Blue Chip Partners LLC Reduces Position in Agree Realty Co. (NYSE:ADC)

Blue Chip Partners LLC lowered its position in Agree Realty Co. (NYSE:ADC) by 7.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 38,138 shares of the real estate investment trust’s stock after selling 3,128 shares during the quarter. Blue Chip Partners LLC’s holdings in Agree Realty were worth $2,687,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. CIBC Asset Management Inc boosted its holdings in shares of Agree Realty by 5.2% in the fourth quarter. CIBC Asset Management Inc now owns 3,122 shares of the real estate investment trust’s stock valued at $220,000 after acquiring an additional 153 shares in the last quarter. Principal Securities Inc. boosted its holdings in Agree Realty by 26.2% in the 4th quarter. Principal Securities Inc. now owns 1,142 shares of the real estate investment trust’s stock valued at $80,000 after purchasing an additional 237 shares in the last quarter. Rhumbline Advisers increased its position in Agree Realty by 2.7% during the 4th quarter. Rhumbline Advisers now owns 318,379 shares of the real estate investment trust’s stock worth $22,430,000 after purchasing an additional 8,276 shares during the period. Blue Trust Inc. raised its stake in shares of Agree Realty by 57.3% during the 4th quarter. Blue Trust Inc. now owns 4,913 shares of the real estate investment trust’s stock worth $346,000 after buying an additional 1,790 shares in the last quarter. Finally, Asset Management One Co. Ltd. lifted its holdings in shares of Agree Realty by 0.3% in the 4th quarter. Asset Management One Co. Ltd. now owns 201,602 shares of the real estate investment trust’s stock valued at $14,173,000 after buying an additional 509 shares during the period. 97.83% of the stock is owned by institutional investors and hedge funds.

Agree Realty Stock Performance

Shares of ADC stock opened at $70.98 on Monday. The firm has a market capitalization of $7.35 billion, a price-to-earnings ratio of 39.21, a price-to-earnings-growth ratio of 2.87 and a beta of 0.65. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66. The company has a 50 day moving average price of $71.71 and a 200 day moving average price of $73.52. Agree Realty Co. has a one year low of $54.28 and a one year high of $78.39.

Agree Realty (NYSE:ADC) last released its earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.61. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. Sell-side analysts anticipate that Agree Realty Co. will post 4.13 EPS for the current year.

Agree Realty Announces Dividend

The company also recently disclosed a feb 25 dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be paid a $0.253 dividend. This represents a yield of 4.2%. The ex-dividend date is Friday, February 28th. Agree Realty’s dividend payout ratio is 167.96%.

Analyst Ratings Changes

ADC has been the topic of a number of recent analyst reports. StockNews.com raised Agree Realty from a “sell” rating to a “hold” rating in a report on Sunday. Barclays reduced their price objective on shares of Agree Realty from $76.00 to $74.00 and set an “underweight” rating for the company in a research note on Tuesday, February 4th. Stifel Nicolaus dropped their target price on shares of Agree Realty from $81.50 to $81.00 and set a “buy” rating for the company in a report on Tuesday, January 7th. Royal Bank of Canada lowered their price target on Agree Realty from $79.00 to $78.00 and set an “outperform” rating on the stock in a report on Thursday. Finally, Citizens Jmp cut Agree Realty from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 17th. One analyst has rated the stock with a sell rating, four have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $79.62.

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.