New York State Teachers Retirement System Reduces Stock Position in Agree Realty Co. (NYSE:ADC)

New York State Teachers Retirement System reduced its stake in Agree Realty Co. (NYSE:ADC) by 0.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 112,313 shares of the real estate investment trust’s stock after selling 400 shares during the period. New York State Teachers Retirement System owned 0.11% of Agree Realty worth $8,461,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. Golden State Equity Partners raised its stake in Agree Realty by 10.5% in the third quarter. Golden State Equity Partners now owns 7,359 shares of the real estate investment trust’s stock worth $554,000 after buying an additional 698 shares in the last quarter. Pathway Financial Advisers LLC raised its stake in Agree Realty by 22.4% in the third quarter. Pathway Financial Advisers LLC now owns 16,298 shares of the real estate investment trust’s stock worth $1,228,000 after buying an additional 2,979 shares in the last quarter. abrdn plc raised its stake in Agree Realty by 10.8% in the third quarter. abrdn plc now owns 20,573 shares of the real estate investment trust’s stock worth $1,550,000 after buying an additional 2,000 shares in the last quarter. Vanderbilt University raised its stake in Agree Realty by 148.9% in the third quarter. Vanderbilt University now owns 16,933 shares of the real estate investment trust’s stock worth $1,276,000 after buying an additional 10,129 shares in the last quarter. Finally, State of Alaska Department of Revenue raised its stake in Agree Realty by 0.4% in the third quarter. State of Alaska Department of Revenue now owns 58,934 shares of the real estate investment trust’s stock worth $4,438,000 after buying an additional 224 shares in the last quarter. 97.83% of the stock is owned by institutional investors.

Agree Realty Trading Down 0.4 %

Shares of ADC stock opened at $73.93 on Monday. Agree Realty Co. has a 12-month low of $54.28 and a 12-month high of $77.47. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. The firm’s 50 day moving average is $74.72 and its 200 day moving average is $67.38. The stock has a market capitalization of $7.65 billion, a P/E ratio of 40.85, a P/E/G ratio of 2.49 and a beta of 0.61.

Agree Realty (NYSE:ADC) last issued its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.61). Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The company had revenue of $154.33 million during the quarter, compared to analysts’ expectations of $152.83 million. During the same quarter in the prior year, the business posted $1.00 EPS. The company’s revenue for the quarter was up 12.8% compared to the same quarter last year. Research analysts expect that Agree Realty Co. will post 4.11 earnings per share for the current year.

Agree Realty Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be issued a $0.253 dividend. The ex-dividend date is Thursday, October 31st. This represents a $3.04 annualized dividend and a yield of 4.11%. This is a boost from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s dividend payout ratio (DPR) is currently 167.96%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Truist Financial raised their target price on shares of Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. BTIG Research raised their target price on shares of Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a research note on Monday, August 12th. Wells Fargo & Company reaffirmed an “overweight” rating and set a $80.00 target price (up previously from $77.00) on shares of Agree Realty in a research note on Tuesday, October 1st. Raymond James raised their target price on shares of Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research note on Wednesday, August 21st. Finally, Robert W. Baird raised their target price on shares of Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Agree Realty has an average rating of “Moderate Buy” and a consensus target price of $74.27.

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.