Pictet Asset Management Holding SA Buys 337 Shares of Agree Realty Co. (NYSE:ADC)

Pictet Asset Management Holding SA lifted its stake in shares of Agree Realty Co. (NYSE:ADC) by 1.1% in the fourth quarter, HoldingsChannel.com reports. The fund owned 31,800 shares of the real estate investment trust’s stock after acquiring an additional 337 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Agree Realty were worth $2,240,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Spire Wealth Management bought a new stake in Agree Realty during the fourth quarter worth about $411,000. abrdn plc lifted its position in 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 during the last quarter. JPMorgan Chase & Co. boosted its stake in 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 worth $274,693,000 after buying an additional 990,362 shares in the last quarter. Sage Investment Counsel LLC bought a new position in Agree Realty during the fourth quarter valued at approximately $329,000. Finally, Oppenheimer Asset Management Inc. raised its stake in shares of Agree Realty by 24.6% during the fourth quarter. Oppenheimer Asset Management Inc. now owns 19,129 shares of the real estate investment trust’s stock worth $1,348,000 after acquiring an additional 3,776 shares in the last quarter. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on ADC shares. Wells Fargo & Company upped their price objective on shares of Agree Realty from $78.00 to $81.00 and gave the company an “overweight” rating in a research note on Monday, March 10th. Stifel Nicolaus reduced their price objective on Agree Realty from $81.50 to $81.00 and set a “buy” rating on the stock in a research note on Tuesday, January 7th. Evercore ISI began coverage on Agree Realty in a report on Thursday, December 12th. They issued an “outperform” rating and a $82.00 price objective on the stock. UBS Group upgraded Agree Realty from a “neutral” rating to a “buy” rating and increased their target price for the company from $79.00 to $84.00 in a report on Monday, January 6th. Finally, Barclays upgraded Agree Realty from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $74.00 to $75.00 in a research report on Tuesday, March 4th. Five research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $80.38.

Agree Realty Trading Down 3.2 %

NYSE:ADC opened at $74.34 on Friday. The company has a 50-day moving average price of $74.22 and a 200-day moving average price of $73.94. The stock has a market cap of $7.98 billion, a price-to-earnings ratio of 41.76, a P/E/G 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 12 month low of $54.78 and a 12 month high of $78.39.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data 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 analysts predict that Agree Realty Co. will post 4.27 EPS for the current year.

Agree Realty Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Monday, April 14th. Investors of record on Monday, March 31st will be paid a $0.253 dividend. The ex-dividend date is Monday, March 31st. This represents a $3.04 annualized dividend and a yield of 4.08%. Agree Realty’s payout ratio is 170.22%.

About Agree Realty

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.