Brevan Howard Capital Management LP Grows Position in Agree Realty Co. (NYSE:ADC)

Brevan Howard Capital Management LP raised its holdings in shares of Agree Realty Co. (NYSE:ADC) by 107.3% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 22,980 shares of the real estate investment trust’s stock after purchasing an additional 11,893 shares during the period. Brevan Howard Capital Management LP’s holdings in Agree Realty were worth $1,619,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Spire Wealth Management bought a new position in Agree Realty in the fourth quarter worth approximately $411,000. abrdn plc raised its position in shares of 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 acquiring an additional 6,924 shares in the last quarter. Envestnet Asset Management Inc. lifted its stake in shares of Agree Realty by 3.6% during the 4th quarter. Envestnet Asset Management Inc. now owns 301,751 shares of the real estate investment trust’s stock worth $21,258,000 after purchasing an additional 10,446 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Agree Realty by 37.3% during the third quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust’s stock valued at $274,693,000 after purchasing an additional 990,362 shares in the last quarter. Finally, Sage Investment Counsel LLC purchased a new position in Agree Realty in the fourth quarter valued at about $329,000. Institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Up 0.4 %

ADC stock opened at $76.71 on Wednesday. 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 firm’s fifty day simple moving average is $75.84 and its 200-day simple moving average is $74.12. Agree Realty Co. has a 12 month low of $58.18 and a 12 month high of $79.65. The company has a market capitalization of $8.44 billion, a P/E ratio of 43.09, a price-to-earnings-growth ratio of 2.88 and a beta of 0.57.

Agree Realty (NYSE:ADC) last announced its quarterly earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.01. The company had revenue of $169.16 million for the quarter, compared to the consensus estimate of $167.77 million. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. During the same period last year, the firm earned $0.43 EPS. As a group, equities research analysts forecast that Agree Realty Co. will post 4.27 earnings per share for the current year.

Agree Realty Increases Dividend

The business also recently disclosed a apr 25 dividend, which will be paid on Wednesday, May 14th. Shareholders of record on Wednesday, April 30th will be given a $0.256 dividend. This represents a yield of 4.1%. The ex-dividend date of this dividend is Wednesday, April 30th. This is a positive change from Agree Realty’s previous apr 25 dividend of $0.25. Agree Realty’s dividend payout ratio is currently 173.45%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. JMP Securities reissued a “market perform” rating on shares of Agree Realty in a research report on Wednesday, April 30th. Robert W. Baird raised their target price on shares of Agree Realty from $76.00 to $80.00 and gave the company an “outperform” rating in a research note on Friday, April 25th. Stifel Nicolaus lifted their price target on shares of Agree Realty from $81.00 to $82.50 and gave the stock a “buy” rating in a report on Wednesday, April 23rd. StockNews.com upgraded Agree Realty from a “sell” rating to a “hold” rating in a report on Saturday. Finally, Evercore ISI boosted their target price on Agree Realty from $82.00 to $83.00 and gave the stock an “outperform” rating in a research note on Thursday, April 24th. Five equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Agree Realty presently has an average rating of “Moderate Buy” and an average target price of $81.04.

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.