Norges Bank Purchases Shares of 693,570 Agree Realty Co. (NYSE:ADC)

Norges Bank acquired a new position in shares of Agree Realty Co. (NYSE:ADC) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 693,570 shares of the real estate investment trust’s stock, valued at approximately $48,862,000. Norges Bank owned 0.67% of Agree Realty as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in ADC. Spire Wealth Management bought a new position in shares of Agree Realty during the 4th quarter worth approximately $411,000. abrdn plc lifted its holdings in shares of 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. grew its holdings in shares of Agree Realty by 37.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust’s stock worth $274,693,000 after purchasing an additional 990,362 shares during the last quarter. Sage Investment Counsel LLC acquired a new position in Agree Realty in the fourth quarter valued at about $329,000. Finally, Oppenheimer Asset Management Inc. grew its stake in Agree Realty by 24.6% during the fourth quarter. Oppenheimer Asset Management Inc. now owns 19,129 shares of the real estate investment trust’s stock worth $1,348,000 after buying an additional 3,776 shares during the last quarter. Institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Down 3.2 %

Shares of Agree Realty stock opened at $74.34 on Friday. The business has a fifty day simple moving average of $74.22 and a 200 day simple moving average of $73.94. The stock has a market cap of $7.98 billion, a PE ratio of 41.76, 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 12 month low of $54.78 and a 12 month high of $78.39.

Agree Realty (NYSE:ADC) last posted its earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share (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%. Research analysts predict that Agree Realty Co. will post 4.27 EPS for the current year.

Agree Realty Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Monday, April 14th. Investors of record on Monday, March 31st will be given a $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.08%. The ex-dividend date is Monday, March 31st. Agree Realty’s dividend payout ratio is currently 170.22%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on ADC. Evercore ISI initiated coverage on Agree Realty in a report on Thursday, December 12th. They issued an “outperform” rating and a $82.00 target price on the stock. UBS Group upgraded Agree Realty from a “neutral” rating to a “buy” rating and increased their target price for the stock from $79.00 to $84.00 in a report on Monday, January 6th. Deutsche Bank Aktiengesellschaft began coverage on Agree Realty in a report on Wednesday, December 11th. They issued a “buy” rating and a $88.00 price target for the company. Barclays raised shares of Agree Realty from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $74.00 to $75.00 in a report on Tuesday, March 4th. Finally, Stifel Nicolaus dropped their target price on shares of Agree Realty from $81.50 to $81.00 and set a “buy” rating for the company in a research note on Tuesday, January 7th. Five equities research 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’s stock. According to MarketBeat.com, Agree Realty presently has a consensus rating of “Moderate Buy” and an average price target of $80.38.

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.