Teachers Retirement System of The State of Kentucky Sells 1,500 Shares of Agree Realty Co. (NYSE:ADC)

Teachers Retirement System of The State of Kentucky lessened its holdings in Agree Realty Co. (NYSE:ADC) by 4.8% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 29,551 shares of the real estate investment trust’s stock after selling 1,500 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Agree Realty were worth $1,860,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Heitman Real Estate Securities LLC raised its position in Agree Realty by 7.4% in the fourth quarter. Heitman Real Estate Securities LLC now owns 823,954 shares of the real estate investment trust’s stock worth $51,868,000 after purchasing an additional 56,692 shares in the last quarter. Brevan Howard Capital Management LP raised its position in Agree Realty by 131.0% in the fourth quarter. Brevan Howard Capital Management LP now owns 21,424 shares of the real estate investment trust’s stock worth $1,349,000 after purchasing an additional 12,150 shares in the last quarter. Cohen & Steers Inc. raised its position in Agree Realty by 2.9% in the fourth quarter. Cohen & Steers Inc. now owns 1,157,713 shares of the real estate investment trust’s stock worth $72,878,000 after purchasing an additional 32,169 shares in the last quarter. Land & Buildings Investment Management LLC acquired a new position in Agree Realty in the fourth quarter worth about $25,475,000. Finally, Frontier Capital Management Co. LLC raised its position in Agree Realty by 8.9% in the fourth quarter. Frontier Capital Management Co. LLC now owns 624,188 shares of the real estate investment trust’s stock worth $39,293,000 after purchasing an additional 51,069 shares in the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Insider Buying and Selling at Agree Realty

In other Agree Realty news, Director Greg Lehmkuhl acquired 1,000 shares of Agree Realty stock in a transaction on Thursday, May 23rd. The shares were purchased at an average cost of $58.99 per share, with a total value of $58,990.00. Following the completion of the purchase, the director now owns 23,036 shares in the company, valued at $1,358,893.64. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 1.80% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ADC. Mizuho increased their price target on shares of Agree Realty from $60.00 to $62.00 and gave the stock a “neutral” rating in a research report on Friday, May 10th. Truist Financial dropped their price objective on shares of Agree Realty from $70.00 to $68.00 and set a “buy” rating for the company in a report on Tuesday, February 27th. UBS Group started coverage on shares of Agree Realty in a report on Friday, May 31st. They set a “neutral” rating and a $60.00 price objective for the company. StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a report on Tuesday, June 11th. Finally, KeyCorp started coverage on shares of Agree Realty in a report on Wednesday, June 12th. They set an “overweight” rating and a $68.00 price objective for the company. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $65.50.

Agree Realty Stock Performance

Shares of Agree Realty stock opened at $61.47 on Friday. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.71 and a quick ratio of 0.71. The firm has a market cap of $6.19 billion, a P/E ratio of 36.16, a P/E/G ratio of 2.43 and a beta of 0.56. The firm has a 50 day simple moving average of $59.38 and a 200 day simple moving average of $59.16. Agree Realty Co. has a fifty-two week low of $52.69 and a fifty-two week high of $69.26.

Agree Realty Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be issued a $0.25 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.88%. The ex-dividend date of this dividend is Friday, June 28th. Agree Realty’s dividend payout ratio is currently 176.47%.

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.