Agree Realty Corporation (NYSE:ADC) Shares Bought by Retirement Systems of Alabama

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

A number of other large investors also recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. increased its stake in shares of Agree Realty by 3.6% during the fourth quarter. Envestnet Asset Management Inc. now owns 301,751 shares of the real estate investment trust's stock worth $21,258,000 after purchasing an additional 10,446 shares in the last quarter. Sage Investment Counsel LLC purchased a new stake in Agree Realty during the 4th quarter worth approximately $329,000. Oppenheimer Asset Management Inc. increased its stake in Agree Realty by 24.6% during the 4th quarter. Oppenheimer Asset Management Inc. now owns 19,129 shares of the real estate investment trust's stock worth $1,348,000 after buying an additional 3,776 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Agree Realty by 664.6% during the fourth quarter. Wellington Management Group LLP now owns 590,845 shares of the real estate investment trust's stock worth $41,625,000 after purchasing an additional 513,571 shares in the last quarter. Finally, Jump Financial LLC increased its position in shares of Agree Realty by 42.1% during the fourth quarter. Jump Financial LLC now owns 79,777 shares of the real estate investment trust's stock worth $5,620,000 after purchasing an additional 23,616 shares in the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Agree Realty Stock Performance

Shares of ADC stock opened at $74.64 on Monday. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.54. The business has a 50 day moving average of $75.59 and a two-hundred day moving average of $73.90. Agree Realty Corporation has a 52 week low of $60.42 and a 52 week high of $79.65. The company has a market cap of $8.21 billion, a P/E ratio of 42.17, a PEG ratio of 2.34 and a beta of 0.56.

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

Agree Realty Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on ADC shares. Truist Financial upped their price target on Agree Realty from $77.00 to $82.00 and gave the company a "buy" rating in a research report on Monday, May 5th. JMP Securities reissued a "market perform" rating on shares of Agree Realty in a research note on Friday, May 16th. Robert W. Baird increased their price objective on Agree Realty from $76.00 to $80.00 and gave the stock an "outperform" rating in a research report on Friday, April 25th. Mizuho lowered their price target on Agree Realty from $81.00 to $78.00 and set a "neutral" rating for the company in a report on Monday, June 16th. Finally, Wells Fargo & Company increased their price target on Agree Realty from $78.00 to $81.00 and gave the stock an "overweight" rating in a report on Monday, March 10th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Agree Realty has a consensus rating of "Moderate Buy" and an average target price of $80.96.

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.

Want to see what other hedge funds are holding ADC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Agree Realty Corporation (NYSE:ADC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.