JPMorgan Chase & Co. Acquires 267,540 Shares of Agree Realty Co. (NYSE:ADC)

JPMorgan Chase & Co. grew its position in Agree Realty Co. (NYSE:ADCGet Rating) by 35.8% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,014,418 shares of the real estate investment trust’s stock after purchasing an additional 267,540 shares during the period. JPMorgan Chase & Co. owned about 1.27% of Agree Realty worth $73,169,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Meeder Asset Management Inc. boosted its stake in shares of Agree Realty by 88.1% in the 2nd quarter. Meeder Asset Management Inc. now owns 476 shares of the real estate investment trust’s stock valued at $34,000 after purchasing an additional 223 shares in the last quarter. Prospera Financial Services Inc acquired a new position in Agree Realty during the 1st quarter worth about $38,000. New Century Advisors LLC lifted its position in Agree Realty by 56.1% during the 2nd quarter. New Century Advisors LLC now owns 576 shares of the real estate investment trust’s stock valued at $42,000 after purchasing an additional 207 shares during the period. Private Capital Group LLC lifted its position in Agree Realty by 20.0% during the 2nd quarter. Private Capital Group LLC now owns 875 shares of the real estate investment trust’s stock valued at $63,000 after purchasing an additional 146 shares during the period. Finally, Archer Investment Corp acquired a new position in Agree Realty during the 1st quarter valued at about $60,000.

Wall Street Analyst Weigh In

A number of analysts have recently commented on ADC shares. Morgan Stanley lowered their price target on Agree Realty from $77.00 to $73.00 and set an “overweight” rating for the company in a research note on Wednesday, November 2nd. JMP Securities lowered their price target on Agree Realty from $82.00 to $75.00 and set a “market outperform” rating for the company in a research note on Tuesday, October 18th. StockNews.com began coverage on Agree Realty in a research note on Wednesday, October 12th. They issued a “sell” rating for the company. Truist Financial increased their target price on Agree Realty from $77.00 to $84.00 and gave the stock a “buy” rating in a research note on Monday, August 22nd. Finally, Citigroup increased their target price on Agree Realty to $80.00 in a research note on Monday, August 15th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $78.41.

Agree Realty Trading Down 0.5 %

NYSE:ADC opened at $70.31 on Thursday. Agree Realty Co. has a twelve month low of $61.62 and a twelve month high of $80.44. The company has a quick ratio of 2.98, a current ratio of 2.98 and a debt-to-equity ratio of 0.43. The business has a 50 day moving average price of $67.93 and a two-hundred day moving average price of $71.53. The company has a market cap of $6.23 billion, a P/E ratio of 38.42, a price-to-earnings-growth ratio of 3.23 and a beta of 0.45.

Agree Realty Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Wednesday, December 14th. Stockholders of record on Wednesday, November 30th will be issued a $0.24 dividend. This represents a $2.88 annualized dividend and a dividend yield of 4.10%. The ex-dividend date of this dividend is Tuesday, November 29th. Agree Realty’s payout ratio is presently 157.38%.

About Agree Realty

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Agree Realty Corporation is a publicly traded real estate investment trust primarily engaged in the acquisition and development of properties net leased to industry-leading retail tenants. As of September 30, 2020, the Company owned and operated a portfolio of 1,027 properties, located in 45 states and containing approximately 21.0 million square feet of gross leasable area.

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Institutional Ownership by Quarter for Agree Realty (NYSE:ADC)

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