Nomura Holdings Inc. Invests $1.76 Million in Agree Realty Co. (NYSE:ADC)

Nomura Holdings Inc. bought a new position in shares of Agree Realty Co. (NYSE:ADC) in the fourth quarter, Holdings Channel reports. The institutional investor bought 24,925 shares of the real estate investment trust’s stock, valued at approximately $1,756,000.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Cohen & Steers Inc. grew its stake in Agree Realty by 43.0% during the 4th quarter. Cohen & Steers Inc. now owns 9,767,632 shares of the real estate investment trust’s stock valued at $688,108,000 after acquiring an additional 2,937,147 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Agree Realty in the 4th quarter valued at approximately $101,382,000. Millennium Management LLC grew its stake in shares of Agree Realty by 1,036.9% in the 4th quarter. Millennium Management LLC now owns 1,171,297 shares of the real estate investment trust’s stock valued at $82,518,000 after buying an additional 1,068,271 shares during the period. Invesco Ltd. grew its stake in shares of Agree Realty by 85.6% in the 4th quarter. Invesco Ltd. now owns 2,212,852 shares of the real estate investment trust’s stock valued at $155,895,000 after buying an additional 1,020,512 shares during the period. Finally, JPMorgan Chase & Co. grew its stake 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 valued at $274,693,000 after buying an additional 990,362 shares during the period. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Robert W. Baird increased their price target on shares of Agree Realty from $76.00 to $80.00 and gave the company an “outperform” rating in a research note on Friday, April 25th. JMP Securities restated a “market perform” rating on shares of Agree Realty in a report on Friday. UBS Group decreased their price objective on shares of Agree Realty from $86.00 to $84.00 and set a “buy” rating on the stock in a report on Tuesday, May 13th. Stifel Nicolaus upped their price objective on shares of Agree Realty from $81.00 to $82.50 and gave the stock a “buy” rating in a report on Wednesday, April 23rd. Finally, StockNews.com lowered shares of Agree Realty from a “hold” rating to a “sell” rating in a report on Sunday, May 11th. One analyst has rated the stock with a sell rating, five have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $81.04.

Agree Realty Price Performance

Agree Realty stock opened at $74.89 on Friday. Agree Realty Co. has a 52-week low of $58.52 and a 52-week high of $79.65. The firm has a fifty day moving average of $75.69 and a 200-day moving average of $74.08. The firm has a market capitalization of $8.24 billion, a P/E ratio of 42.07, a PEG ratio of 2.88 and a beta of 0.57. 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 (NYSE:ADC) last released its quarterly earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.01. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. The firm had revenue of $169.16 million for the quarter, compared to the consensus estimate of $167.77 million. During the same quarter in the previous year, the firm posted $0.43 EPS. As a group, analysts predict that Agree Realty Co. will post 4.27 EPS for the current year.

Agree Realty Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 30th will be paid a dividend of $0.256 per share. This is an increase from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date of this dividend is Friday, May 30th. This represents a $3.07 annualized dividend and a yield of 4.10%. Agree Realty’s payout ratio is 173.45%.

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.