New York State Common Retirement Fund Sells 143,289 Shares of Agree Realty Co. (NYSE:ADC)

New York State Common Retirement Fund cut its stake in Agree Realty Co. (NYSE:ADC - Free Report) by 40.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 209,905 shares of the real estate investment trust's stock after selling 143,289 shares during the period. New York State Common Retirement Fund owned about 0.20% of Agree Realty worth $14,788,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of ADC. Versant Capital Management Inc increased its holdings in shares of Agree Realty by 230.7% during the fourth quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust's stock worth $30,000 after buying an additional 293 shares in the last quarter. Financial Life Planners bought a new stake in Agree Realty during the 4th quarter worth approximately $44,000. MassMutual Private Wealth & Trust FSB increased its holdings in Agree Realty by 34.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust's stock valued at $63,000 after purchasing an additional 230 shares in the last quarter. Arcadia Investment Management Corp MI bought a new position in Agree Realty in the 3rd quarter valued at $75,000. Finally, Wilmington Savings Fund Society FSB acquired a new position in Agree Realty in the third quarter worth $77,000. 97.83% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

ADC has been the subject of a number of research reports. Royal Bank of Canada lowered their target price on Agree Realty from $79.00 to $78.00 and set an "outperform" rating for the company in a research note on Thursday, February 13th. Citizens Jmp cut shares of Agree Realty from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, December 17th. Mizuho dropped their target price on shares of Agree Realty from $80.00 to $74.00 and set a "neutral" rating for the company in a research note on Wednesday, January 8th. UBS Group raised shares of Agree Realty from a "neutral" rating to a "buy" rating and increased their price target for the company from $79.00 to $84.00 in a research note on Monday, January 6th. Finally, BTIG Research raised their price target on shares of Agree Realty from $74.00 to $78.00 and gave the company a "buy" rating in a report on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $79.62.

Agree Realty Trading Up 1.2 %

Shares of NYSE:ADC traded up $0.91 during midday trading on Thursday, hitting $73.66. The company had a trading volume of 834,568 shares, compared to its average volume of 908,752. 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 12 month low of $54.28 and a 12 month high of $78.39. The firm has a fifty day simple moving average of $71.46 and a 200 day simple moving average of $73.54. The stock has a market cap of $7.90 billion, a price-to-earnings ratio of 41.38, a PEG ratio of 2.88 and a beta of 0.65.

Agree Realty (NYSE:ADC - Get Free Report) last issued its earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share (EPS) for the quarter, topping 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%. On average, analysts predict that Agree Realty Co. will post 4.27 EPS for the current year.

Agree Realty Dividend Announcement

The company also recently announced a feb 25 dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be issued a $0.253 dividend. The ex-dividend date is Friday, February 28th. This represents a yield of 4.2%. Agree Realty's dividend payout ratio (DPR) is presently 170.22%.

About Agree Realty

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.