State of Alaska Department of Revenue Acquires 4,390 Shares of Agree Realty Co. (NYSE:ADC)

State of Alaska Department of Revenue increased its holdings in shares of Agree Realty Co. (NYSE:ADC - Free Report) by 7.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 63,324 shares of the real estate investment trust's stock after acquiring an additional 4,390 shares during the quarter. State of Alaska Department of Revenue owned approximately 0.06% of Agree Realty worth $4,459,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Vanderbilt University lifted its holdings in Agree Realty by 52.8% during the fourth quarter. Vanderbilt University now owns 25,879 shares of the real estate investment trust's stock worth $1,823,000 after acquiring an additional 8,946 shares during the period. Retirement Systems of Alabama raised its stake in shares of Agree Realty by 3.0% in the fourth quarter. Retirement Systems of Alabama now owns 125,603 shares of the real estate investment trust's stock valued at $8,849,000 after buying an additional 3,643 shares during the period. Longboard Asset Management LP bought a new stake in shares of Agree Realty in the fourth quarter valued at $211,000. abrdn plc raised its stake in shares of Agree Realty by 33.7% in the fourth quarter. abrdn plc now owns 27,497 shares of the real estate investment trust's stock valued at $1,922,000 after buying an additional 6,924 shares during the period. Finally, Trust Point Inc. raised its stake in shares of Agree Realty by 10.4% in the fourth quarter. Trust Point Inc. now owns 12,011 shares of the real estate investment trust's stock valued at $846,000 after buying an additional 1,127 shares during the period. 97.83% of the stock is currently owned by institutional investors.

Agree Realty Price Performance

ADC stock traded down $1.33 during mid-day trading on Wednesday, hitting $71.27. 1,230,403 shares of the stock were exchanged, compared to its average volume of 868,789. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66. The business has a fifty day moving average price of $71.85 and a 200 day moving average price of $73.46. Agree Realty Co. has a 12 month low of $54.28 and a 12 month high of $78.39. The stock has a market capitalization of $7.38 billion, a price-to-earnings ratio of 39.38, a PEG ratio of 2.87 and a beta of 0.65.

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

Agree Realty Announces Dividend

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

Analysts Set New Price Targets

Several brokerages have issued reports on ADC. Evercore ISI began coverage on Agree Realty in a research note on Thursday, December 12th. They issued an "outperform" rating and a $82.00 target price on the stock. Wells Fargo & Company lowered their target price on Agree Realty from $80.00 to $79.00 and set an "overweight" rating on the stock in a research note on Monday, November 4th. Barclays lowered their target price on Agree Realty from $76.00 to $74.00 and set an "underweight" rating on the stock in a research note on Tuesday, February 4th. Mizuho reduced their price target on Agree Realty from $80.00 to $74.00 and set a "neutral" rating for the company in a research report on Wednesday, January 8th. Finally, UBS Group upgraded Agree Realty from a "neutral" rating to a "buy" rating and lifted their price target for the company from $79.00 to $84.00 in a research report on Monday, January 6th. 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 issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $78.93.

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.