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Teacher Retirement System of Texas Buys 8,391 Shares of Agree Realty Corporation (NYSE:ADC)

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Teacher Retirement System of Texas increased its position in Agree Realty Corporation (NYSE:ADC - Free Report) by 52.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm 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.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bernard Wealth Management Corp. purchased a new stake in shares of Agree Realty in the fourth quarter worth $31,000. Capital Advisors Ltd. LLC grew its stake in shares of Agree Realty by 137.8% in the first quarter. Capital Advisors Ltd. LLC now owns 466 shares of the real estate investment trust's stock worth $36,000 after acquiring an additional 270 shares during the last quarter. NBC Securities Inc. purchased a new stake in shares of Agree Realty in the first quarter worth $39,000. Headlands Technologies LLC grew its stake in shares of Agree Realty by 72.8% in the fourth quarter. Headlands Technologies LLC now owns 558 shares of the real estate investment trust's stock worth $39,000 after acquiring an additional 235 shares during the last quarter. Finally, Quarry LP purchased a new stake in shares of Agree Realty in the fourth quarter worth $52,000. 97.83% of the stock is owned by hedge funds and other institutional investors.

Agree Realty Stock Performance

ADC stock traded up $0.84 during trading on Monday, reaching $72.46. The stock had a trading volume of 924,598 shares, compared to its average volume of 1,102,526. Agree Realty Corporation has a 52 week low of $64.10 and a 52 week high of $79.65. The stock's 50 day moving average is $74.20 and its two-hundred day moving average is $73.94. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.54. The firm has a market cap of $7.97 billion, a PE ratio of 40.94, a PEG ratio of 2.32 and a beta of 0.54.

Agree Realty (NYSE:ADC - Get Free Report) last posted its earnings results 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 return on equity of 3.66% and a net margin of 30.05%. The company had revenue of $169.16 million for the quarter, compared to the consensus estimate of $167.77 million. During the same quarter in the prior year, the company earned $0.43 earnings per share. As a group, equities analysts anticipate that Agree Realty Corporation will post 4.27 earnings per share for the current year.

Agree Realty Announces Dividend

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 issued a $0.256 dividend. This represents a $3.07 dividend on an annualized basis and a yield of 4.24%. The ex-dividend date is Thursday, July 31st. Agree Realty's dividend payout ratio is 173.45%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on ADC. Truist Financial increased their target price on Agree Realty from $77.00 to $82.00 and gave the stock a "buy" rating in a research note on Monday, May 5th. Morgan Stanley cut Agree Realty from an "overweight" rating to an "equal weight" rating and set a $75.00 target price on the stock. in a research note on Friday. Mizuho lowered their price target on Agree Realty from $81.00 to $78.00 and set a "neutral" rating on the stock in a report on Monday, June 16th. Evercore ISI upped their price target on Agree Realty from $82.00 to $83.00 and gave the company an "outperform" rating in a report on Thursday, April 24th. Finally, Barclays set a $77.00 price target on Agree Realty and gave the company an "equal weight" rating in a report on Wednesday, May 21st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Agree Realty presently has a consensus rating of "Moderate Buy" and a consensus price target of $80.54.

Get Our Latest Stock Report on Agree Realty

About Agree Realty

(Free Report)

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.

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Institutional Ownership by Quarter for Agree Realty (NYSE:ADC)

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