Employees Retirement System of Texas Acquires 45,450 Shares of Agree Realty Co. (NYSE:ADC)

Employees Retirement System of Texas lifted its holdings in shares of Agree Realty Co. (NYSE:ADC - Free Report) by 177.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 71,000 shares of the real estate investment trust's stock after acquiring an additional 45,450 shares during the quarter. Employees Retirement System of Texas owned 0.07% of Agree Realty worth $5,002,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Bernard Wealth Management Corp. acquired a new position in Agree Realty in the fourth quarter worth $31,000. GF Fund Management CO. LTD. acquired a new stake in shares of Agree Realty during the 4th quarter worth approximately $129,000. Parr Mcknight Wealth Management Group LLC bought a new stake in shares of Agree Realty in the 4th quarter worth approximately $1,076,000. Public Employees Retirement System of Ohio acquired a new position in Agree Realty during the 4th quarter valued at approximately $15,227,000. Finally, PharVision Advisers LLC acquired a new position in Agree Realty during the 4th quarter valued at approximately $220,000. Institutional investors own 97.83% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. UBS Group reduced their price objective on Agree Realty from $86.00 to $84.00 and set a "buy" rating for the company in a research report on Tuesday, May 13th. JMP Securities reissued a "market perform" rating on shares of Agree Realty in a research note on Friday, May 16th. Wall Street Zen raised shares of Agree Realty from a "sell" rating to a "hold" rating in a research note on Friday. Robert W. Baird increased their price objective on shares of Agree Realty from $76.00 to $80.00 and gave the company an "outperform" rating in a report on Friday, April 25th. Finally, Stifel Nicolaus raised their price objective on shares of Agree Realty from $81.00 to $82.50 and gave the company a "buy" rating in a research note on Wednesday, April 23rd. Six analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Agree Realty presently has a consensus rating of "Moderate Buy" and an average price target of $81.19.

Agree Realty Price Performance

Shares of NYSE:ADC traded up $1.01 on Friday, reaching $75.41. 1,401,657 shares of the company traded hands, compared to its average volume of 1,059,909. The company's 50 day moving average is $75.52 and its 200-day moving average is $74.12. The stock has a market capitalization of $8.30 billion, a PE ratio of 42.37, a P/E/G ratio of 2.88 and a beta of 0.57. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78. Agree Realty Co. has a fifty-two week low of $59.66 and a fifty-two week high of $79.65.

Agree Realty (NYSE:ADC - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 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 analysts' expectations of $167.77 million. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. During the same quarter last year, the firm posted $0.43 earnings per share. As a group, analysts anticipate that Agree Realty Co. will post 4.27 earnings per share for the current fiscal year.

Agree Realty Increases Dividend

The company also recently disclosed a monthly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 30th will be issued a dividend of $0.256 per share. This represents a $3.07 annualized dividend and a dividend yield of 4.07%. This is a positive change from Agree Realty's previous monthly dividend of $0.25. The ex-dividend date of this dividend is Friday, May 30th. Agree Realty's dividend payout ratio (DPR) 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.