Teacher Retirement System of Texas Has $1.88 Million Stake in Agree Realty Corporation (NYSE:ADC)

Teacher Retirement System of Texas boosted its position in shares of Agree Realty Corporation (NYSE:ADC - Free Report) by 52.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 24,400 shares of the real estate investment trust's stock after purchasing an additional 8,391 shares during the period. Teacher Retirement System of Texas' holdings in Agree Realty were worth $1,883,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Keybank National Association OH grew its position in Agree Realty by 6.6% during the 1st quarter. Keybank National Association OH now owns 17,866 shares of the real estate investment trust's stock worth $1,379,000 after purchasing an additional 1,104 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its position in Agree Realty by 1.5% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 21,745 shares of the real estate investment trust's stock worth $1,678,000 after purchasing an additional 326 shares in the last quarter. New York State Teachers Retirement System grew its position in Agree Realty by 1.2% during the 1st quarter. New York State Teachers Retirement System now owns 113,976 shares of the real estate investment trust's stock worth $8,798,000 after purchasing an additional 1,400 shares in the last quarter. Citizens National Bank Trust Department grew its position in Agree Realty by 10.1% during the 1st quarter. Citizens National Bank Trust Department now owns 17,511 shares of the real estate investment trust's stock worth $1,352,000 after purchasing an additional 1,613 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its position in Agree Realty by 12.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 788,752 shares of the real estate investment trust's stock worth $60,608,000 after purchasing an additional 90,408 shares in the last quarter. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. JMP Securities restated a "market perform" rating on shares of Agree Realty in a report on Monday, June 30th. Mizuho lowered their price target on shares of Agree Realty from $81.00 to $78.00 and set a "neutral" rating on the stock in a report on Monday, June 16th. UBS Group lowered their price target on shares of Agree Realty from $86.00 to $84.00 and set a "buy" rating on the stock in a report on Tuesday, May 13th. Evercore ISI boosted their price target on shares of Agree Realty from $82.00 to $83.00 and gave the company an "outperform" rating in a report on Thursday, April 24th. Finally, Robert W. Baird boosted their price target 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. Seven equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Agree Realty presently has an average rating of "Moderate Buy" and a consensus target price of $80.54.

Agree Realty Stock Up 0.9%

NYSE:ADC traded up $0.62 during trading hours on Friday, reaching $71.60. The company's stock had a trading volume of 2,127,586 shares, compared to its average volume of 1,103,240. The company has a market cap of $7.88 billion, a price-to-earnings ratio of 40.45, a price-to-earnings-growth ratio of 2.32 and a beta of 0.54. Agree Realty Corporation has a one year low of $64.10 and a one year high of $79.65. The business's 50-day moving average is $74.20 and its 200-day moving average is $73.92. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.72 and a quick ratio of 0.72.

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

Agree Realty Dividend Announcement

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