KLP Kapitalforvaltning AS Buys Shares of 25,700 Agree Realty Co. (NYSE:ADC)

KLP Kapitalforvaltning AS bought a new position in shares of Agree Realty Co. (NYSE:ADC) in the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 25,700 shares of the real estate investment trust’s stock, valued at approximately $1,816,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. CIBC Asset Management Inc increased its stake in Agree Realty by 5.2% in the fourth quarter. CIBC Asset Management Inc now owns 3,122 shares of the real estate investment trust’s stock valued at $220,000 after purchasing an additional 153 shares in the last quarter. Carmel Capital Partners LLC grew its holdings in shares of Agree Realty by 2.5% in the 4th quarter. Carmel Capital Partners LLC now owns 6,894 shares of the real estate investment trust’s stock valued at $486,000 after buying an additional 167 shares during the period. UMB Bank n.a. increased its position in shares of Agree Realty by 17.3% in the 4th quarter. UMB Bank n.a. now owns 1,139 shares of the real estate investment trust’s stock valued at $80,000 after buying an additional 168 shares in the last quarter. Sequoia Financial Advisors LLC raised its stake in Agree Realty by 3.8% during the 4th quarter. Sequoia Financial Advisors LLC now owns 4,590 shares of the real estate investment trust’s stock worth $323,000 after buying an additional 169 shares during the period. Finally, Private Advisor Group LLC lifted its holdings in Agree Realty by 3.6% during the fourth quarter. Private Advisor Group LLC now owns 4,909 shares of the real estate investment trust’s stock worth $346,000 after acquiring an additional 170 shares in the last quarter. 97.83% of the stock is owned by institutional investors.

Agree Realty Stock Up 0.2 %

ADC stock opened at $76.01 on Friday. Agree Realty Co. has a 1-year low of $54.78 and a 1-year high of $78.39. The business’s 50 day simple moving average is $73.71 and its 200 day simple moving average is $73.94. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52. The firm has a market capitalization of $8.16 billion, a PE ratio of 42.70, a PEG ratio of 2.88 and a beta of 0.64.

Agree Realty (NYSE:ADC) last released its quarterly earnings data on Tuesday, February 11th. The real estate investment trust reported $1.04 EPS for the quarter, beating the consensus estimate of $0.43 by $0.61. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. As a group, research analysts anticipate that Agree Realty Co. will post 4.27 EPS for the current year.

Agree Realty Announces Dividend

The business also recently disclosed 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. The ex-dividend date is Monday, March 31st. This represents a $3.04 annualized dividend and a yield of 3.99%. Agree Realty’s dividend payout ratio (DPR) is presently 170.22%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Evercore ISI started 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. Mizuho lowered their target price on Agree Realty from $80.00 to $74.00 and set a “neutral” rating for the company in a report on Wednesday, January 8th. Deutsche Bank Aktiengesellschaft assumed coverage on Agree Realty in a research note on Wednesday, December 11th. They issued a “buy” rating and a $88.00 price target on the stock. Citizens Jmp cut Agree Realty from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Finally, StockNews.com raised Agree Realty from a “sell” rating to a “hold” rating in a research report on Sunday, February 16th. Five analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Agree Realty currently has a consensus rating of “Moderate Buy” and an average target price of $79.85.

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.