Daiwa Securities Group Inc. Trims Stock Position in Agree Realty Co. (NYSE:ADC)

Daiwa Securities Group Inc. trimmed its stake in Agree Realty Co. (NYSE:ADC) by 5.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,233,377 shares of the real estate investment trust’s stock after selling 116,679 shares during the period. Daiwa Securities Group Inc. owned approximately 2.16% of Agree Realty worth $157,341,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. FMR LLC grew its holdings 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 during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Agree Realty in the 4th quarter valued at about $101,382,000. JPMorgan Chase & Co. grew its position in shares of Agree Realty by 37.3% during the third quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust’s stock worth $274,693,000 after acquiring an additional 990,362 shares during the last quarter. Two Sigma Advisers LP grew its position in Agree Realty by 92.6% during the 3rd quarter. Two Sigma Advisers LP now owns 714,387 shares of the real estate investment trust’s stock worth $53,815,000 after purchasing an additional 343,400 shares during the last quarter. Finally, Waterfront Capital Partners LLC acquired a new position in Agree Realty in the 3rd quarter valued at about $21,326,000. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ADC has been the topic of several analyst reports. Barclays upgraded Agree Realty from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $74.00 to $75.00 in a research note on Tuesday, March 4th. Royal Bank of Canada reduced their price target on Agree Realty from $79.00 to $78.00 and set an “outperform” rating for the company in a report on Thursday, February 13th. Deutsche Bank Aktiengesellschaft initiated coverage on Agree Realty in a report on Wednesday, December 11th. They set a “buy” rating and a $88.00 price objective on the stock. Evercore ISI began coverage on Agree Realty in a report on Thursday, December 12th. They issued an “outperform” rating and a $82.00 target price for the company. Finally, 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 research report on Tuesday, January 7th. Five investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Agree Realty has a consensus rating of “Moderate Buy” and an average price target of $79.69.

Agree Realty Stock Up 1.3 %

Shares of NYSE ADC opened at $75.95 on Monday. The firm’s 50-day moving average is $72.05 and its two-hundred day moving average is $73.68. The company has a market capitalization of $8.15 billion, a PE ratio of 42.67, a price-to-earnings-growth ratio of 2.88 and a beta of 0.64. Agree Realty Co. has a 12-month low of $54.78 and a 12-month high of $78.39. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78.

Agree Realty (NYSE:ADC) last posted its earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share (EPS) 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%. Equities analysts anticipate that Agree Realty Co. will post 4.27 EPS 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 of this dividend is Friday, February 28th. Agree Realty’s dividend payout ratio is presently 170.22%.

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.