Vestcor Inc Makes New $111,000 Investment in Agree Realty Co. (NYSE:ADC)

Vestcor Inc bought a new stake in Agree Realty Co. (NYSE:ADC) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,480 shares of the real estate investment trust’s stock, valued at approximately $111,000.

Several other hedge funds also recently modified their holdings of ADC. Citigroup Inc. raised its position in Agree Realty by 348.9% in the 3rd quarter. Citigroup Inc. now owns 347,496 shares of the real estate investment trust’s stock valued at $26,177,000 after buying an additional 270,093 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of Agree Realty by 67.4% in the 2nd quarter. AQR Capital Management LLC now owns 462,868 shares of the real estate investment trust’s stock worth $28,476,000 after acquiring an additional 186,285 shares in the last quarter. Vanderbilt University lifted its position in shares of Agree Realty by 148.9% during the third quarter. Vanderbilt University now owns 16,933 shares of the real estate investment trust’s stock valued at $1,276,000 after purchasing an additional 10,129 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its holdings in Agree Realty by 40.2% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 118,306 shares of the real estate investment trust’s stock worth $8,912,000 after purchasing an additional 33,914 shares during the last quarter. Finally, Private Advisor Group LLC boosted its holdings in Agree Realty by 11.4% during the third quarter. Private Advisor Group LLC now owns 4,739 shares of the real estate investment trust’s stock worth $357,000 after purchasing an additional 485 shares during the last quarter. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Wall Street Analysts Forecast Growth

ADC has been the topic of several recent analyst reports. Truist Financial lifted their target price on shares of Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. KeyCorp boosted their price objective on Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. Wells Fargo & Company decreased their target price on Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. BTIG Research boosted their price target on shares of Agree Realty from $74.00 to $78.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Finally, Raymond James increased their price target on shares of Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research report on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $78.18.

Agree Realty Stock Performance

NYSE ADC opened at $74.67 on Friday. The company’s 50 day moving average is $75.23 and its 200-day moving average is $70.76. The firm has a market cap of $7.73 billion, a P/E ratio of 41.25, a price-to-earnings-growth ratio of 3.66 and a beta of 0.62. Agree Realty Co. has a 12-month low of $54.28 and a 12-month high of $78.39. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52.

Agree Realty (NYSE:ADC) last posted its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.61). Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The company had revenue of $154.33 million for the quarter, compared to analysts’ expectations of $152.83 million. During the same quarter in the prior year, the company earned $1.00 EPS. The company’s revenue was up 12.8% on a year-over-year basis. Sell-side analysts predict that Agree Realty Co. will post 4.12 earnings per share for the current year.

Agree Realty Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.253 per share. This represents a $3.04 dividend on an annualized basis and a yield of 4.07%. The ex-dividend date of this dividend is Tuesday, December 31st. Agree Realty’s payout ratio is presently 167.96%.

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.