Cibc World Markets Corp Buys 3,562 Shares of Agree Realty Co. (NYSE:ADC)

Cibc World Markets Corp lifted its stake in Agree Realty Co. (NYSE:ADC) by 13.4% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 30,095 shares of the real estate investment trust’s stock after acquiring an additional 3,562 shares during the period. Cibc World Markets Corp’s holdings in Agree Realty were worth $2,120,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Versant Capital Management Inc raised its position in shares of 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 purchasing an additional 293 shares during the period. Financial Life Planners bought a new position in Agree Realty in the 4th quarter worth $44,000. MassMutual Private Wealth & Trust FSB lifted its position in Agree Realty by 34.4% during 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 bought a new stake in Agree Realty during the third quarter valued at about $77,000. Finally, UMB Bank n.a. grew its position in shares of Agree Realty by 17.3% in the fourth quarter. UMB Bank n.a. now owns 1,139 shares of the real estate investment trust’s stock valued at $80,000 after purchasing an additional 168 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

ADC has been the subject of several research analyst reports. StockNews.com raised Agree Realty from a “sell” rating to a “hold” rating in a research report on Sunday, February 16th. Citizens Jmp lowered Agree Realty from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 17th. Royal Bank of Canada reduced their price objective on Agree Realty from $79.00 to $78.00 and set an “outperform” rating for the company in a research report on Thursday, February 13th. Evercore ISI assumed coverage on shares of Agree Realty in a research report on Thursday, December 12th. They set an “outperform” rating and a $82.00 target price on the stock. Finally, BTIG Research increased their price target on shares of Agree Realty from $74.00 to $78.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Five 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 stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $79.85.

Agree Realty Stock Performance

NYSE ADC opened at $75.48 on Friday. Agree Realty Co. has a twelve month low of $54.78 and a twelve month high of $78.39. 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 cap of $8.10 billion, a P/E ratio of 42.40, a PEG ratio of 2.88 and a beta of 0.64. The company’s 50-day simple moving average is $73.32 and its 200 day simple moving average is $73.90.

Agree Realty (NYSE:ADC) last announced its quarterly earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 EPS for the quarter, beating 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%. As a group, research analysts forecast that Agree Realty Co. will post 4.27 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Monday, April 14th. Shareholders of record on Monday, March 31st will be given a $0.253 dividend. The ex-dividend date is Monday, March 31st. This represents a $3.04 annualized dividend and a yield of 4.02%. Agree Realty’s payout ratio is 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.