Harvest Fund Management Co. Ltd Raises Stake in Agree Realty Co. (NYSE:ADC)

Harvest Fund Management Co. Ltd lifted its position in shares of Agree Realty Co. (NYSE:ADC) by 70.1% in the fourth quarter, Holdings Channel reports. The firm owned 5,110 shares of the real estate investment trust’s stock after purchasing an additional 2,106 shares during the period. Harvest Fund Management Co. Ltd’s holdings in Agree Realty were worth $360,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Versant Capital Management Inc grew its holdings in shares of 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 worth $30,000 after purchasing an additional 293 shares during the period. Financial Life Planners acquired a new stake in Agree Realty in the fourth quarter valued at approximately $44,000. MassMutual Private Wealth & Trust FSB grew its position in Agree Realty by 34.4% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust’s stock valued at $63,000 after acquiring an additional 230 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Agree Realty in the third quarter valued at approximately $77,000. Finally, UMB Bank n.a. grew its position in 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 acquiring an additional 168 shares in the last quarter. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Performance

Shares of ADC opened at $75.48 on Friday. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78. The stock has a market capitalization of $8.10 billion, a PE ratio of 42.40, a price-to-earnings-growth ratio of 2.88 and a beta of 0.64. Agree Realty Co. has a 12-month low of $54.78 and a 12-month high of $78.39. The business’s fifty day moving average price is $73.32 and its 200 day moving average price is $73.90.

Agree Realty (NYSE:ADC) last posted its earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.61. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. Equities research analysts forecast that Agree Realty Co. will post 4.27 EPS for the current year.

Agree Realty Dividend Announcement

The business 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 $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 4.02%. The ex-dividend date is Monday, March 31st. Agree Realty’s payout ratio is 170.22%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ADC. UBS Group raised shares of Agree Realty from a “neutral” rating to a “buy” rating and increased their price objective for the company from $79.00 to $84.00 in a research report on Monday, January 6th. Barclays raised shares of Agree Realty from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $74.00 to $75.00 in a research report on Tuesday, March 4th. Stifel Nicolaus lowered 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 report on Tuesday, January 7th. Citizens Jmp downgraded shares of Agree Realty from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Finally, JMP Securities downgraded shares of Agree Realty from an “outperform” rating to a “market perform” rating in a research report on Tuesday, December 17th. Five analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price 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.