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

California Public Employees Retirement System raised its position in shares of Agree Realty Co. (NYSE:ADC - Free Report) by 3.3% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 483,836 shares of the real estate investment trust's stock after purchasing an additional 15,279 shares during the quarter. California Public Employees Retirement System owned 0.47% of Agree Realty worth $34,086,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Versant Capital Management Inc lifted its stake in Agree Realty by 230.7% during the 4th quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust's stock valued at $30,000 after acquiring an additional 293 shares during the period. Financial Life Planners purchased a new stake in Agree Realty in the 4th quarter worth approximately $44,000. MassMutual Private Wealth & Trust FSB increased its stake in shares of Agree Realty by 34.4% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust's stock worth $63,000 after purchasing an additional 230 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in Agree Realty during the third quarter valued at about $77,000. Finally, UMB Bank n.a. raised its stake in Agree Realty by 17.3% during the 4th quarter. UMB Bank n.a. now owns 1,139 shares of the real estate investment trust's stock valued at $80,000 after purchasing an additional 168 shares during the period. 97.83% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Mizuho increased their price objective on shares of Agree Realty from $74.00 to $81.00 and gave the company a "neutral" rating in a report on Thursday. Barclays raised Agree Realty from an "underweight" rating to an "equal weight" rating and upped their target price for the company from $74.00 to $75.00 in a research note on Tuesday, March 4th. StockNews.com raised shares of Agree Realty from a "sell" rating to a "hold" rating in a research note on Sunday, February 16th. Deutsche Bank Aktiengesellschaft assumed coverage on Agree Realty in a report on Wednesday, December 11th. They set a "buy" rating and a $88.00 price objective on the stock. Finally, Evercore ISI assumed coverage on shares of Agree Realty in a report on Thursday, December 12th. They issued an "outperform" rating and a $82.00 price target for the company. Five investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Agree Realty presently has an average rating of "Moderate Buy" and a consensus target price of $80.38.

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Agree Realty Stock Performance

Shares of NYSE:ADC traded down $3.21 during trading on Monday, hitting $71.25. The stock had a trading volume of 1,916,302 shares, compared to its average volume of 968,804. Agree Realty Co. has a 12-month low of $54.78 and a 12-month high of $78.39. The stock has a 50-day simple moving average of $74.15 and a two-hundred day simple moving average of $73.89. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $7.65 billion, a price-to-earnings ratio of 40.03, a price-to-earnings-growth ratio of 2.88 and a beta of 0.55.

Agree Realty (NYSE:ADC - Get Free Report) last announced its quarterly earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.61. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. On average, equities research analysts expect that Agree Realty Co. will post 4.27 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Monday, April 14th. Shareholders of record on Monday, March 31st will be issued a $0.253 dividend. The ex-dividend date is Monday, March 31st. This represents a $3.04 dividend on an annualized basis and a yield of 4.26%. Agree Realty's payout ratio is 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.