Fintel reports that Vanguard Group has filed a 13G/A form with the SEC disclosing ownership of 13.97MM shares of Agree Realty Corporation (ADC). This represents 15.77% of the company.
In their previous filing dated February 9, 2022 they reported 11.10MM shares and 15.40% of the company, an increase in shares of 25.91% and an increase in total ownership of 0.37% (calculated as current - previous percent ownership).
Analyst Price Forecast Suggests 7.77% Upside
As of February 9, 2023, the average one-year price target for Agree Realty is $79.00. The forecasts range from a low of $73.73 to a high of $86.10. The average price target represents an increase of 7.77% from its latest reported closing price of $73.30.
The projected annual revenue for Agree Realty is $508MM, an increase of 25.59%. The projected annual EPS is $1.70, a decrease of 7.95%.
What is the Fund Sentiment?
There are 807 funds or institutions reporting positions in Agree Realty. This is an increase of 26 owner(s) or 3.33% in the last quarter. Average portfolio weight of all funds dedicated to ADC is 0.40%, an increase of 2.62%. Total shares owned by institutions increased in the last three months by 8.57% to 110,644K shares. The put/call ratio of ADC is 0.53, indicating a bullish outlook.
What are large shareholders doing?
IJR - iShares Core S&P Small-Cap ETF holds 5,823K shares representing 6.59% ownership of the company. In it's prior filing, the firm reported owning 5,245K shares, representing an increase of 9.92%. The firm increased its portfolio allocation in ADC by 5.56% over the last quarter.
Principal Financial Group holds 5,715K shares representing 6.47% ownership of the company. In it's prior filing, the firm reported owning 6,327K shares, representing a decrease of 10.72%. The firm decreased its portfolio allocation in ADC by 51.37% over the last quarter.
Deutsche Bank Ag\ holds 3,560K shares representing 4.03% ownership of the company. In it's prior filing, the firm reported owning 3,128K shares, representing an increase of 12.12%. The firm increased its portfolio allocation in ADC by 15.29% over the last quarter.
VGSIX - Vanguard Real Estate Index Fund Investor Shares holds 3,409K shares representing 3.86% ownership of the company. In it's prior filing, the firm reported owning 3,270K shares, representing an increase of 4.08%. The firm increased its portfolio allocation in ADC by 8.37% over the last quarter.
Centersquare Investment Management holds 3,248K shares representing 3.67% ownership of the company. In it's prior filing, the firm reported owning 3,374K shares, representing a decrease of 3.86%. The firm decreased its portfolio allocation in ADC by 70.85% over the last quarter.
Agree Realty Declares $0.24 Dividend
On January 12, 2023 the company declared a regular monthly dividend of $0.24 per share ($2.88 annualized). Shareholders of record as of January 30, 2023 will receive the payment on February 14, 2023. Previously, the company paid $0.24 per share.
At the current share price of $73.30 / share, the stock's dividend yield is 3.93%. Looking back five years and taking a sample every week, the average dividend yield has been 3.74%, the lowest has been 2.93%, and the highest has been 4.59%. The standard deviation of yields is 0.35 (n=237).
The current dividend yield is 0.53 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 1.76. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.23%, demonstrating that it has increased its dividend over time.
Agree Realty Background Information
(This description is provided by the company.)
Agree Realty Corporation is a publicly traded real estate investment trust primarily engaged in the acquisition and development of properties net leased to industry-leading retail tenants. As of December 31, 2020, the Company owned and operated a portfolio of 1,129 properties, located in 46 states and containing approximately 22.7 million square feet of gross leasable area.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
