Employees Retirement System of Texas Raises Stock Holdings in Agree Realty Co. (NYSE:ADC)

Employees Retirement System of Texas boosted its stake in shares of Agree Realty Co. (NYSE:ADC) by 177.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 71,000 shares of the real estate investment trust’s stock after buying an additional 45,450 shares during the quarter. Employees Retirement System of Texas owned 0.07% of Agree Realty worth $5,002,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in ADC. HighTower Advisors LLC boosted its position in shares of Agree Realty by 24.5% during the 3rd quarter. HighTower Advisors LLC now owns 12,472 shares of the real estate investment trust’s stock worth $957,000 after purchasing an additional 2,453 shares during the period. Quantinno Capital Management LP lifted its stake in Agree Realty by 23.9% during the third quarter. Quantinno Capital Management LP now owns 6,015 shares of the real estate investment trust’s stock worth $453,000 after purchasing an additional 1,160 shares in the last quarter. Jane Street Group LLC boosted its position in shares of Agree Realty by 833.5% during the third quarter. Jane Street Group LLC now owns 100,958 shares of the real estate investment trust’s stock worth $7,605,000 after buying an additional 90,143 shares during the period. EP Wealth Advisors LLC acquired a new stake in shares of Agree Realty in the third quarter valued at $294,000. Finally, XTX Topco Ltd purchased a new stake in shares of Agree Realty in the 3rd quarter valued at $901,000. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Agree Realty Trading Down 4.3 %

NYSE:ADC opened at $71.25 on Tuesday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.78 and a current ratio of 0.78. Agree Realty Co. has a 1 year low of $54.78 and a 1 year high of $78.39. The stock has a market cap of $7.65 billion, a P/E ratio of 40.03, a P/E/G ratio of 2.88 and a beta of 0.55. The stock has a 50-day simple moving average of $74.15 and a 200-day simple moving average of $73.89.

Agree Realty (NYSE:ADC) last announced its quarterly earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.61. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. As a group, analysts anticipate that Agree Realty Co. will post 4.27 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The business 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 dividend of $0.253 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $3.04 annualized dividend and a yield of 4.26%. Agree Realty’s dividend payout ratio is currently 170.22%.

Wall Street Analysts Forecast Growth

ADC has been the subject of a number of research analyst reports. Stifel Nicolaus lowered their target price on Agree Realty from $81.50 to $81.00 and set a “buy” rating for the company in a report on Tuesday, January 7th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Agree Realty in a research note on Wednesday, December 11th. They issued a “buy” rating and a $88.00 price objective for the company. Royal Bank of Canada cut their target price on shares of Agree Realty from $79.00 to $78.00 and set an “outperform” rating on the stock in a research note on Thursday, February 13th. Mizuho raised their price target on shares of Agree Realty from $74.00 to $81.00 and gave the company a “neutral” rating in a research report on Thursday, April 3rd. Finally, Wells Fargo & Company upped their price objective on Agree Realty from $78.00 to $81.00 and gave the stock an “overweight” rating in a research report on Monday, March 10th. Five equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Agree Realty has an average rating of “Moderate Buy” and an average target price of $80.38.

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.