Teacher Retirement System of Texas lifted its position in shares of Agree Realty Co. (NYSE:ADC - Free Report) by 28.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 16,009 shares of the real estate investment trust's stock after acquiring an additional 3,591 shares during the period. Teacher Retirement System of Texas' holdings in Agree Realty were worth $1,128,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also made changes to their positions in the company. JPMorgan Chase & Co. raised its position in Agree Realty by 37.3% during 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 in the last quarter. FMR LLC increased its stake in shares of 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 valued at $168,648,000 after purchasing an additional 1,968,811 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Agree Realty by 1.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,074,760 shares of the real estate investment trust's stock worth $156,327,000 after buying an additional 30,377 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Agree Realty by 3.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,645,652 shares of the real estate investment trust's stock worth $115,936,000 after buying an additional 57,297 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in Agree Realty in the fourth quarter valued at about $101,382,000. Institutional investors and hedge funds own 97.83% of the company's stock.
Agree Realty Trading Down 0.4 %
ADC stock traded down $0.30 during trading on Wednesday, hitting $76.54. The company had a trading volume of 672,170 shares, compared to its average volume of 954,399. The stock has a market cap of $8.22 billion, a PE ratio of 43.00, a PEG ratio of 2.88 and a beta of 0.64. The business has a 50-day moving average of $74.06 and a 200-day moving average of $73.93. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52. Agree Realty Co. has a one year low of $54.78 and a one year high of $78.39.
Agree Realty (NYSE:ADC - Get Free Report) last posted its quarterly earnings data on Tuesday, February 11th. The real estate investment trust reported $1.04 EPS for the quarter, beating analysts' consensus estimates of $0.43 by $0.61. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. Research analysts predict that Agree Realty Co. will post 4.27 earnings per share for the current fiscal year.
Agree Realty Dividend Announcement
The firm also recently declared a monthly dividend, which will be paid on Monday, April 14th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.253 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $3.04 dividend on an annualized basis and a yield of 3.97%. Agree Realty's payout ratio is currently 170.22%.
Wall Street Analyst Weigh In
A number of research firms have recently commented on ADC. Stifel Nicolaus dropped their target price on shares of Agree Realty from $81.50 to $81.00 and set a "buy" rating for the company in a report on Tuesday, January 7th. Barclays raised shares of Agree Realty from an "underweight" rating to an "equal weight" rating and boosted their target price for the stock from $74.00 to $75.00 in a research note on Tuesday, March 4th. Deutsche Bank Aktiengesellschaft assumed coverage on Agree Realty in a research note on Wednesday, December 11th. They issued a "buy" rating and a $88.00 price target for the company. Mizuho reduced their price objective on Agree Realty from $80.00 to $74.00 and set a "neutral" rating on the stock in a research report on Wednesday, January 8th. Finally, Citizens Jmp cut Agree Realty from a "strong-buy" rating to a "hold" rating in a report on Tuesday, December 17th. Five research 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 stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $79.85.
Check Out Our Latest Research Report on ADC
Agree Realty Company Profile
(
Free Report)
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.
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