Loomis Sayles & Co. L P Increases Stake in Agree Realty Co. (NYSE:ADC)

Loomis Sayles & Co. L P grew its stake in shares of Agree Realty Co. (NYSE:ADC) by 1.6% in the fourth quarter, HoldingsChannel.com reports. The firm owned 323,852 shares of the real estate investment trust’s stock after buying an additional 5,021 shares during the quarter. Loomis Sayles & Co. L P’s holdings in Agree Realty were worth $22,815,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Versant Capital Management Inc boosted its position in Agree Realty by 230.7% during the 4th 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 period. Financial Life Planners bought a new position in shares of Agree Realty during the fourth quarter valued at about $44,000. MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Agree Realty by 34.4% during the fourth 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. Wilmington Savings Fund Society FSB bought a new stake in shares of Agree Realty in the third quarter worth about $77,000. Finally, UMB Bank n.a. increased its holdings in 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 valued at $80,000 after purchasing an additional 168 shares during the period. Institutional investors own 97.83% of the company’s stock.

Agree Realty Price Performance

ADC opened at $76.56 on Friday. Agree Realty Co. has a 1 year low of $54.78 and a 1 year high of $78.39. The stock has a 50-day moving average price of $73.80 and a 200-day moving average price of $73.94. The firm has a market cap of $8.22 billion, a PE ratio of 43.01, a P/E/G ratio of 2.88 and a beta of 0.64. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78.

Agree Realty (NYSE:ADC) last issued 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 net margin of 30.66% and a return on equity of 3.70%. Sell-side analysts predict that Agree Realty Co. will post 4.27 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, April 14th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.253 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $3.04 annualized dividend and a yield of 3.97%. Agree Realty’s dividend payout ratio is 170.22%.

Wall Street Analyst Weigh In

ADC has been the topic of a number of recent analyst reports. Mizuho cut their price objective on Agree Realty from $80.00 to $74.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 8th. Deutsche Bank Aktiengesellschaft began coverage on shares of Agree Realty in a report on Wednesday, December 11th. They issued a “buy” rating and a $88.00 price objective for the company. Citizens Jmp lowered shares of Agree Realty from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Evercore ISI began coverage on shares of Agree Realty in a research note on Thursday, December 12th. They issued an “outperform” rating and a $82.00 price target for the company. Finally, UBS Group raised Agree Realty from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $79.00 to $84.00 in a research report on Monday, January 6th. Five research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $79.85.

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.