Agree Realty Co. (NYSE:ADC) Holdings Lifted by Heitman Real Estate Securities LLC

Heitman Real Estate Securities LLC boosted its position in Agree Realty Co. (NYSE:ADC) by 32.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 750,308 shares of the real estate investment trust’s stock after purchasing an additional 182,000 shares during the quarter. Agree Realty comprises 3.1% of Heitman Real Estate Securities LLC’s investment portfolio, making the stock its 10th biggest position. Heitman Real Estate Securities LLC owned about 0.72% of Agree Realty worth $56,521,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the stock. Daiwa Securities Group Inc. raised its holdings in Agree Realty by 29.4% during the 3rd quarter. Daiwa Securities Group Inc. now owns 2,350,056 shares of the real estate investment trust’s stock valued at $177,030,000 after buying an additional 534,545 shares during the last quarter. FMR LLC increased its holdings in shares of Agree Realty by 729.3% in the 3rd quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust’s stock worth $168,648,000 after purchasing an additional 1,968,811 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Agree Realty by 3.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,588,355 shares of the real estate investment trust’s stock worth $119,651,000 after purchasing an additional 57,354 shares during the period. Dimensional Fund Advisors LP grew its position in Agree Realty by 5.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,522,014 shares of the real estate investment trust’s stock valued at $94,273,000 after buying an additional 76,818 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in shares of Agree Realty by 3.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,284,143 shares of the real estate investment trust’s stock valued at $79,540,000 after buying an additional 43,768 shares in the last quarter. 97.83% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. UBS Group upped their price target on shares of Agree Realty from $77.00 to $79.00 and gave the company a “neutral” rating in a research note on Thursday, November 14th. Truist Financial lifted their price objective on shares of Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Robert W. Baird boosted their price target on Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Raymond James boosted their target price on shares of Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research note on Wednesday, August 21st. Finally, KeyCorp increased their price objective on Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, October 4th. Four research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Agree Realty presently has an average rating of “Moderate Buy” and an average price target of $76.04.

Agree Realty Stock Performance

Shares of ADC opened at $75.53 on Tuesday. Agree Realty Co. has a one year low of $54.28 and a one year high of $78.39. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66. The company has a market capitalization of $7.82 billion, a PE ratio of 41.73, a price-to-earnings-growth ratio of 3.78 and a beta of 0.61. The company’s fifty day moving average price is $75.28 and its 200 day moving average price is $69.98.

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

Agree Realty Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be given a $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 4.02%. The ex-dividend date of this dividend is Friday, November 29th. Agree Realty’s dividend payout ratio (DPR) is currently 167.96%.

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.