KLP Kapitalforvaltning AS Invests $1.82 Million in Agree Realty Co. (NYSE:ADC)

KLP Kapitalforvaltning AS bought a new stake in Agree Realty Co. (NYSE:ADC) in the fourth quarter, HoldingsChannel.com reports. The firm bought 25,700 shares of the real estate investment trust’s stock, valued at approximately $1,816,000.

A number of other hedge funds have also bought and sold shares of ADC. PNC Financial Services Group Inc. grew its position in shares of Agree Realty by 3.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 14,914 shares of the real estate investment trust’s stock worth $1,123,000 after purchasing an additional 549 shares in the last quarter. Cerity Partners LLC boosted its stake in shares of Agree Realty by 26.0% in the third quarter. Cerity Partners LLC now owns 36,371 shares of the real estate investment trust’s stock valued at $2,740,000 after buying an additional 7,505 shares during the period. FMR LLC grew its position in Agree Realty by 729.3% during the third quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust’s stock worth $168,648,000 after buying an additional 1,968,811 shares in the last quarter. BNP Paribas Financial Markets increased its stake in Agree Realty by 168.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 103,731 shares of the real estate investment trust’s stock worth $7,814,000 after acquiring an additional 65,127 shares during the period. Finally, Waterfront Capital Partners LLC bought a new position in Agree Realty during the 3rd quarter worth $21,326,000. 97.83% of the stock is owned by institutional investors.

Analyst Ratings Changes

ADC has been the topic of several analyst reports. Barclays raised Agree Realty from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $74.00 to $75.00 in a report on Tuesday, March 4th. Evercore ISI began coverage on shares of Agree Realty in a research note on Thursday, December 12th. They set an “outperform” rating and a $82.00 price objective on the stock. UBS Group raised shares of Agree Realty from a “neutral” rating to a “buy” rating and upped their price target for the stock from $79.00 to $84.00 in a report on Monday, January 6th. Stifel Nicolaus reduced their price target on shares of Agree Realty from $81.50 to $81.00 and set a “buy” rating on the stock in a research report on Tuesday, January 7th. Finally, Citizens Jmp downgraded shares of Agree Realty from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Five research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $79.85.

Agree Realty Stock Performance

Shares of ADC stock opened at $76.01 on Friday. The firm has a market capitalization of $8.16 billion, a price-to-earnings ratio of 42.70, a PEG ratio of 2.88 and a beta of 0.64. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52. The business’s 50-day moving average price is $73.71 and its 200-day moving average price is $73.94. Agree Realty Co. has a 12 month low of $54.78 and a 12 month high of $78.39.

Agree Realty (NYSE:ADC) last posted its earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 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%. Equities research analysts forecast that Agree Realty Co. will post 4.27 EPS for the current year.

Agree Realty Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Monday, April 14th. Investors of record on Monday, March 31st will be issued a $0.253 dividend. The ex-dividend date is Monday, March 31st. This represents a $3.04 dividend on an annualized basis and a yield of 3.99%. Agree Realty’s payout ratio is 170.22%.

Agree Realty 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.