New York State Common Retirement Fund Lowers Stock Holdings in Agree Realty Corporation (NYSE:ADC)

New York State Common Retirement Fund lowered its stake in Agree Realty Corporation (NYSE:ADC - Free Report) by 48.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 108,326 shares of the real estate investment trust's stock after selling 101,579 shares during the period. New York State Common Retirement Fund owned approximately 0.10% of Agree Realty worth $8,362,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. HighTower Advisors LLC increased its position in Agree Realty by 108.5% during the 4th quarter. HighTower Advisors LLC now owns 26,000 shares of the real estate investment trust's stock worth $1,832,000 after purchasing an additional 13,528 shares during the period. Farther Finance Advisors LLC grew its holdings in Agree Realty by 857.1% during the fourth quarter. Farther Finance Advisors LLC now owns 1,206 shares of the real estate investment trust's stock worth $85,000 after acquiring an additional 1,080 shares during the period. Avantax Advisory Services Inc. lifted its holdings in Agree Realty by 12.1% in the fourth quarter. Avantax Advisory Services Inc. now owns 7,293 shares of the real estate investment trust's stock valued at $514,000 after acquiring an additional 786 shares during the period. Envestnet Portfolio Solutions Inc. lifted its holdings in Agree Realty by 4.6% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 10,747 shares of the real estate investment trust's stock valued at $757,000 after acquiring an additional 477 shares during the period. Finally, Corient Private Wealth LLC boosted its position in shares of Agree Realty by 69.9% during the 4th quarter. Corient Private Wealth LLC now owns 5,551 shares of the real estate investment trust's stock worth $391,000 after purchasing an additional 2,284 shares in the last quarter. Hedge funds and other institutional investors own 97.83% of the company's stock.

Agree Realty Trading Down 0.3%

NYSE ADC opened at $71.60 on Friday. The company's fifty day simple moving average is $73.81 and its 200-day simple moving average is $73.97. The stock has a market cap of $7.88 billion, a P/E ratio of 40.45, a PEG ratio of 2.32 and a beta of 0.54. Agree Realty Corporation has a 52 week low of $65.98 and a 52 week 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.

Agree Realty (NYSE:ADC - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.05 by $0.01. The business had revenue of $169.16 million for the quarter, compared to analyst estimates of $167.77 million. Agree Realty had a net margin of 30.05% and a return on equity of 3.66%. During the same quarter in the prior year, the business posted $0.43 EPS. Equities research analysts predict that Agree Realty Corporation will post 4.27 EPS for the current fiscal year.

Agree Realty Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Thursday, August 14th. Shareholders of record on Thursday, July 31st will be paid a $0.256 dividend. The ex-dividend date is Thursday, July 31st. This represents a $3.07 annualized dividend and a dividend yield of 4.29%. Agree Realty's payout ratio is currently 173.45%.

Wall Street Analysts Forecast Growth

ADC has been the subject of several research reports. BTIG Research downgraded Agree Realty from a "buy" rating to a "neutral" rating in a research note on Wednesday, May 7th. JMP Securities reiterated a "market perform" rating on shares of Agree Realty in a report on Monday, June 30th. Mizuho cut 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. Stifel Nicolaus upped their price objective on Agree Realty from $81.00 to $82.50 and gave the company a "buy" rating in a research report on Wednesday, April 23rd. Finally, Robert W. Baird increased their price objective on Agree Realty from $76.00 to $80.00 and gave the company an "outperform" rating in a research note on Friday, April 25th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $80.25.

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.

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.