Arizona State Retirement System Raises Stock Holdings in Agree Realty Co. (NYSE:ADC)

Arizona State Retirement System grew its holdings in Agree Realty Co. (NYSE:ADC) by 2.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 28,170 shares of the real estate investment trust’s stock after buying an additional 545 shares during the quarter. Arizona State Retirement System’s holdings in Agree Realty were worth $1,745,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Norges Bank purchased a new stake in Agree Realty in the 4th quarter worth $71,409,000. Scout Investments Inc. lifted its stake in Agree Realty by 34.1% in the 4th quarter. Scout Investments Inc. now owns 844,367 shares of the real estate investment trust’s stock valued at $53,153,000 after buying an additional 214,840 shares in the last quarter. Swiss National Bank boosted its holdings in Agree Realty by 4.6% in the 1st quarter. Swiss National Bank now owns 198,382 shares of the real estate investment trust’s stock worth $11,332,000 after buying an additional 8,700 shares during the last quarter. Quadrant Capital Group LLC increased its stake in Agree Realty by 35.7% during the 4th quarter. Quadrant Capital Group LLC now owns 4,079 shares of the real estate investment trust’s stock worth $257,000 after buying an additional 1,074 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of Agree Realty by 1.4% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 886,527 shares of the real estate investment trust’s stock valued at $50,638,000 after acquiring an additional 12,159 shares during the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.

Agree Realty Price Performance

ADC stock opened at $75.96 on Thursday. Agree Realty Co. has a 52-week low of $52.69 and a 52-week high of $77.14. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.54. The stock has a market cap of $7.64 billion, a price-to-earnings ratio of 44.68, a price-to-earnings-growth ratio of 2.51 and a beta of 0.61. The business has a fifty day moving average of $69.74 and a two-hundred day moving average of $62.44.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.51). Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The business had revenue of $152.58 million for the quarter, compared to analyst estimates of $150.35 million. During the same period in the previous year, the business posted $0.98 earnings per share. The firm’s revenue for the quarter was up 17.5% compared to the same quarter last year. As a group, research analysts anticipate that Agree Realty Co. will post 4.12 earnings per share for the current year.

Agree Realty Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Monday, September 16th. Stockholders of record on Friday, August 30th will be issued a $0.25 dividend. The ex-dividend date is Friday, August 30th. This represents a $3.00 annualized dividend and a dividend yield of 3.95%. Agree Realty’s dividend payout ratio is currently 176.47%.

Analyst Ratings Changes

Several analysts recently commented on the company. Raymond James boosted their price target 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. Truist Financial upped their target price on shares of Agree Realty from $68.00 to $77.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Stifel Nicolaus raised their price target on shares of Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. StockNews.com upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a research report on Tuesday, June 11th. Finally, Wells Fargo & Company increased their price objective on shares of Agree Realty from $75.00 to $77.00 and gave the company an “overweight” rating in a report on Monday, August 26th. Five research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $70.42.

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.