Ontario Teachers Pension Plan Board Makes New $255,000 Investment in Agree Realty Co. (NYSE:ADC)

Ontario Teachers Pension Plan Board acquired a new stake in shares of Agree Realty Co. (NYSE:ADC) during the 3rd quarter, Holdings Channel reports. The fund acquired 3,388 shares of the real estate investment trust’s stock, valued at approximately $255,000.

A number of other large investors also recently modified their holdings of the company. PNC Financial Services Group Inc. increased its stake in Agree Realty by 3.8% in the 3rd quarter. PNC Financial Services Group Inc. now owns 14,914 shares of the real estate investment trust’s stock worth $1,123,000 after buying an additional 549 shares in the last quarter. Phocas Financial Corp. grew its position in shares of Agree Realty by 74.9% during the third quarter. Phocas Financial Corp. now owns 105,721 shares of the real estate investment trust’s stock worth $7,964,000 after purchasing an additional 45,266 shares in the last quarter. Caprock Group LLC bought a new stake in Agree Realty during the 3rd quarter valued at approximately $262,000. Pathstone Holdings LLC lifted its holdings in Agree Realty by 15.9% in the 3rd quarter. Pathstone Holdings LLC now owns 25,833 shares of the real estate investment trust’s stock worth $1,946,000 after purchasing an additional 3,535 shares in the last quarter. Finally, Napa Wealth Management grew its holdings in Agree Realty by 20.8% during the 3rd quarter. Napa Wealth Management now owns 4,253 shares of the real estate investment trust’s stock valued at $320,000 after buying an additional 733 shares in the last quarter. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Down 0.9 %

NYSE:ADC opened at $76.42 on Friday. The stock has a market capitalization of $7.91 billion, a P/E ratio of 42.22, a P/E/G ratio of 3.14 and a beta of 0.61. Agree Realty Co. has a fifty-two week low of $54.28 and a fifty-two week high of $77.58. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66. The company’s 50-day simple moving average is $75.10 and its 200-day simple moving average is $69.01.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The business had revenue of $154.33 million during the quarter, compared to analyst estimates of $152.83 million. During the same period in the previous year, the business earned $1.00 EPS. The firm’s revenue for the quarter was up 12.8% compared to the same quarter last year. On average, equities analysts anticipate that Agree Realty Co. will post 4.12 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be given a $0.253 dividend. This represents a $3.04 annualized dividend and a dividend yield of 3.97%. The ex-dividend date is Friday, November 29th. Agree Realty’s payout ratio is currently 167.96%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ADC. Royal Bank of Canada boosted their target price on shares of Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Robert W. Baird increased their price objective on shares of Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. BTIG Research lifted their target price on Agree Realty from $65.00 to $74.00 and gave the stock a “buy” rating in a report on Monday, August 12th. Raymond James boosted their target price on Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, August 21st. Finally, Truist Financial raised their price target on Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $75.73.

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.