Cornercap Investment Counsel Inc. Trims Stock Position in Agree Realty Co. (NYSE:ADC)

Cornercap Investment Counsel Inc. trimmed its holdings in Agree Realty Co. (NYSE:ADC) by 4.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 4,549 shares of the real estate investment trust’s stock after selling 190 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Agree Realty were worth $320,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Spire Wealth Management acquired a new stake in shares of Agree Realty in the fourth quarter worth approximately $411,000. abrdn plc grew its position in Agree Realty by 33.7% during the fourth quarter. abrdn plc now owns 27,497 shares of the real estate investment trust’s stock valued at $1,922,000 after acquiring an additional 6,924 shares during the period. JPMorgan Chase & Co. increased its stake in 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 worth $274,693,000 after acquiring an additional 990,362 shares during the last quarter. Sage Investment Counsel LLC purchased a new stake in shares of Agree Realty during the 4th quarter worth about $329,000. Finally, Oppenheimer Asset Management Inc. increased its position in Agree Realty by 24.6% during the 4th quarter. Oppenheimer Asset Management Inc. now owns 19,129 shares of the real estate investment trust’s stock worth $1,348,000 after purchasing an additional 3,776 shares in the last quarter. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Royal Bank of Canada lowered their price target on Agree Realty from $79.00 to $78.00 and set an “outperform” rating for the company in a report on Thursday, February 13th. StockNews.com upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a research note on Sunday, February 16th. Citizens Jmp cut Agree Realty from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Mizuho cut their price target on shares of Agree Realty from $80.00 to $74.00 and set a “neutral” rating on the stock in a report on Wednesday, January 8th. Finally, Evercore ISI initiated coverage on Agree Realty in a research note on Thursday, December 12th. They set an “outperform” rating and a $82.00 price objective on the stock. Five analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $79.85.

Agree Realty Stock Up 0.7 %

Shares of Agree Realty stock opened at $76.56 on Friday. Agree Realty Co. has a 1-year low of $54.78 and a 1-year high of $78.39. The company has a market capitalization of $8.22 billion, a P/E ratio of 43.01, a PEG ratio of 2.88 and a beta of 0.64. The business’s fifty day moving average price is $73.80 and its two-hundred day moving average price is $73.92. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78.

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, beating analysts’ consensus estimates 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, research analysts forecast that Agree Realty Co. will post 4.27 EPS for the current year.

Agree Realty Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Monday, April 14th. Investors of record on Monday, March 31st will be paid a dividend of $0.253 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.97%. Agree Realty’s dividend payout ratio is presently 170.22%.

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.