Allstate Corp Buys Shares of 33,824 Agree Realty Co. (NYSE:ADC)

Allstate Corp bought a new position in Agree Realty Co. (NYSE:ADC) in the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 33,824 shares of the real estate investment trust’s stock, valued at approximately $2,383,000.

Several other institutional investors have also modified their holdings of the stock. Pictet Asset Management Holding SA grew its holdings in shares of Agree Realty by 1.1% in the fourth quarter. Pictet Asset Management Holding SA now owns 31,800 shares of the real estate investment trust’s stock valued at $2,240,000 after purchasing an additional 337 shares during the period. Nomura Asset Management Co. Ltd. grew its stake in shares of Agree Realty by 4.1% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 138,370 shares of the real estate investment trust’s stock valued at $9,748,000 after buying an additional 5,490 shares during the period. New Age Alpha Advisors LLC acquired a new stake in shares of Agree Realty during the 4th quarter worth approximately $4,674,000. Norges Bank purchased a new stake in shares of Agree Realty during the 4th quarter valued at approximately $48,862,000. Finally, Easterly Investment Partners LLC purchased a new stake in shares of Agree Realty during the 4th quarter valued at approximately $8,281,000. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Performance

NYSE:ADC opened at $76.56 on Friday. The company has a market cap of $8.22 billion, a price-to-earnings ratio of 43.01, a price-to-earnings-growth ratio of 2.88 and a beta of 0.64. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.52. Agree Realty Co. has a 52 week low of $54.78 and a 52 week high of $78.39. The company has a fifty day simple moving average of $73.80 and a two-hundred day simple moving average of $73.92.

Agree Realty (NYSE:ADC) last released its earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 EPS for the quarter, topping the consensus estimate of $0.43 by $0.61. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. As a group, equities analysts anticipate that Agree Realty Co. will post 4.27 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Monday, April 14th. Investors of record on Monday, March 31st will be issued a $0.253 dividend. The ex-dividend date is Monday, March 31st. This represents a $3.04 annualized dividend and a yield of 3.97%. Agree Realty’s dividend payout ratio (DPR) is 170.22%.

Wall Street Analysts Forecast Growth

ADC has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft initiated coverage on Agree Realty in a research note on Wednesday, December 11th. They set a “buy” rating and a $88.00 target price for the company. Citizens Jmp downgraded Agree Realty from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Wells Fargo & Company upped their target price on shares of Agree Realty from $78.00 to $81.00 and gave the company an “overweight” rating in a research report on Monday, March 10th. JMP Securities cut shares of Agree Realty from an “outperform” rating to a “market perform” rating in a research report on Tuesday, December 17th. Finally, Stifel Nicolaus decreased their price objective on shares of Agree Realty from $81.50 to $81.00 and set a “buy” rating on the stock in a report on Tuesday, January 7th. Five investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $79.85.

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.