New York State Common Retirement Fund Increases Stock Holdings in Agree Realty Co. (NYSE:ADC)

New York State Common Retirement Fund increased its holdings in shares of Agree Realty Co. (NYSE:ADC) by 8.5% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 353,194 shares of the real estate investment trust’s stock after purchasing an additional 27,682 shares during the quarter. New York State Common Retirement Fund’s holdings in Agree Realty were worth $26,606,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in ADC. Swiss National Bank lifted its holdings in shares of Agree Realty by 4.6% during the 1st quarter. Swiss National Bank now owns 198,382 shares of the real estate investment trust’s stock worth $11,332,000 after acquiring an additional 8,700 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its stake in Agree Realty by 1.4% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 886,527 shares of the real estate investment trust’s stock worth $50,638,000 after purchasing an additional 12,159 shares during the period. FORA Capital LLC acquired a new position in shares of Agree Realty in the 1st quarter valued at $1,600,000. Quantbot Technologies LP purchased a new stake in shares of Agree Realty during the 1st quarter valued at $2,280,000. Finally, Virtu Financial LLC acquired a new stake in shares of Agree Realty during the 1st quarter worth $599,000. 97.83% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Truist Financial lifted their target price on Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. KeyCorp lifted their price objective on Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, October 4th. BTIG Research increased their target price on shares of Agree Realty from $65.00 to $74.00 and gave the stock a “buy” rating in a research report on Monday, August 12th. Wells Fargo & Company reaffirmed an “overweight” rating and set a $80.00 price target (up from $77.00) on shares of Agree Realty in a research report on Tuesday, October 1st. Finally, UBS Group increased their price objective on shares of Agree Realty from $72.00 to $77.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 16th. Four investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $74.27.

Agree Realty Stock Performance

Agree Realty stock opened at $73.93 on Monday. Agree Realty Co. has a 12-month low of $54.28 and a 12-month high of $77.47. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66. The company has a market capitalization of $7.65 billion, a price-to-earnings ratio of 40.85, a price-to-earnings-growth ratio of 2.49 and a beta of 0.61. The firm’s fifty day moving average price is $74.72 and its 200 day moving average price is $67.38.

Agree Realty (NYSE:ADC) last announced its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). The business had revenue of $154.33 million for the quarter, compared to analysts’ expectations of $152.83 million. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The firm’s revenue was up 12.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.00 earnings per share. On average, research analysts forecast that Agree Realty Co. will post 4.11 EPS for the current fiscal year.

Agree Realty Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be paid a dividend of $0.253 per share. This is a boost from Agree Realty’s previous monthly dividend of $0.25. This represents a $3.04 annualized dividend and a dividend yield of 4.11%. The ex-dividend date is Thursday, October 31st. Agree Realty’s dividend payout ratio is 167.96%.

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.