Nuveen Asset Management LLC Purchases 395,646 Shares of Agree Realty Co. (NYSE:ADC)

Nuveen Asset Management LLC grew its position in shares of Agree Realty Co. (NYSE:ADC) by 53.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,142,036 shares of the real estate investment trust’s stock after purchasing an additional 395,646 shares during the period. Nuveen Asset Management LLC owned about 1.10% of Agree Realty worth $80,456,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in ADC. Bernard Wealth Management Corp. purchased a new position in shares of Agree Realty in the fourth quarter worth about $31,000. Headlands Technologies LLC increased its holdings in shares of Agree Realty by 72.8% in the fourth quarter. Headlands Technologies LLC now owns 558 shares of the real estate investment trust’s stock worth $39,000 after buying an additional 235 shares during the period. Financial Life Planners purchased a new position in shares of Agree Realty in the fourth quarter worth about $44,000. Quarry LP purchased a new position in shares of Agree Realty in the fourth quarter worth about $52,000. Finally, MassMutual Private Wealth & Trust FSB increased its holdings in shares of Agree Realty by 34.4% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust’s stock worth $63,000 after buying an additional 230 shares during the period. Institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Up 1.3%

ADC stock opened at $74.89 on Friday. Agree Realty Co. has a fifty-two week low of $58.52 and a fifty-two week high of $79.65. The business’s 50 day moving average price is $75.69 and its two-hundred day moving average price is $74.08. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market capitalization of $8.24 billion, a price-to-earnings ratio of 42.07, a price-to-earnings-growth ratio of 2.88 and a beta of 0.57.

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

Agree Realty Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, June 13th. Shareholders of record on Friday, May 30th will be issued a dividend of $0.256 per share. This is an increase from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date is Friday, May 30th. This represents a $3.07 dividend on an annualized basis and a dividend yield of 4.10%. Agree Realty’s dividend payout ratio is 173.45%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on ADC shares. Truist Financial lifted their price objective on Agree Realty from $77.00 to $82.00 and gave the stock a “buy” rating in a report on Monday, May 5th. BTIG Research downgraded Agree Realty from a “buy” rating to a “neutral” rating in a report on Wednesday, May 7th. Stifel Nicolaus boosted their price target on Agree Realty from $81.00 to $82.50 and gave the company a “buy” rating in a report on Wednesday, April 23rd. Wells Fargo & Company boosted their price target on Agree Realty from $78.00 to $81.00 and gave the company an “overweight” rating in a report on Monday, March 10th. Finally, Robert W. Baird boosted their price target on Agree Realty from $76.00 to $80.00 and gave the company an “outperform” rating in a report on Friday, April 25th. One analyst has rated the stock with a sell rating, five have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus 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.