Retirement Systems of Alabama Decreases Stock Position in Agree Realty Co. (NYSE:ADC)

Retirement Systems of Alabama decreased its holdings in shares of Agree Realty Co. (NYSE:ADC) by 1.6% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 121,960 shares of the real estate investment trust’s stock after selling 1,953 shares during the period. Retirement Systems of Alabama owned approximately 0.12% of Agree Realty worth $9,187,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. FMR LLC boosted its stake in Agree Realty by 729.3% in the 3rd quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust’s stock worth $168,648,000 after purchasing an additional 1,968,811 shares in the last quarter. Pathway Financial Advisers LLC lifted its stake in shares of Agree Realty by 9,118.1% during the third quarter. Pathway Financial Advisers LLC now owns 1,227,756 shares of the real estate investment trust’s stock worth $92,487,000 after buying an additional 1,214,437 shares during the period. Daiwa Securities Group Inc. grew its holdings in shares of Agree Realty by 55.9% during the second quarter. Daiwa Securities Group Inc. now owns 1,815,511 shares of the real estate investment trust’s stock valued at $112,453,000 after buying an additional 650,921 shares during the last quarter. Lighthouse Investment Partners LLC acquired a new position in shares of Agree Realty in the 2nd quarter valued at $25,086,000. Finally, Two Sigma Advisers LP raised its stake in Agree Realty by 92.6% in 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 acquiring an additional 343,400 shares during the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on ADC shares. Evercore ISI began coverage on Agree Realty in a research note on Thursday, December 12th. They set an “outperform” rating and a $82.00 price target on the stock. UBS Group upped their target price on Agree Realty from $77.00 to $79.00 and gave the company a “neutral” rating in a research report on Thursday, November 14th. Mizuho raised their price target on shares of Agree Realty from $75.00 to $80.00 and gave the stock a “neutral” rating in a research report on Thursday, November 14th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Agree Realty in a research note on Wednesday, December 11th. They set a “buy” rating and a $88.00 price objective for the company. Finally, Wells Fargo & Company cut their price objective on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. Three research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $78.18.

Agree Realty Stock Down 0.8 %

ADC stock opened at $74.05 on Tuesday. Agree Realty Co. has a one year low of $54.28 and a one year high of $78.39. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66. The firm’s fifty day moving average is $75.23 and its 200 day moving average is $70.92. The firm has a market cap of $7.67 billion, a PE ratio of 40.91, a P/E/G ratio of 3.66 and a beta of 0.62.

Agree Realty (NYSE:ADC) last posted its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The business had revenue of $154.33 million for the quarter, compared to analyst estimates of $152.83 million. During the same quarter last year, the business earned $1.00 earnings per share. Agree Realty’s revenue was up 12.8% on a year-over-year basis. On average, research analysts forecast that Agree Realty Co. will post 4.12 EPS for the current year.

Agree Realty Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.10%. The ex-dividend date is Tuesday, December 31st. Agree Realty’s dividend payout ratio (DPR) is presently 167.40%.

Agree Realty 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.