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

New York State Common Retirement Fund reduced its position in shares of Agree Realty Co. (NYSE:ADC) by 40.6% in the 4th quarter, Holdings Channel.com reports. The firm owned 209,905 shares of the real estate investment trust’s stock after selling 143,289 shares during the quarter. New York State Common Retirement Fund’s holdings in Agree Realty were worth $14,788,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Versant Capital Management Inc increased its holdings in shares of Agree Realty by 230.7% during the 4th quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust’s stock worth $30,000 after buying an additional 293 shares during the last quarter. Financial Life Planners purchased a new position in Agree Realty in the fourth quarter worth approximately $44,000. MassMutual Private Wealth & Trust FSB increased its stake in Agree Realty by 34.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust’s stock worth $63,000 after acquiring an additional 230 shares during the last quarter. Arcadia Investment Management Corp MI purchased a new stake in Agree Realty in the third quarter valued at $75,000. Finally, Wilmington Savings Fund Society FSB acquired a new position in shares of Agree Realty in the 3rd quarter valued at $77,000. 97.83% of the stock is owned by hedge funds and other institutional investors.

Agree Realty Trading Up 1.9 %

NYSE:ADC opened at $72.73 on Monday. Agree Realty Co. has a 12-month low of $54.28 and a 12-month high of $78.39. The firm has a market cap of $7.80 billion, a PE ratio of 40.86, a price-to-earnings-growth ratio of 2.82 and a beta of 0.65. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52. The stock has a fifty day moving average price of $71.43 and a 200 day moving average price of $73.52.

Agree Realty (NYSE:ADC) last announced its quarterly earnings data on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.61. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. Sell-side analysts anticipate that Agree Realty Co. will post 4.27 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The company also recently disclosed a feb 25 dividend, which will be paid on Friday, March 14th. Shareholders of record on Friday, February 28th will be given a $0.253 dividend. This represents a dividend yield of 4.2%. The ex-dividend date is Friday, February 28th. Agree Realty’s dividend payout ratio is presently 170.22%.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Mizuho cut their price objective on Agree Realty from $80.00 to $74.00 and set a “neutral” rating for the company in a research report on Wednesday, January 8th. Truist Financial lifted their price target on shares of Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. StockNews.com upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a report on Sunday, February 16th. Barclays dropped their target price on shares of Agree Realty from $76.00 to $74.00 and set an “underweight” rating for the company in a report on Tuesday, February 4th. Finally, UBS Group upgraded Agree Realty from a “neutral” rating to a “buy” rating and upped their price target for the stock from $79.00 to $84.00 in a research note on Monday, January 6th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $79.62.

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.