California State Teachers Retirement System Purchases 35,124 Shares of Agree Realty Corporation $ADC

Key Points

• California State Teachers Retirement System increased its Agree Realty stake by 33.4%, purchasing 35,124 additional shares in the first quarter and bringing its holdings to 140,189 shares worth approximately $10.6 million.
• Institutional investors own 97.83% of Agree Realty, while company insiders purchased 19,045 shares worth roughly $1.4 million over the past three months, including purchases by the CEO and chairman.
• Agree Realty reported quarterly revenue of $216.3 million, up 16.8% year over year, but earnings per share of $0.44 missed estimates. The REIT declared a monthly dividend of $0.267 per share, representing an annualized yield of about 4.2%, and analysts maintain a “Moderate Buy” consensus rating.

California State Teachers Retirement System grew its position in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 33.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 140,189 shares of the real estate investment trust's stock after buying an additional 35,124 shares during the quarter. California State Teachers Retirement System owned approximately 0.12% of Agree Realty worth $10,567,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of ADC. Principal Financial Group Inc. raised its stake in shares of Agree Realty by 80.8% in the fourth quarter. Principal Financial Group Inc. now owns 4,293,556 shares of the real estate investment trust's stock valued at $309,266,000 after acquiring an additional 1,918,427 shares during the last quarter. Norges Bank acquired a new position in shares of Agree Realty in the 4th quarter worth approximately $116,114,000. Engineers Gate Manager LP grew its position in Agree Realty by 3,043.2% during the 4th quarter. Engineers Gate Manager LP now owns 1,182,229 shares of the real estate investment trust's stock worth $85,156,000 after acquiring an additional 1,144,617 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in Agree Realty by 41.0% during the 4th quarter. JPMorgan Chase & Co. now owns 2,843,441 shares of the real estate investment trust's stock valued at $204,813,000 after purchasing an additional 826,719 shares in the last quarter. Finally, Rush Island Management LP acquired a new stake in Agree Realty during the 1st quarter valued at $51,065,000. Institutional investors and hedge funds own 97.83% of the company's stock.

Insider Buying and Selling

In related news, CEO Joey Agree acquired 13,295 shares of the company's stock in a transaction that occurred on Thursday, May 14th. The stock was acquired at an average price of $75.41 per share, for a total transaction of $1,002,575.95. Following the completion of the acquisition, the chief executive officer owned 675,105 shares of the company's stock, valued at $50,909,668.05. This trade represents a 2.01% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Richard Agree acquired 5,000 shares of the company's stock in a transaction that occurred on Thursday, June 4th. The stock was bought at an average price of $71.41 per share, with a total value of $357,050.00. Following the acquisition, the chairman directly owned 90,512 shares of the company's stock, valued at $6,463,461.92. The trade was a 5.85% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased a total of 19,045 shares of company stock valued at $1,415,943 over the last three months. Company insiders own 1.80% of the company's stock.

Agree Realty Stock Performance

Shares of NYSE:ADC opened at $77.05 on Tuesday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.60. Agree Realty Corporation has a 1-year low of $69.56 and a 1-year high of $82.08. The stock has a market capitalization of $9.25 billion, a P/E ratio of 41.43, a P/E/G ratio of 2.59 and a beta of 0.47. The business has a 50-day moving average price of $76.55 and a two-hundred day moving average price of $76.55.

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

Agree Realty Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be given a $0.267 dividend. This represents a c) annualized dividend and a dividend yield of 4.2%. The ex-dividend date is Friday, July 31st. Agree Realty's dividend payout ratio (DPR) is currently 172.04%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on ADC. Robert W. Baird set a $83.00 price objective on Agree Realty in a research report on Friday. Royal Bank Of Canada raised their target price on Agree Realty from $81.00 to $82.00 and gave the company an "outperform" rating in a research note on Wednesday, April 22nd. BMO Capital Markets cut Agree Realty from an "outperform" rating to a "market perform" rating and set a $86.00 price target for the company. in a report on Friday, April 17th. Mizuho cut their price target on Agree Realty from $86.00 to $80.00 and set a "neutral" rating for the company in a report on Wednesday, May 13th. Finally, Jefferies Financial Group initiated coverage on shares of Agree Realty in a research report on Monday, June 1st. They set a "buy" rating and a $84.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $83.94.

Agree Realty Company Profile

Agree Realty Corporation NYSE: ADC is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty's primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.

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