Bahl & Gaynor Inc. Purchases 51,075 Shares of Agree Realty Co. (NYSE:ADC)

Bahl & Gaynor Inc. boosted its holdings in Agree Realty Co. (NYSE:ADC) by 12.2% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 471,020 shares of the real estate investment trust’s stock after purchasing an additional 51,075 shares during the quarter. Bahl & Gaynor Inc.’s holdings in Agree Realty were worth $33,183,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. FMR LLC grew its position 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 worth $168,648,000 after purchasing an additional 1,968,811 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in 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 valued at $274,693,000 after buying an additional 990,362 shares in the last quarter. Daiwa Securities Group Inc. raised its position 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 buying an additional 534,545 shares during the last quarter. Two Sigma Advisers LP boosted its position in shares of Agree Realty by 92.6% during the third quarter. Two Sigma Advisers LP now owns 714,387 shares of the real estate investment trust’s stock worth $53,815,000 after acquiring an additional 343,400 shares during the last quarter. Finally, Waterfront Capital Partners LLC bought a new position in shares of Agree Realty during the third quarter worth $21,326,000. 97.83% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have commented on ADC shares. Evercore ISI began coverage on shares of Agree Realty in a research note on Thursday, December 12th. They issued an “outperform” rating and a $82.00 price target on the stock. Royal Bank of Canada dropped their price target 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. JMP Securities downgraded Agree Realty from an “outperform” rating to a “market perform” rating in a research note on Tuesday, December 17th. UBS Group upgraded Agree Realty from a “neutral” rating to a “buy” rating and increased their target price for the company from $79.00 to $84.00 in a research report on Monday, January 6th. Finally, Barclays reduced their price target on shares of Agree Realty from $76.00 to $74.00 and set an “underweight” rating on the stock in a research report on Tuesday, February 4th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Agree Realty currently has an average rating of “Moderate Buy” and an average price target of $79.62.

Agree Realty Stock Up 0.4 %

Shares of NYSE:ADC opened at $74.07 on Tuesday. 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 simple moving average of $71.69 and a two-hundred day simple moving average of $73.59. Agree Realty Co. has a 1 year low of $54.78 and a 1 year high of $78.39. The firm has a market capitalization of $7.94 billion, a PE ratio of 41.61, a price-to-earnings-growth ratio of 2.88 and a beta of 0.65.

Agree Realty (NYSE:ADC) last announced 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 return on equity of 3.70% and a net margin of 30.66%. On average, equities analysts predict that Agree Realty Co. will post 4.27 EPS for the current year.

Agree Realty Announces Dividend

The business also recently disclosed a feb 25 dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be issued a dividend of $0.253 per share. The ex-dividend date of this dividend is Friday, February 28th. This represents a yield of 4.2%. Agree Realty’s payout ratio is 170.22%.

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.