2,969 Shares in Agree Realty Co. (NYSE:ADC) Acquired by CIBC Asset Management Inc

CIBC Asset Management Inc acquired a new position in shares of Agree Realty Co. (NYSE:ADC) during the 3rd quarter, HoldingsChannel.com reports. The fund acquired 2,969 shares of the real estate investment trust’s stock, valued at approximately $224,000.

A number of other institutional investors and hedge funds have also made changes to their positions in ADC. Pathway Financial Advisers LLC grew its stake in Agree Realty by 9,118.1% during the third quarter. Pathway Financial Advisers LLC now owns 1,227,756 shares of the real estate investment trust’s stock worth $92,487,000 after buying an additional 1,214,437 shares during the period. PGGM Investments bought a new stake in Agree Realty in the second quarter valued at about $70,225,000. Daiwa Securities Group Inc. increased its stake in Agree Realty by 55.9% during the second quarter. Daiwa Securities Group Inc. now owns 1,815,511 shares of the real estate investment trust’s stock valued at $112,453,000 after purchasing an additional 650,921 shares during the last quarter. Leeward Investments LLC MA bought a new position in Agree Realty in the second quarter worth about $30,306,000. Finally, Lighthouse Investment Partners LLC acquired a new position in Agree Realty during the 2nd quarter valued at approximately $25,086,000. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Agree Realty Price Performance

Shares of ADC stock opened at $76.42 on Friday. Agree Realty Co. has a 12 month low of $54.28 and a 12 month high of $77.58. The company has a market capitalization of $7.91 billion, a P/E ratio of 42.61, a P/E/G ratio of 3.14 and a beta of 0.61. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. The stock has a 50 day moving average of $75.10 and a two-hundred day moving average of $69.01.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data 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). The company had revenue of $154.33 million for the quarter, compared to the consensus estimate of $152.83 million. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The firm’s revenue was up 12.8% compared to the same quarter last year. During the same period in the previous year, the business posted $1.00 earnings per share. As a group, equities analysts expect that Agree Realty Co. will post 4.12 EPS for the current year.

Agree Realty Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be given a dividend of $0.253 per share. The ex-dividend date is Friday, November 29th. This represents a $3.04 annualized dividend and a yield of 3.97%. Agree Realty’s dividend payout ratio (DPR) is 167.96%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on ADC shares. BTIG Research boosted their price objective on Agree Realty from $65.00 to $74.00 and gave the stock a “buy” rating in a research report on Monday, August 12th. KeyCorp boosted their price objective on Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, October 4th. Truist Financial upped their price target on Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. UBS Group increased their price objective on Agree Realty from $77.00 to $79.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. Finally, Wells Fargo & Company decreased their target price on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $75.73.

Agree Realty 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.