Pictet Asset Management Holding SA Has $2.24 Million Stock Position in Agree Realty Co. (NYSE:ADC)

Pictet Asset Management Holding SA boosted its position in Agree Realty Co. (NYSE:ADC) by 1.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 31,800 shares of the real estate investment trust’s stock after acquiring an additional 337 shares during the period. Pictet Asset Management Holding SA’s holdings in Agree Realty were worth $2,240,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in ADC. Raymond James Financial Inc. bought a new position in shares of Agree Realty in the 4th quarter worth $101,382,000. JPMorgan Chase & Co. lifted its stake in shares of Agree Realty by 37.3% in the third 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. Norges Bank bought a new position in shares of Agree Realty in the fourth quarter valued at $48,862,000. Two Sigma Advisers LP grew its holdings 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 valued at $53,815,000 after buying an additional 343,400 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in shares of Agree Realty by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 14,549,952 shares of the real estate investment trust’s stock worth $1,025,044,000 after acquiring an additional 219,806 shares in the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Analyst Ratings Changes

ADC has been the subject of a number of analyst reports. Royal Bank of Canada cut 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 shares of Agree Realty from an “outperform” rating to a “market perform” rating in a report on Tuesday, December 17th. Evercore ISI assumed coverage on Agree Realty in a research note on Thursday, December 12th. They issued an “outperform” rating and a $82.00 price objective for the company. Wells Fargo & Company lifted their price target on shares of Agree Realty from $78.00 to $81.00 and gave the stock an “overweight” rating in a report on Monday, March 10th. Finally, Mizuho increased their price objective on Agree Realty from $74.00 to $81.00 and gave the company a “neutral” rating in a report on Thursday. Five equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $80.38.

Agree Realty Price Performance

ADC stock opened at $74.34 on Friday. The firm has a 50 day moving average of $74.22 and a 200-day moving average of $73.94. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52. The firm has a market capitalization of $7.98 billion, a P/E ratio of 41.76, 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.

Agree Realty (NYSE:ADC) last released 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%. As a group, sell-side analysts predict that Agree Realty Co. will post 4.27 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The firm also recently announced 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. 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 4.08%. Agree Realty’s dividend payout ratio is currently 170.22%.

Agree Realty Company 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.