Agree Realty Co. (NYSE:ADC) Shares Purchased by Hsbc Holdings PLC

Hsbc Holdings PLC increased its stake in shares of Agree Realty Co. (NYSE:ADC) by 24.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 79,923 shares of the real estate investment trust’s stock after purchasing an additional 15,820 shares during the quarter. Hsbc Holdings PLC owned 0.08% of Agree Realty worth $5,630,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of ADC. Spire Wealth Management acquired a new stake in Agree Realty in the fourth quarter valued at $411,000. abrdn plc lifted its holdings in Agree Realty by 33.7% in the fourth quarter. abrdn plc now owns 27,497 shares of the real estate investment trust’s stock valued at $1,922,000 after acquiring an additional 6,924 shares during the period. Envestnet Asset Management Inc. lifted its holdings in Agree Realty by 3.6% in the fourth quarter. Envestnet Asset Management Inc. now owns 301,751 shares of the real estate investment trust’s stock valued at $21,258,000 after acquiring an additional 10,446 shares during the period. JPMorgan Chase & Co. raised its stake in shares of 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 worth $274,693,000 after buying an additional 990,362 shares during the last quarter. Finally, Sage Investment Counsel LLC purchased a new stake in shares of Agree Realty in the 4th quarter worth about $329,000. 97.83% of the stock is owned by institutional investors and hedge funds.

Agree Realty Stock Up 1.0 %

Shares of NYSE ADC opened at $76.42 on Tuesday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a market cap of $8.41 billion, a P/E ratio of 42.93, a price-to-earnings-growth ratio of 2.88 and a beta of 0.55. Agree Realty Co. has a 1 year low of $57.02 and a 1 year high of $79.65. The firm’s 50 day moving average price is $75.37 and its 200 day moving average price is $74.05.

Agree Realty (NYSE:ADC) last posted its quarterly earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.01. The company had revenue of $169.16 million for the quarter, compared to the consensus estimate of $167.77 million. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. During the same quarter last year, the firm posted $0.43 earnings per share. As a group, sell-side analysts anticipate that Agree Realty Co. will post 4.27 earnings per share for the current year.

Agree Realty Increases Dividend

The business also recently declared a apr 25 dividend, which will be paid on Wednesday, May 14th. Shareholders of record on Wednesday, April 30th will be paid a dividend of $0.256 per share. The ex-dividend date is Wednesday, April 30th. This represents a yield of 4.1%. This is an increase from Agree Realty’s previous apr 25 dividend of $0.25. Agree Realty’s dividend payout ratio (DPR) is currently 173.45%.

Analyst Ratings Changes

Several research firms have weighed in on ADC. Stifel Nicolaus raised their target price on shares of Agree Realty from $81.00 to $82.50 and gave the company a “buy” rating in a report on Wednesday, April 23rd. Barclays upgraded shares of Agree Realty from an “underweight” rating to an “equal weight” rating and increased their price target for the company from $74.00 to $75.00 in a research report on Tuesday, March 4th. Robert W. Baird increased their price target on shares of Agree Realty from $76.00 to $80.00 and gave the company an “outperform” rating in a research report on Friday. Evercore ISI increased their price target on shares of Agree Realty from $82.00 to $83.00 and gave the company an “outperform” rating in a research report on Thursday, April 24th. Finally, Mizuho increased their price target on shares of Agree Realty from $74.00 to $81.00 and gave the company a “neutral” rating in a research report on Thursday, April 3rd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $80.88.

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.