Janus Henderson Group PLC Increases Stake in Agree Realty Co. (NYSE:ADC)

Janus Henderson Group PLC boosted its stake in Agree Realty Co. (NYSE:ADC) by 0.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 804,449 shares of the real estate investment trust’s stock after purchasing an additional 995 shares during the period. Janus Henderson Group PLC owned about 0.78% of Agree Realty worth $56,674,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Bernard Wealth Management Corp. purchased a new position in Agree Realty in the 4th quarter worth approximately $31,000. Headlands Technologies LLC increased its stake in Agree Realty by 72.8% in the 4th quarter. Headlands Technologies LLC now owns 558 shares of the real estate investment trust’s stock worth $39,000 after purchasing an additional 235 shares during the period. Financial Life Planners purchased a new position in Agree Realty in the 4th quarter worth approximately $44,000. Quarry LP purchased a new position in Agree Realty in the 4th quarter worth approximately $52,000. Finally, MassMutual Private Wealth & Trust FSB increased its stake in Agree Realty by 34.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust’s stock worth $63,000 after purchasing an additional 230 shares during the period. 97.83% of the stock is owned by hedge funds and other institutional investors.

Agree Realty Stock Down 0.7%

Agree Realty stock opened at $73.07 on Wednesday. Agree Realty Co. has a 1-year low of $58.52 and a 1-year high of $79.65. The business has a fifty day moving average price of $75.88 and a 200-day moving average price of $74.10. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78. The stock has a market capitalization of $8.04 billion, a price-to-earnings ratio of 41.05, a PEG ratio of 2.88 and a beta of 0.57.

Agree Realty (NYSE:ADC) last announced its earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.01. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. The firm had revenue of $169.16 million for the quarter, compared to the consensus estimate of $167.77 million. During the same period in the previous year, the business earned $0.43 EPS. Equities research analysts forecast that Agree Realty Co. will post 4.27 EPS for the current fiscal year.

Agree Realty Increases Dividend

The firm also recently announced a apr 25 dividend, which will be paid on Wednesday, May 14th. Investors of record on Wednesday, April 30th will be paid a dividend of $0.256 per share. This represents a yield of 4.1%. This is an increase from Agree Realty’s previous apr 25 dividend of $0.25. The ex-dividend date of this dividend is Wednesday, April 30th. Agree Realty’s payout ratio is 173.45%.

Analysts Set New Price Targets

ADC has been the topic of several research reports. Robert W. Baird lifted their price target on Agree Realty from $76.00 to $80.00 and gave the company an “outperform” rating in a research report on Friday, April 25th. BTIG Research downgraded Agree Realty from a “buy” rating to a “neutral” rating in a report on Wednesday, May 7th. Stifel Nicolaus upped their price target on Agree Realty from $81.00 to $82.50 and gave the company a “buy” rating in a report on Wednesday, April 23rd. JMP Securities reaffirmed a “market perform” rating on shares of Agree Realty in a report on Wednesday, April 30th. Finally, Wells Fargo & Company upped their price objective on Agree Realty from $78.00 to $81.00 and gave the company an “overweight” rating in a research report on Monday, March 10th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Agree Realty currently has a consensus rating of “Moderate Buy” and a consensus price target of $81.04.

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.