Agree Realty Co. (NYSE:ADC) Shares Purchased by New York State Common Retirement Fund

New York State Common Retirement Fund boosted its position in shares of Agree Realty Co. (NYSE:ADC - Free Report) by 8.5% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 353,194 shares of the real estate investment trust's stock after acquiring an additional 27,682 shares during the quarter. New York State Common Retirement Fund owned 0.35% of Agree Realty worth $26,606,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. MCF Advisors LLC purchased a new position in Agree Realty in the second quarter valued at $26,000. Massmutual Trust Co. FSB ADV grew its position in shares of Agree Realty by 248.3% during the second quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust's stock worth $38,000 after buying an additional 442 shares in the last quarter. Headlands Technologies LLC increased its stake in shares of Agree Realty by 232.0% during the second quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust's stock worth $71,000 after buying an additional 798 shares during the period. UMB Bank n.a. raised its holdings in Agree Realty by 44.5% in the third quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust's stock valued at $73,000 after acquiring an additional 299 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in Agree Realty by 125.9% in the second quarter. GAMMA Investing LLC now owns 1,403 shares of the real estate investment trust's stock worth $87,000 after acquiring an additional 782 shares during the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on ADC shares. KeyCorp increased their price objective on shares of Agree Realty from $68.00 to $80.00 and gave the company an "overweight" rating in a research report on Friday, October 4th. Royal Bank of Canada lifted their price target on Agree Realty from $79.00 to $80.00 and gave the stock an "outperform" rating in a report on Thursday, October 24th. Truist Financial upped their price objective on Agree Realty from $77.00 to $80.00 and gave the stock a "buy" rating in a research report on Wednesday, October 30th. Wells Fargo & Company decreased their target price on Agree Realty from $80.00 to $79.00 and set an "overweight" rating for the company in a research note on Monday. Finally, Raymond James upped their price target on Agree Realty from $70.00 to $81.00 and gave the company a "strong-buy" rating in a report on Wednesday, August 21st. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $74.19.

Agree Realty Stock Performance

NYSE ADC traded up $0.07 during trading hours on Monday, hitting $74.00. 826,691 shares of the stock were exchanged, compared to its average volume of 967,814. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52. The company has a market cap of $7.66 billion, a price-to-earnings ratio of 40.71, a price-to-earnings-growth ratio of 2.49 and a beta of 0.61. Agree Realty Co. has a 12-month low of $54.28 and a 12-month high of $77.47. The stock has a 50-day moving average of $74.72 and a 200 day moving average of $67.38.

Agree Realty (NYSE:ADC - Get Free Report) last released 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 during the quarter, compared to analyst estimates of $152.83 million. During the same period last year, the business posted $1.00 EPS. Agree Realty's revenue was up 12.8% compared to the same quarter last year. As a group, equities research analysts forecast that Agree Realty Co. will post 4.11 earnings per share for the current year.

Agree Realty Increases Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be paid a dividend of $0.253 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.10%. This is a boost from Agree Realty's previous monthly dividend of $0.25. The ex-dividend date of this dividend is Thursday, October 31st. Agree Realty's dividend payout ratio (DPR) is 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.