693,570 Shares in Agree Realty Co. (NYSE:ADC) Acquired by Norges Bank

Norges Bank purchased a new stake in Agree Realty Co. (NYSE:ADC) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 693,570 shares of the real estate investment trust’s stock, valued at approximately $48,862,000.

Several other large investors also recently made changes to their positions in ADC. Versant Capital Management Inc boosted its stake in Agree Realty by 230.7% in the 4th quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust’s stock worth $30,000 after purchasing an additional 293 shares during the period. Financial Life Planners acquired a new position in shares of Agree Realty during the fourth quarter worth about $44,000. MassMutual Private Wealth & Trust FSB raised its position 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 valued at $63,000 after buying an additional 230 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in Agree Realty in the 3rd quarter valued at approximately $77,000. Finally, UMB Bank n.a. boosted its position 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 worth $80,000 after acquiring an additional 168 shares during the last quarter. Institutional investors own 97.83% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Mizuho lifted their price objective on shares of Agree Realty from $74.00 to $81.00 and gave the company a “neutral” rating in a report on Thursday. Stifel Nicolaus reduced their price objective on shares of Agree Realty from $81.50 to $81.00 and set a “buy” rating for the company in a research note on Tuesday, January 7th. Deutsche Bank Aktiengesellschaft began coverage on Agree Realty in a research report on Wednesday, December 11th. They issued a “buy” rating and a $88.00 target price on the stock. JMP Securities cut Agree Realty from an “outperform” rating to a “market perform” rating in a research report on Tuesday, December 17th. Finally, Citizens Jmp lowered Agree Realty from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Five investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Agree Realty presently has an average rating of “Moderate Buy” and an average price target of $80.38.

Agree Realty Stock Down 3.2 %

Agree Realty stock opened at $74.34 on Friday. Agree Realty Co. has a twelve month low of $54.78 and a twelve month high of $78.39. The stock has a market cap of $7.98 billion, a P/E ratio of 41.76, a P/E/G ratio of 2.88 and a beta of 0.64. The company’s 50-day moving average price is $74.22 and its two-hundred day moving average price is $73.94. 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, February 11th. The real estate investment trust reported $1.04 earnings per share for the quarter, topping 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, analysts expect that Agree Realty Co. will post 4.27 EPS for the current 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 paid a $0.253 dividend. This represents a $3.04 annualized dividend and a yield of 4.08%. The ex-dividend date is Monday, March 31st. Agree Realty’s dividend payout ratio (DPR) is 170.22%.

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.