Louisiana State Employees Retirement System Has $1.76 Million Stock Position in Agree Realty Co. (NYSE:ADC)

Louisiana State Employees Retirement System trimmed its holdings in Agree Realty Co. (NYSE:ADC) by 1.7% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 28,400 shares of the real estate investment trust’s stock after selling 500 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Agree Realty were worth $1,759,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of ADC. Lindbrook Capital LLC grew its holdings in shares of Agree Realty by 267.1% during the 4th quarter. Lindbrook Capital LLC now owns 591 shares of the real estate investment trust’s stock worth $37,000 after purchasing an additional 430 shares in the last quarter. Massmutual Trust Co. FSB ADV boosted its stake in Agree Realty by 248.3% during the second quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock worth $38,000 after buying an additional 442 shares in the last quarter. UMB Bank n.a. increased its holdings in Agree Realty by 247.3% in the 1st quarter. UMB Bank n.a. now owns 719 shares of the real estate investment trust’s stock valued at $41,000 after buying an additional 512 shares during the period. GAMMA Investing LLC acquired a new position in shares of Agree Realty in the 4th quarter valued at $44,000. Finally, Parallel Advisors LLC lifted its holdings in shares of Agree Realty by 35.9% during the 4th quarter. Parallel Advisors LLC now owns 1,129 shares of the real estate investment trust’s stock worth $71,000 after acquiring an additional 298 shares during the period. 97.83% of the stock is owned by institutional investors and hedge funds.

Agree Realty Stock Performance

Shares of Agree Realty stock opened at $72.90 on Friday. Agree Realty Co. has a 52 week low of $52.69 and a 52 week high of $73.27. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.79 and a current ratio of 0.79. The stock has a market capitalization of $7.34 billion, a price-to-earnings ratio of 42.88, a PEG ratio of 2.80 and a beta of 0.58. The firm has a fifty day moving average of $66.73 and a two-hundred day moving average of $61.00.

Agree Realty (NYSE:ADC) last released its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.51). Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The company had revenue of $152.58 million during the quarter, compared to the consensus estimate of $150.35 million. During the same quarter in the prior year, the company posted $0.98 EPS. The company’s revenue for the quarter was up 17.5% compared to the same quarter last year. As a group, equities research analysts predict that Agree Realty Co. will post 4.11 EPS for the current year.

Agree Realty Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Monday, September 16th. Investors of record on Friday, August 30th will be paid a dividend of $0.25 per share. This represents a $3.00 annualized dividend and a yield of 4.12%. The ex-dividend date is Friday, August 30th. Agree Realty’s payout ratio is 176.47%.

Analysts Set New Price Targets

A number of analysts recently weighed in on ADC shares. Truist Financial upped their target price on shares of Agree Realty from $68.00 to $77.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Stifel Nicolaus upped their price objective on Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Mizuho raised their target price on Agree Realty from $60.00 to $62.00 and gave the stock a “neutral” rating in a research report on Friday, May 10th. KeyCorp started coverage on Agree Realty in a research report on Wednesday, June 12th. They issued an “overweight” rating and a $68.00 price target on the stock. Finally, UBS Group lifted their price objective on Agree Realty from $60.00 to $67.00 and gave the company a “neutral” rating in a report on Thursday, July 18th. Five research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $69.27.

Agree Realty Company 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.