Agree Realty Co. (NYSE:ADC) Stock Position Boosted by GW&K Investment Management LLC

GW&K Investment Management LLC raised its stake in shares of Agree Realty Co. (NYSE:ADC) by 0.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,056,071 shares of the real estate investment trust’s stock after buying an additional 4,863 shares during the period. GW&K Investment Management LLC owned approximately 1.02% of Agree Realty worth $74,400,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Citigroup Inc. increased its stake in shares of Agree Realty by 348.9% during the third quarter. Citigroup Inc. now owns 347,496 shares of the real estate investment trust’s stock valued at $26,177,000 after acquiring an additional 270,093 shares during the period. Spire Wealth Management acquired a new position in shares of Agree Realty during the 4th quarter valued at $411,000. abrdn plc raised its stake in shares of Agree Realty by 33.7% in the 4th quarter. abrdn plc now owns 27,497 shares of the real estate investment trust’s stock worth $1,922,000 after buying an additional 6,924 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Agree Realty by 37.3% in the third 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. Finally, KBC Group NV boosted its stake in Agree Realty by 1,670.8% during the fourth quarter. KBC Group NV now owns 43,561 shares of the real estate investment trust’s stock valued at $3,069,000 after buying an additional 41,101 shares in the last quarter. 97.83% of the stock is currently owned by institutional investors.

Agree Realty Stock Performance

Shares of ADC stock opened at $73.66 on Friday. The stock’s fifty day simple moving average is $71.46 and its 200-day simple moving average is $73.54. The company has a market capitalization of $7.90 billion, a price-to-earnings ratio of 41.38, a P/E/G ratio of 2.88 and a beta of 0.65. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52. Agree Realty Co. has a 1-year low of $54.28 and a 1-year high of $78.39.

Agree Realty (NYSE:ADC) last released its earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share 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%. On average, 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 business also recently announced a feb 25 dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be given a $0.253 dividend. The ex-dividend date is Friday, February 28th. This represents a yield of 4.2%. Agree Realty’s payout ratio is 170.22%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on ADC shares. StockNews.com upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a research report on Sunday, February 16th. BTIG Research lifted their price objective on shares of Agree Realty from $74.00 to $78.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Citizens Jmp lowered shares of Agree Realty from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Agree Realty in a research report on Wednesday, December 11th. They issued a “buy” rating and a $88.00 price target on the stock. Finally, Wells Fargo & Company cut their price objective on Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average 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.