216,145 Shares in Agree Realty Co. (NYSE:ADC) Acquired by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio acquired a new stake in Agree Realty Co. (NYSE:ADC - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 216,145 shares of the real estate investment trust's stock, valued at approximately $15,227,000. Public Employees Retirement System of Ohio owned approximately 0.20% of Agree Realty as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Cohen & Steers Inc. boosted its position in shares of Agree Realty by 43.0% during the fourth quarter. Cohen & Steers Inc. now owns 9,767,632 shares of the real estate investment trust's stock valued at $688,108,000 after purchasing an additional 2,937,147 shares in the last quarter. Raymond James Financial Inc. bought a new position in Agree Realty during the fourth quarter valued at approximately $101,382,000. Millennium Management LLC boosted its stake in shares of Agree Realty by 1,036.9% in the 4th quarter. Millennium Management LLC now owns 1,171,297 shares of the real estate investment trust's stock worth $82,518,000 after buying an additional 1,068,271 shares during the last quarter. Invesco Ltd. boosted its position in Agree Realty by 85.6% in the fourth quarter. Invesco Ltd. now owns 2,212,852 shares of the real estate investment trust's stock worth $155,895,000 after purchasing an additional 1,020,512 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in Agree Realty by 37.3% during the third quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust's stock valued at $274,693,000 after buying an additional 990,362 shares during the period. Hedge funds and other institutional investors own 97.83% of the company's stock.

Agree Realty Trading Up 1.0%

NYSE:ADC traded up $0.78 during midday trading on Friday, hitting $74.92. 352,974 shares of the company traded hands, compared to its average volume of 1,055,023. The firm has a market capitalization of $8.24 billion, a P/E ratio of 42.09, a P/E/G ratio of 2.88 and a beta of 0.57. The firm's fifty day moving average is $75.52 and its 200-day moving average is $74.13. Agree Realty Co. has a 12-month low of $59.36 and a 12-month high of $79.65. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52.

Agree Realty (NYSE:ADC - Get Free Report) last posted its quarterly earnings data on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share for the quarter, beating analysts' consensus estimates of $1.05 by $0.01. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. The business had revenue of $169.16 million for the quarter, compared to analysts' expectations of $167.77 million. During the same quarter in the previous year, the business posted $0.43 earnings per share. On average, sell-side analysts predict that Agree Realty Co. will post 4.27 EPS for the current 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 given a $0.256 dividend. This is a positive change from Agree Realty's previous monthly dividend of $0.25. This represents a $3.07 dividend on an annualized basis and a yield of 4.10%. The ex-dividend date of this dividend is Friday, May 30th. Agree Realty's dividend payout ratio is 173.45%.

Analyst Ratings Changes

A number of brokerages have issued reports on ADC. Stifel Nicolaus increased their price objective on shares of Agree Realty from $81.00 to $82.50 and gave the company a "buy" rating in a report on Wednesday, April 23rd. Barclays set a $77.00 price objective on Agree Realty and gave the company an "equal weight" rating in a research report on Wednesday, May 21st. JMP Securities reaffirmed a "market perform" rating on shares of Agree Realty in a report on Friday, May 16th. Wall Street Zen raised Agree Realty from a "sell" rating to a "hold" rating in a research note on Monday, May 19th. Finally, BTIG Research cut Agree Realty from a "buy" rating to a "neutral" rating in a report on Wednesday, May 7th. Six investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $81.19.

Agree Realty Company Profile

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.