Retirement Systems of Alabama Buys 3,643 Shares of Agree Realty Co. (NYSE:ADC)

Retirement Systems of Alabama lifted its holdings in shares of Agree Realty Co. (NYSE:ADC - Free Report) by 3.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 125,603 shares of the real estate investment trust's stock after buying an additional 3,643 shares during the period. Retirement Systems of Alabama owned about 0.12% of Agree Realty worth $8,849,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the business. UMB Bank n.a. raised its holdings in shares of Agree Realty by 17.3% in 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. State of Alaska Department of Revenue raised its holdings in shares of Agree Realty by 0.4% in the 3rd quarter. State of Alaska Department of Revenue now owns 58,934 shares of the real estate investment trust's stock valued at $4,438,000 after purchasing an additional 224 shares during the period. MassMutual Private Wealth & Trust FSB raised its holdings in shares of Agree Realty by 34.4% in 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 during the period. US Bancorp DE raised its holdings in shares of Agree Realty by 1.5% in the 3rd quarter. US Bancorp DE now owns 17,130 shares of the real estate investment trust's stock valued at $1,290,000 after purchasing an additional 252 shares during the period. Finally, Carmel Capital Partners LLC raised its holdings in shares of Agree Realty by 4.0% in the 3rd quarter. Carmel Capital Partners LLC now owns 6,727 shares of the real estate investment trust's stock valued at $507,000 after purchasing an additional 257 shares during the period. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ADC has been the topic of a number of research analyst reports. BTIG Research upped their target price 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. Deutsche Bank Aktiengesellschaft started coverage on shares of Agree Realty in a report on Wednesday, December 11th. They issued a "buy" rating and a $88.00 price target on the stock. JMP Securities cut shares of Agree Realty from an "outperform" rating to a "market perform" rating in a report on Tuesday, December 17th. Barclays lowered their price target on shares of Agree Realty from $76.00 to $74.00 and set an "underweight" rating on the stock in a report on Tuesday, February 4th. Finally, Wells Fargo & Company lowered their price target on shares of Agree Realty from $80.00 to $79.00 and set an "overweight" rating on the stock in a report on Monday, November 4th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Agree Realty currently has a consensus rating of "Moderate Buy" and an average price target of $78.93.

Agree Realty Price Performance

NYSE:ADC traded down $1.33 during mid-day trading on Wednesday, reaching $71.27. The stock had a trading volume of 1,230,403 shares, compared to its average volume of 868,789. The stock has a 50-day simple moving average of $71.85 and a two-hundred day simple moving average of $73.46. The stock has a market capitalization of $7.38 billion, a PE ratio of 39.38, a P/E/G ratio of 2.87 and a beta of 0.65. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66. Agree Realty Co. has a 12 month low of $54.28 and a 12 month high of $78.39.

Agree Realty (NYSE:ADC - Get Free Report) last announced its quarterly earnings data on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.43 by $0.61. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. On average, equities analysts anticipate that Agree Realty Co. will post 4.13 earnings per share for the current year.

Agree Realty Announces Dividend

The company also recently disclosed a feb 25 dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be paid a $0.253 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a yield of 4.2%. Agree Realty's dividend payout ratio (DPR) is 167.96%.

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.