Intrust Bank NA Boosts Stake in Agree Realty Co. (NYSE:ADC)

Intrust Bank NA increased its stake in Agree Realty Co. (NYSE:ADC) by 6.8% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 8,625 shares of the real estate investment trust’s stock after acquiring an additional 551 shares during the period. Intrust Bank NA’s holdings in Agree Realty were worth $608,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Agree Realty by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 14,549,952 shares of the real estate investment trust’s stock worth $1,025,044,000 after purchasing an additional 219,806 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Agree Realty by 37.3% in 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. FMR LLC boosted its stake in Agree Realty by 729.3% in the third quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust’s stock worth $168,648,000 after buying an additional 1,968,811 shares in the last quarter. Geode Capital Management LLC grew its position in Agree Realty by 1.5% during the third quarter. Geode Capital Management LLC now owns 2,074,760 shares of the real estate investment trust’s stock valued at $156,327,000 after acquiring an additional 30,377 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Agree Realty by 3.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,645,652 shares of the real estate investment trust’s stock worth $115,936,000 after acquiring an additional 57,297 shares in the last quarter. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Agree Realty Stock Performance

Shares of ADC opened at $76.56 on Friday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.52. The stock has a market cap of $8.22 billion, a P/E ratio of 43.01, a P/E/G ratio of 2.88 and a beta of 0.64. The business’s 50 day moving average price is $73.80 and its 200-day moving average price is $73.92. Agree Realty Co. has a 52 week low of $54.78 and a 52 week high of $78.39.

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 net margin of 30.66% and a return on equity of 3.70%. Equities research analysts anticipate that Agree Realty Co. will post 4.27 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Monday, April 14th. Investors of record on Monday, March 31st will be issued a $0.253 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $3.04 dividend on an annualized basis and a yield of 3.97%. Agree Realty’s payout ratio is currently 170.22%.

Wall Street Analyst Weigh In

ADC has been the topic of several recent research reports. Barclays raised shares of Agree Realty from an “underweight” rating to an “equal weight” rating and increased their target price for the company from $74.00 to $75.00 in a report on Tuesday, March 4th. Mizuho reduced their price objective on Agree Realty from $80.00 to $74.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 8th. Citizens Jmp lowered Agree Realty from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Deutsche Bank Aktiengesellschaft assumed coverage on Agree Realty in a report on Wednesday, December 11th. They set a “buy” rating and a $88.00 target price for the company. Finally, Stifel Nicolaus decreased their price target on Agree Realty from $81.50 to $81.00 and set a “buy” rating on the stock in a research note on Tuesday, January 7th. Five research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target 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.