California Public Employees Retirement System Purchases 15,279 Shares of Agree Realty Co. (NYSE:ADC)

California Public Employees Retirement System lifted its position in Agree Realty Co. (NYSE:ADC) by 3.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 483,836 shares of the real estate investment trust’s stock after acquiring an additional 15,279 shares during the quarter. California Public Employees Retirement System owned 0.47% of Agree Realty worth $34,086,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Versant Capital Management Inc raised its holdings in shares of Agree Realty by 230.7% in the 4th quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust’s stock valued at $30,000 after purchasing an additional 293 shares in the last quarter. Financial Life Planners bought a new position in Agree Realty in the fourth quarter worth approximately $44,000. MassMutual Private Wealth & Trust FSB lifted its holdings in Agree Realty by 34.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust’s stock worth $63,000 after buying an additional 230 shares during the period. Wilmington Savings Fund Society FSB bought a new stake in Agree Realty during the 3rd quarter valued at $77,000. Finally, UMB Bank n.a. increased 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 acquiring an additional 168 shares during the period. 97.83% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently weighed in on ADC. Citizens Jmp downgraded Agree Realty from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 17th. StockNews.com upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a report on Sunday, February 16th. Mizuho reduced their price objective 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. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Agree Realty in a research note on Wednesday, December 11th. They issued a “buy” rating and a $88.00 target price for the company. Finally, Royal Bank of Canada reduced their price target on Agree Realty from $79.00 to $78.00 and set an “outperform” rating on the stock in a research report on Thursday, February 13th. Five research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Agree Realty has a consensus rating of “Moderate Buy” and a consensus price target of $79.85.

Agree Realty Price Performance

Shares of NYSE:ADC opened at $76.54 on Thursday. Agree Realty Co. has a twelve month low of $54.78 and a twelve month high of $78.39. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52. The company has a market cap of $8.22 billion, a PE ratio of 43.00, a price-to-earnings-growth ratio of 2.88 and a beta of 0.64. The company’s 50 day moving average is $74.06 and its 200 day moving average is $73.93.

Agree Realty (NYSE:ADC) last released its quarterly earnings data on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.61. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. On average, sell-side analysts forecast that Agree Realty Co. will post 4.27 EPS for the current year.

Agree Realty Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Monday, April 14th. Stockholders of record on Monday, March 31st will be issued a $0.253 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $3.04 annualized dividend and a dividend yield of 3.97%. Agree Realty’s dividend payout ratio (DPR) is presently 170.22%.

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.