Bahl & Gaynor Inc. Buys 51,075 Shares of Agree Realty Co. (NYSE:ADC)

Bahl & Gaynor Inc. raised its stake in Agree Realty Co. (NYSE:ADC) by 12.2% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 471,020 shares of the real estate investment trust’s stock after purchasing an additional 51,075 shares during the quarter. Bahl & Gaynor Inc. owned 0.46% of Agree Realty worth $33,183,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. JPMorgan Chase & Co. increased its stake in shares of Agree Realty by 37.3% during 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 during the period. Daiwa Securities Group Inc. increased its stake in shares of Agree Realty by 29.4% in the 3rd quarter. Daiwa Securities Group Inc. now owns 2,350,056 shares of the real estate investment trust’s stock worth $177,030,000 after acquiring an additional 534,545 shares in the last quarter. FMR LLC lifted its position in Agree Realty by 729.3% during the 3rd quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust’s stock valued at $168,648,000 after acquiring an additional 1,968,811 shares during the period. Geode Capital Management LLC boosted its stake in Agree Realty by 1.5% during the third quarter. Geode Capital Management LLC now owns 2,074,760 shares of the real estate investment trust’s stock worth $156,327,000 after acquiring an additional 30,377 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in Agree Realty by 3.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,645,652 shares of the real estate investment trust’s stock worth $115,936,000 after purchasing an additional 57,297 shares during the period. Institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Up 0.4 %

ADC stock opened at $74.07 on Tuesday. The company has a market cap of $7.94 billion, a price-to-earnings ratio of 41.61, a P/E/G ratio of 2.88 and a beta of 0.65. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.78 and a current ratio of 0.78. The business’s 50-day moving average is $71.69 and its two-hundred day moving average is $73.59. Agree Realty Co. has a fifty-two week low of $54.78 and a fifty-two week high of $78.39.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share for the quarter, topping the consensus estimate 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, analysts forecast that Agree Realty Co. will post 4.27 earnings per share for the current year.

Agree Realty Announces Dividend

The business also recently announced a feb 25 dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be issued a $0.253 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a yield of 4.2%. Agree Realty’s dividend payout ratio is currently 170.22%.

Analysts Set New Price Targets

A number of analysts have recently commented on ADC shares. Royal Bank of Canada dropped their price target on Agree Realty from $79.00 to $78.00 and set an “outperform” rating on the stock in a research report on Thursday, February 13th. Stifel Nicolaus cut their target price on Agree Realty from $81.50 to $81.00 and set a “buy” rating on the stock in a research note on Tuesday, January 7th. Barclays lowered their price target on Agree Realty from $76.00 to $74.00 and set an “underweight” rating for the company in a research report on Tuesday, February 4th. Mizuho cut their price objective on shares of Agree Realty from $80.00 to $74.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 8th. Finally, UBS Group raised shares of Agree Realty from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $79.00 to $84.00 in a report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $79.62.

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.