Allstate Corp Makes New $2.38 Million Investment in Agree Realty Co. (NYSE:ADC)

Allstate Corp acquired a new stake in shares of Agree Realty Co. (NYSE:ADC) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 33,824 shares of the real estate investment trust’s stock, valued at approximately $2,383,000.

Other hedge funds have also recently made changes to their positions in the company. Cerity Partners LLC grew its stake in Agree Realty by 26.0% during the 3rd quarter. Cerity Partners LLC now owns 36,371 shares of the real estate investment trust’s stock valued at $2,740,000 after purchasing an additional 7,505 shares during the last quarter. FMR LLC lifted its holdings in shares of 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 purchasing an additional 1,968,811 shares during the period. BNP Paribas Financial Markets lifted its holdings in shares of Agree Realty by 168.7% during the third quarter. BNP Paribas Financial Markets now owns 103,731 shares of the real estate investment trust’s stock worth $7,814,000 after purchasing an additional 65,127 shares during the period. Bamco Inc. NY purchased a new stake in Agree Realty in the third quarter valued at approximately $7,159,000. Finally, HighTower Advisors LLC increased its holdings in Agree Realty by 24.5% in the 3rd quarter. HighTower Advisors LLC now owns 12,472 shares of the real estate investment trust’s stock worth $957,000 after buying an additional 2,453 shares during the period. 97.83% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have commented on ADC. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Agree Realty in a research note on Wednesday, December 11th. They set a “buy” rating and a $88.00 price objective for the company. StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a report on Sunday, February 16th. Evercore ISI began coverage on Agree Realty in a research note on Thursday, December 12th. They set an “outperform” rating and a $82.00 price objective for the company. JMP Securities cut 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 target price for the stock from $74.00 to $75.00 in a report on Tuesday, March 4th. Five equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $79.85.

Agree Realty Trading Up 0.7 %

Shares of ADC stock opened at $76.56 on Friday. The stock has a 50 day simple moving average of $73.80 and a 200-day simple moving average of $73.92. Agree Realty Co. has a 1-year low of $54.78 and a 1-year high of $78.39. The company has a market cap of $8.22 billion, a price-to-earnings ratio of 43.01, a PEG ratio of 2.88 and a beta of 0.64. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share (EPS) for the quarter, beating 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%. On average, equities research analysts expect that Agree Realty Co. will post 4.27 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The company 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. 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%.

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.