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

Public Employees Retirement System of Ohio bought a new stake in shares of Agree Realty Co. (NYSE:ADC - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 216,145 shares of the real estate investment trust's stock, valued at approximately $15,227,000. Public Employees Retirement System of Ohio owned 0.20% of Agree Realty as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in ADC. Cohen & Steers Inc. lifted its holdings in shares of Agree Realty by 43.0% in the 4th quarter. Cohen & Steers Inc. now owns 9,767,632 shares of the real estate investment trust's stock worth $688,108,000 after purchasing an additional 2,937,147 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Agree Realty during the 4th quarter valued at $101,382,000. Millennium Management LLC grew its holdings in Agree Realty by 1,036.9% during the 4th quarter. Millennium Management LLC now owns 1,171,297 shares of the real estate investment trust's stock valued at $82,518,000 after buying an additional 1,068,271 shares in the last quarter. Invesco Ltd. grew its holdings in Agree Realty by 85.6% during the 4th quarter. Invesco Ltd. now owns 2,212,852 shares of the real estate investment trust's stock valued at $155,895,000 after buying an additional 1,020,512 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in Agree Realty by 37.3% during the 3rd 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 in the last quarter. Institutional investors and hedge funds own 97.83% of the company's stock.

Agree Realty Stock Performance

ADC stock traded down $0.40 during trading on Wednesday, reaching $75.35. The stock had a trading volume of 1,007,868 shares, compared to its average volume of 1,054,167. The stock's 50 day moving average is $75.54 and its two-hundred day moving average is $74.14. 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 Co. has a 52 week low of $58.52 and a 52 week high of $79.65. The firm has a market cap of $8.29 billion, a PE ratio of 42.33, a PEG ratio of 2.88 and a beta of 0.57.

Agree Realty (NYSE:ADC - Get Free Report) last released its quarterly earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share for the quarter, beating 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 business posted $0.43 EPS. As a group, equities analysts anticipate that Agree Realty Co. will post 4.27 earnings per share for the current year.

Agree Realty Increases Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, June 13th. Stockholders of record on Friday, May 30th will be given a $0.256 dividend. This represents a $3.07 annualized dividend and a dividend yield of 4.08%. This is a positive change from Agree Realty's previous monthly dividend of $0.25. The ex-dividend date is Friday, May 30th. Agree Realty's payout ratio is presently 173.45%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. JMP Securities reiterated a "market perform" rating on shares of Agree Realty in a research report on Friday, May 16th. Robert W. Baird lifted their price target on Agree Realty from $76.00 to $80.00 and gave the company an "outperform" rating in a research report on Friday, April 25th. Wells Fargo & Company lifted their price target on Agree Realty from $78.00 to $81.00 and gave the company an "overweight" rating in a research report on Monday, March 10th. Evercore ISI lifted their price target on Agree Realty from $82.00 to $83.00 and gave the company an "outperform" rating in a research report on Thursday, April 24th. Finally, Stifel Nicolaus lifted their price target on Agree Realty from $81.00 to $82.50 and gave the company a "buy" rating in a research report on Wednesday, April 23rd. Six research 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 stock. According to MarketBeat.com, Agree Realty currently has a consensus rating of "Moderate Buy" and a consensus price target of $81.19.

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.