Agree Realty Co. (NYSE:ADC) Holdings Boosted by JPMorgan Chase & Co.

JPMorgan Chase & Co. grew its stake in shares of Agree Realty Co. (NYSE:ADC) by 37.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,646,526 shares of the real estate investment trust’s stock after purchasing an additional 990,362 shares during the quarter. JPMorgan Chase & Co. owned approximately 3.52% of Agree Realty worth $274,693,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. MCF Advisors LLC acquired a new position in Agree Realty during the 2nd quarter valued at approximately $26,000. Headlands Technologies LLC boosted its holdings in shares of Agree Realty by 232.0% during the second quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock valued at $71,000 after acquiring an additional 798 shares during the period. UMB Bank n.a. grew its position in shares of Agree Realty by 44.5% during the third quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock worth $73,000 after acquiring an additional 299 shares during the last quarter. Arcadia Investment Management Corp MI acquired a new stake in shares of Agree Realty in the 3rd quarter worth about $75,000. Finally, Wilmington Savings Fund Society FSB acquired a new stake in shares of Agree Realty in the 3rd quarter worth about $77,000. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Agree Realty Trading Down 0.7 %

Agree Realty stock opened at $70.30 on Monday. Agree Realty Co. has a 1 year low of $54.28 and a 1 year high of $78.39. The firm’s 50 day moving average price is $74.54 and its two-hundred day moving average price is $71.64. The firm has a market cap of $7.28 billion, a price-to-earnings ratio of 38.84, a price-to-earnings-growth ratio of 3.66 and a beta of 0.62. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66.

Agree Realty (NYSE:ADC) last announced its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The company had revenue of $154.33 million for the quarter, compared to analyst estimates of $152.83 million. During the same period last year, the firm earned $1.00 earnings per share. The firm’s revenue for the quarter was up 12.8% on a year-over-year basis. On average, research analysts predict that Agree Realty Co. will post 4.12 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a $0.253 dividend. This represents a $3.04 annualized dividend and a dividend yield of 4.32%. The ex-dividend date of this dividend is Tuesday, December 31st. Agree Realty’s payout ratio is 167.40%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on ADC shares. UBS Group upped their target price on shares of Agree Realty from $77.00 to $79.00 and gave the stock a “neutral” rating in a research report on Thursday, November 14th. Wells Fargo & Company decreased their price objective on Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a report on Monday, November 4th. KeyCorp lifted their target price on Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, October 4th. Citizens Jmp cut Agree Realty from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Finally, StockNews.com upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a research note on Tuesday, December 17th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $78.03.

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.