Oppenheimer Asset Management Inc. Boosts Stake in Agree Realty Co. (NYSE:ADC)

Oppenheimer Asset Management Inc. grew its holdings in Agree Realty Co. (NYSE:ADC) by 24.6% during the 4th quarter, HoldingsChannel.com reports. The firm owned 19,129 shares of the real estate investment trust’s stock after buying an additional 3,776 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Agree Realty were worth $1,348,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Versant Capital Management Inc lifted its position in Agree Realty by 230.7% in the fourth quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust’s stock valued at $30,000 after buying an additional 293 shares during the last quarter. Financial Life Planners purchased a new stake in shares of Agree Realty in the 4th quarter valued at approximately $44,000. MassMutual Private Wealth & Trust FSB lifted its holdings in shares of 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 acquiring an additional 230 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of Agree Realty during the 3rd quarter worth approximately $77,000. Finally, UMB Bank n.a. boosted its position in shares of Agree Realty by 17.3% during the 4th quarter. UMB Bank n.a. now owns 1,139 shares of the real estate investment trust’s stock worth $80,000 after purchasing an additional 168 shares during the period. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Agree Realty Trading Up 0.4 %

NYSE ADC opened at $74.07 on Tuesday. Agree Realty Co. has a 52 week low of $54.78 and a 52 week high of $78.39. The firm has a 50 day moving average of $71.69 and a two-hundred day moving average of $73.59. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $7.94 billion, a PE ratio of 41.61, a price-to-earnings-growth ratio of 2.88 and a beta of 0.65.

Agree Realty (NYSE:ADC) last issued its earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 EPS for the quarter, topping 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 expect that Agree Realty Co. will post 4.27 EPS for the current fiscal year.

Agree Realty Announces Dividend

The firm also recently announced a feb 25 dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 28th will be given a dividend of $0.253 per share. This represents a dividend yield of 4.2%. The ex-dividend date is Friday, February 28th. Agree Realty’s dividend payout ratio (DPR) is presently 170.22%.

Wall Street Analyst Weigh In

A number of research firms have commented on ADC. Barclays decreased their price target on Agree Realty from $76.00 to $74.00 and set an “underweight” rating on the stock in a research note on Tuesday, February 4th. StockNews.com upgraded Agree Realty from a “sell” rating to a “hold” rating in a report on Sunday, February 16th. Citizens Jmp cut Agree Realty from a “strong-buy” rating to a “hold” rating in a report 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 research note on Wednesday, January 8th. Finally, BTIG Research increased their price target on shares of Agree Realty from $74.00 to $78.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Agree Realty has a consensus rating of “Moderate Buy” and an average price target of $79.62.

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.