Retirement Systems of Alabama Acquires 4,666 Shares of Agree Realty Corporation (NYSE:ADC)

Retirement Systems of Alabama boosted its holdings in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 3.7% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 130,269 shares of the real estate investment trust's stock after acquiring an additional 4,666 shares during the quarter. Retirement Systems of Alabama owned approximately 0.12% of Agree Realty worth $10,055,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in ADC. Principal Securities Inc. raised its holdings in shares of Agree Realty by 26.2% during the 4th quarter. Principal Securities Inc. now owns 1,142 shares of the real estate investment trust's stock valued at $80,000 after purchasing an additional 237 shares in the last quarter. CIBC Asset Management Inc increased its position in Agree Realty by 5.2% during the fourth quarter. CIBC Asset Management Inc now owns 3,122 shares of the real estate investment trust's stock worth $220,000 after buying an additional 153 shares during the last quarter. Truist Financial Corp raised its holdings in Agree Realty by 0.8% during the fourth quarter. Truist Financial Corp now owns 51,464 shares of the real estate investment trust's stock valued at $3,626,000 after buying an additional 387 shares in the last quarter. Venturi Wealth Management LLC bought a new position in Agree Realty during the fourth quarter valued at about $157,000. Finally, Private Advisor Group LLC lifted its position in shares of Agree Realty by 3.6% in the fourth quarter. Private Advisor Group LLC now owns 4,909 shares of the real estate investment trust's stock worth $346,000 after buying an additional 170 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently weighed in on ADC shares. Wall Street Zen lowered Agree Realty from a "hold" rating to a "sell" rating in a report on Saturday, June 21st. Wells Fargo & Company raised their target price on shares of Agree Realty from $78.00 to $81.00 and gave the company an "overweight" rating in a research note on Monday, March 10th. Stifel Nicolaus boosted their target price on shares of Agree Realty from $81.00 to $82.50 and gave the stock a "buy" rating in a research report on Wednesday, April 23rd. JMP Securities restated a "market perform" rating on shares of Agree Realty in a report on Friday, May 16th. Finally, Robert W. Baird lifted their price objective on Agree Realty from $76.00 to $80.00 and gave the stock an "outperform" rating in a research note on Friday, April 25th. One analyst has rated the stock with a sell rating, five have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $80.96.

Agree Realty Stock Performance

ADC stock traded down $0.30 during trading on Thursday, reaching $73.00. 1,380,345 shares of the stock were exchanged, compared to its average volume of 1,081,390. Agree Realty Corporation has a twelve month low of $60.82 and a twelve month high of $79.65. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $8.03 billion, a P/E ratio of 41.24, a price-to-earnings-growth ratio of 2.33 and a beta of 0.56. The stock has a 50 day simple moving average of $75.31 and a 200-day simple moving average of $73.90.

Agree Realty (NYSE:ADC - Get Free Report) last announced its quarterly earnings data on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.01. The company had revenue of $169.16 million for the quarter, compared to analyst estimates of $167.77 million. Agree Realty had a return on equity of 3.66% and a net margin of 30.05%. During the same quarter last year, the firm earned $0.43 EPS. As a group, sell-side analysts anticipate that Agree Realty Corporation will post 4.27 earnings per share for the current year.

Agree Realty Announces Dividend

The firm also recently declared a jun 25 dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be paid a dividend of $0.256 per share. The ex-dividend date is Monday, June 30th. This represents a yield of 4.1%. Agree Realty's dividend payout ratio is currently 173.45%.

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.