Mitsubishi UFJ Asset Management Co. Ltd. Acquires 3,600 Shares of Agree Realty Co. (NYSE:ADC)

Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Agree Realty Co. (NYSE:ADC) by 5.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 68,023 shares of the real estate investment trust’s stock after buying an additional 3,600 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.07% of Agree Realty worth $4,784,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in ADC. Vanguard Group Inc. grew its holdings in shares of Agree Realty by 1.5% during 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. LPL Financial LLC grew its stake in Agree Realty by 35.2% during the fourth quarter. LPL Financial LLC now owns 39,342 shares of the real estate investment trust’s stock worth $2,772,000 after buying an additional 10,252 shares in the last quarter. KLP Kapitalforvaltning AS bought a new position in Agree Realty in the 4th quarter valued at about $1,816,000. Sei Investments Co. raised its position in shares of Agree Realty by 91.3% in the 4th quarter. Sei Investments Co. now owns 454,253 shares of the real estate investment trust’s stock valued at $32,002,000 after buying an additional 216,852 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in shares of Agree Realty by 45.9% during the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 57,574 shares of the real estate investment trust’s stock worth $4,056,000 after acquiring an additional 18,120 shares during the period. Institutional investors and hedge funds own 97.83% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on ADC shares. UBS Group upgraded shares of Agree Realty from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $79.00 to $84.00 in a research report on Monday, January 6th. Royal Bank of Canada reduced their price objective on Agree Realty from $79.00 to $78.00 and set an “outperform” rating on the stock in a research note on Thursday, February 13th. Deutsche Bank Aktiengesellschaft initiated coverage on Agree Realty in a research note on Wednesday, December 11th. They set a “buy” rating and a $88.00 target price for the company. Citizens Jmp downgraded shares of Agree Realty from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Finally, Mizuho lowered their price objective on shares of Agree Realty from $80.00 to $74.00 and set a “neutral” rating for the company in a research report on Wednesday, January 8th. Five research 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 company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $79.85.

Agree Realty Stock Down 0.5 %

Shares of NYSE ADC opened at $76.82 on Wednesday. The company’s 50 day moving average price is $73.96 and its 200-day moving average price is $73.92. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.78 and a current ratio of 0.78. Agree Realty Co. has a 52-week low of $54.78 and a 52-week high of $78.39. The company has a market capitalization of $8.25 billion, a P/E ratio of 43.16, a price-to-earnings-growth ratio of 2.88 and a beta of 0.64.

Agree Realty (NYSE:ADC) last issued its quarterly earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.61. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. Equities analysts forecast that Agree Realty Co. will post 4.27 earnings per share for the current year.

Agree Realty Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Monday, April 14th. Shareholders of record on Monday, March 31st will be paid a $0.253 dividend. This represents a $3.04 annualized dividend and a yield of 3.95%. The ex-dividend date of this dividend is Monday, March 31st. Agree Realty’s dividend payout ratio (DPR) 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.