California State Teachers Retirement System Has $804.15 Million Stake in Agree Realty Corporation $ADC

Key Points

• CalSTRS dramatically increased its Agree Realty stake by 7,473.6% in the second quarter, acquiring 10.48 million additional shares. It now owns 10.62 million shares, worth approximately $804.2 million, or 8.54% of the REIT.
• Agree Realty recently reported quarterly revenue of $216.33 million, up 16.8% year over year, but earnings per share of $0.44 fell short of the $0.48 consensus estimate. The company also declared a monthly dividend of $0.267 per share, representing an indicated 4.5% yield.
• Analyst sentiment remains positive, with the stock receiving a consensus “Moderate Buy” rating and an average price target of $83.94, compared with its reported opening price of $71.26.

California State Teachers Retirement System raised its holdings in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 7,473.6% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,617,309 shares of the real estate investment trust's stock after acquiring an additional 10,477,120 shares during the quarter. California State Teachers Retirement System owned approximately 8.54% of Agree Realty worth $804,155,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Pasadena Private Wealth LLC bought a new position in shares of Agree Realty in the fourth quarter valued at about $1,349,000. Sumitomo Mitsui Trust Group Inc. grew its stake in Agree Realty by 7.5% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 781,592 shares of the real estate investment trust's stock valued at $58,916,000 after buying an additional 54,478 shares during the last quarter. Vision Capital Corp acquired a new position in Agree Realty in the 4th quarter valued at about $3,920,000. Lasalle Investment Management Securities LLC raised its holdings in Agree Realty by 6.2% in the 4th quarter. Lasalle Investment Management Securities LLC now owns 674,524 shares of the real estate investment trust's stock valued at $48,586,000 after acquiring an additional 39,119 shares during the period. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in Agree Realty by 6,172.3% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 100,607 shares of the real estate investment trust's stock valued at $6,926,000 after acquiring an additional 99,003 shares during the period. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Agree Realty news, Director John Rakolta, Jr. purchased 20,000 shares of the company's stock in a transaction that occurred on Thursday, August 27th. The shares were acquired at an average cost of $73.23 per share, for a total transaction of $1,464,600.00. Following the completion of the acquisition, the director owned 622,061 shares of the company's stock, valued at $45,553,527.03. The trade was a 3.32% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.80% of the company's stock.

Agree Realty Stock Up 0.0%

Shares of NYSE:ADC opened at $71.26 on Monday. Agree Realty Corporation has a 1 year low of $69.56 and a 1 year high of $82.08. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.82 and a quick ratio of 0.82. The business's 50-day moving average is $76.05 and its 200-day moving average is $76.41. The company has a market capitalization of $8.86 billion, a price-to-earnings ratio of 38.31, a P/E/G ratio of 2.33 and a beta of 0.46.

Agree Realty (NYSE:ADC - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The real estate investment trust reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.48 by ($0.04). Agree Realty had a net margin of 28.84% and a return on equity of 3.90%. The company had revenue of $216.33 million for the quarter, compared to analyst estimates of $204.53 million. During the same quarter in the prior year, the company posted $1.06 EPS. Agree Realty's revenue for the quarter was up 16.8% on a year-over-year basis. Agree Realty has set its FY 2026 guidance at 4.570-4.590 EPS. Equities research analysts predict that Agree Realty Corporation will post 4.45 earnings per share for the current year.

Agree Realty Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, October 14th. Shareholders of record on Wednesday, September 30th will be given a $0.267 dividend. This represents a c) dividend on an annualized basis and a yield of 4.5%. The ex-dividend date of this dividend is Wednesday, September 30th. Agree Realty's dividend payout ratio is presently 172.04%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Huntington initiated coverage on shares of Agree Realty in a research note on Wednesday, July 15th. They issued an "outperform" rating and a $84.00 price target on the stock. Jefferies Financial Group started coverage on shares of Agree Realty in a report on Monday, June 1st. They issued a "buy" rating and a $84.00 price objective for the company. Barclays increased their target price on shares of Agree Realty from $84.00 to $85.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 22nd. Weiss Ratings raised shares of Agree Realty from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday, August 25th. Finally, Robert W. Baird set a $83.00 price target on shares of Agree Realty in a research report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $83.94.

Agree Realty Company Profile

Agree Realty Corporation NYSE: ADC is a real estate investment trust that owns, develops, acquires and manages retail properties. The company primarily invests in freestanding, net-leased properties occupied by nationally recognized and regionally established retailers.

Under a net lease, tenants generally pay expenses such as property taxes, insurance and maintenance in addition to rent. Agree Realty's portfolio is focused largely on essential retail locations, including stores serving everyday consumer needs.

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