170.22%.

Wall Street Analyst Weigh In

Several research firms have weighed in on ADC. UBS Group upgraded shares of Agree Realty from a “neutral” rating to a “buy” rating and boosted their target price for the company from $79.00 to $84.00 in a research note on Monday, January 6th. Wells Fargo & Company increased their price objective on shares of Agree Realty from $78.00 to $81.00 and gave the stock an “overweight” rating in a research note on Monday, March 10th. Royal Bank of Canada decreased their target price 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. BTIG Research upped their target price on Agree Realty from $74.00 to $78.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Finally, Barclays raised Agree Realty from an “underweight” rating to an “equal weight” rating and raised their price target for the stock from $74.00 to $75.00 in a report on Tuesday, March 4th. Five research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Agree Realty has a consensus rating of “Moderate Buy” and a consensus target price of $79.85.

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.