Agree Realty Co. (NYSE:ADC) Shares Purchased by California Public Employees Retirement System

California Public Employees Retirement System boosted its position in shares of Agree Realty Co. (NYSE:ADC) by 3.3% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 483,836 shares of the real estate investment trust’s stock after buying an additional 15,279 shares during the quarter. California Public Employees Retirement System’s holdings in Agree Realty were worth $34,086,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Raymond James Financial Inc. acquired a new stake in shares of Agree Realty during the 4th quarter valued at about $101,382,000. JPMorgan Chase & Co. grew its holdings in Agree Realty by 37.3% in 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 during the period. Norges Bank purchased a new stake in shares of Agree Realty in the fourth quarter valued at approximately $48,862,000. Two Sigma Advisers LP raised its stake in shares of Agree Realty by 92.6% during the 3rd quarter. Two Sigma Advisers LP now owns 714,387 shares of the real estate investment trust’s stock worth $53,815,000 after buying an additional 343,400 shares during the period. Finally, Vanguard Group Inc. lifted its position in shares of Agree Realty by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 14,549,952 shares of the real estate investment trust’s stock valued at $1,025,044,000 after buying an additional 219,806 shares in the last quarter. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Wall Street Analysts Forecast Growth

ADC has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft started coverage on shares of Agree Realty in a report on Wednesday, December 11th. They issued a “buy” rating and a $88.00 price target for the company. StockNews.com upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a research report on Sunday, February 16th. UBS Group upgraded Agree Realty from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $79.00 to $84.00 in a research note on Monday, January 6th. Stifel Nicolaus decreased their target price on Agree Realty from $81.50 to $81.00 and set a “buy” rating on the stock in a research report on Tuesday, January 7th. Finally, Royal Bank of Canada dropped their price target on Agree Realty from $79.00 to $78.00 and set an “outperform” rating for the company in a research report on Thursday, February 13th. Five investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Agree Realty has an average rating of “Moderate Buy” and an average price target of $79.85.

Agree Realty Price Performance

Agree Realty stock opened at $76.54 on Thursday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52. The stock has a market cap of $8.22 billion, a P/E ratio of 43.00, a PEG ratio of 2.88 and a beta of 0.64. The company has a 50-day moving average price of $74.06 and a 200 day moving average price of $73.93. Agree Realty Co. has a 12-month low of $54.78 and a 12-month high of $78.39.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 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%. Sell-side analysts anticipate that Agree Realty Co. will post 4.27 earnings per share for the current year.

Agree Realty Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Monday, April 14th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.253 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.97%. The ex-dividend date of this dividend is Monday, March 31st. Agree Realty’s dividend payout ratio is presently 170.22%.

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.