Blue Chip Partners LLC Has $2.69 Million Stake in Agree Realty Co. (NYSE:ADC)

Blue Chip Partners LLC cut its position in shares of Agree Realty Co. (NYSE:ADC) by 7.6% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 38,138 shares of the real estate investment trust’s stock after selling 3,128 shares during the quarter. Blue Chip Partners LLC’s holdings in Agree Realty were worth $2,687,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. CIBC Asset Management Inc raised its stake in Agree Realty by 5.2% during the 4th quarter. CIBC Asset Management Inc now owns 3,122 shares of the real estate investment trust’s stock worth $220,000 after buying an additional 153 shares during the period. UMB Bank n.a. lifted its holdings in Agree Realty by 17.3% during the fourth quarter. UMB Bank n.a. now owns 1,139 shares of the real estate investment trust’s stock worth $80,000 after acquiring an additional 168 shares during the period. State of Alaska Department of Revenue boosted its holdings in shares of Agree Realty by 0.4% in the 3rd quarter. State of Alaska Department of Revenue now owns 58,934 shares of the real estate investment trust’s stock worth $4,438,000 after buying an additional 224 shares during the last quarter. MassMutual Private Wealth & Trust FSB increased its stake in shares of Agree Realty by 34.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust’s stock worth $63,000 after purchasing an additional 230 shares during the last quarter. Finally, Principal Securities Inc. increased its holdings in Agree Realty by 26.2% in the 4th quarter. Principal Securities Inc. now owns 1,142 shares of the real estate investment trust’s stock worth $80,000 after acquiring an additional 237 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Agree Realty Price Performance

ADC stock opened at $70.98 on Monday. Agree Realty Co. has a 1 year low of $54.28 and a 1 year high of $78.39. The business’s 50-day moving average is $71.71 and its two-hundred day moving average is $73.52. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66. The firm has a market capitalization of $7.35 billion, a P/E ratio of 39.21, a P/E/G ratio of 2.87 and a beta of 0.65.

Agree Realty (NYSE:ADC) last announced its earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.61. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. Analysts anticipate that Agree Realty Co. will post 4.13 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

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 given a dividend of $0.253 per share. This represents a yield of 4.2%. The ex-dividend date is Friday, February 28th. Agree Realty’s dividend payout ratio is presently 167.96%.

Analyst Ratings Changes

A number of research firms recently weighed in on ADC. Stifel Nicolaus decreased their target price on shares of Agree Realty from $81.50 to $81.00 and set a “buy” rating on the stock in a report on Tuesday, January 7th. Royal Bank of Canada dropped their target price on shares of Agree Realty from $79.00 to $78.00 and set an “outperform” rating for the company in a research report on Thursday. Truist Financial upped their target price on shares of Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. UBS Group upgraded shares of Agree Realty from a “neutral” rating to a “buy” rating and raised their target price for the stock from $79.00 to $84.00 in a report on Monday, January 6th. Finally, Wells Fargo & Company decreased their price target on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. One analyst has rated the stock with a sell rating, four have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $79.62.

About Agree Realty

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.