Nomura Asset Management Co. Ltd. Has $9.75 Million Stock Holdings in Agree Realty Co. (NYSE:ADC)

Nomura Asset Management Co. Ltd. increased its holdings in shares of Agree Realty Co. (NYSE:ADC) by 4.1% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 138,370 shares of the real estate investment trust’s stock after acquiring an additional 5,490 shares during the period. Nomura Asset Management Co. Ltd.’s holdings in Agree Realty were worth $9,748,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in ADC. Spire Wealth Management bought a new position in Agree Realty during the fourth quarter worth about $411,000. abrdn plc lifted its position in shares of Agree Realty by 33.7% during 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 during the period. JPMorgan Chase & Co. boosted its stake in Agree Realty by 37.3% in the 3rd 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 in the last quarter. Sage Investment Counsel LLC bought a new stake in Agree Realty in the fourth quarter valued at $329,000. Finally, Oppenheimer Asset Management Inc. grew its position in Agree Realty by 24.6% in the fourth quarter. Oppenheimer Asset Management Inc. now owns 19,129 shares of the real estate investment trust’s stock valued at $1,348,000 after acquiring an additional 3,776 shares during the period. Institutional investors own 97.83% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. UBS Group upgraded shares of Agree Realty from a “neutral” rating to a “buy” rating and boosted their target price for the company from $79.00 to $84.00 in a research note on Monday, January 6th. 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. Citizens Jmp lowered shares of Agree Realty from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 17th. JMP Securities downgraded Agree Realty from an “outperform” rating to a “market perform” rating in a report on Tuesday, December 17th. Finally, Barclays raised Agree Realty from an “underweight” rating to an “equal weight” rating and raised their price target for the company from $74.00 to $75.00 in a report on Tuesday, March 4th. Five research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $79.85.

Agree Realty Stock Performance

Agree Realty stock opened at $76.56 on Monday. The company has a market cap of $8.22 billion, a PE ratio of 43.01, 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. Agree Realty Co. has a 1 year low of $54.78 and a 1 year high of $78.39. The company’s 50-day moving average is $73.80 and its two-hundred day moving average is $73.90.

Agree Realty (NYSE:ADC) last released its earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.61. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. Equities analysts anticipate that Agree Realty Co. will post 4.27 earnings per share 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 annualized dividend and a yield of 3.97%. The ex-dividend date is Monday, March 31st. Agree Realty’s payout ratio 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.