Cibc World Markets Corp Has $2.12 Million Stock Position in Agree Realty Co. (NYSE:ADC)

Cibc World Markets Corp lifted its holdings in shares of Agree Realty Co. (NYSE:ADC) by 13.4% in the 4th quarter, Holdings Channel reports. The institutional investor owned 30,095 shares of the real estate investment trust’s stock after acquiring an additional 3,562 shares during the period. Cibc World Markets Corp’s holdings in Agree Realty were worth $2,120,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Creative Financial Designs Inc. ADV grew its position in shares of Agree Realty by 44.2% during the 4th quarter. Creative Financial Designs Inc. ADV now owns 3,101 shares of the real estate investment trust’s stock worth $218,000 after buying an additional 950 shares during the period. Corient Private Wealth LLC boosted its stake in Agree Realty by 69.9% during the 4th quarter. Corient Private Wealth LLC now owns 5,551 shares of the real estate investment trust’s stock worth $391,000 after acquiring an additional 2,284 shares during the last quarter. Envestnet Portfolio Solutions Inc. grew its holdings in Agree Realty by 4.6% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 10,747 shares of the real estate investment trust’s stock valued at $757,000 after purchasing an additional 477 shares during the period. Swiss National Bank increased its stake in Agree Realty by 0.8% in the fourth quarter. Swiss National Bank now owns 197,982 shares of the real estate investment trust’s stock valued at $13,948,000 after purchasing an additional 1,500 shares in the last quarter. Finally, Burkehill Global Management LP acquired a new stake in Agree Realty in the fourth quarter worth $7,045,000. Institutional investors own 97.83% of the company’s stock.

Wall Street Analysts Forecast Growth

ADC has been the subject of several research analyst reports. Citizens Jmp lowered shares of Agree Realty from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 17th. Barclays upgraded Agree Realty from an “underweight” rating to an “equal weight” rating and increased their price target for the stock from $74.00 to $75.00 in a report on Tuesday, March 4th. UBS Group upgraded Agree Realty from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $79.00 to $84.00 in a report on Monday, January 6th. Mizuho dropped their target price on shares of Agree Realty from $80.00 to $74.00 and set a “neutral” rating on the stock in a report on Wednesday, January 8th. Finally, Evercore ISI assumed coverage on shares of Agree Realty in a report on Thursday, December 12th. They issued an “outperform” rating and a $82.00 price target for the company. Five 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $79.85.

Agree Realty Price Performance

Shares of NYSE ADC opened at $75.48 on Friday. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78. The business has a 50-day moving average of $73.32 and a 200-day moving average of $73.90. The stock has a market capitalization of $8.10 billion, a price-to-earnings ratio of 42.40, a PEG ratio of 2.88 and a beta of 0.64. Agree Realty Co. has a fifty-two week low of $54.78 and a fifty-two week high of $78.39.

Agree Realty (NYSE:ADC) last posted its quarterly earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.61. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. As a group, sell-side analysts predict that Agree Realty Co. will post 4.27 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

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 given a dividend of $0.253 per share. This represents a $3.04 annualized dividend and a yield of 4.02%. The ex-dividend date of this dividend is Monday, March 31st. Agree Realty’s dividend payout ratio (DPR) is currently 170.22%.

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.