California Public Employees Retirement System Raises Stake in Agree Realty Co. (NYSE:ADC)

California Public Employees Retirement System lifted its position in shares of Agree Realty Co. (NYSE:ADC) by 3.3% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 526,681 shares of the real estate investment trust’s stock after purchasing an additional 16,836 shares during the quarter. California Public Employees Retirement System owned about 0.52% of Agree Realty worth $33,155,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of ADC. HBC Financial Services PLLC purchased a new stake in shares of Agree Realty during the 4th quarter worth about $31,000. Lindbrook Capital LLC grew its holdings in shares of Agree Realty by 267.1% during the 4th quarter. Lindbrook Capital LLC now owns 591 shares of the real estate investment trust’s stock worth $37,000 after purchasing an additional 430 shares during the period. CWM LLC lifted its position in Agree Realty by 117.3% during the 3rd quarter. CWM LLC now owns 728 shares of the real estate investment trust’s stock worth $40,000 after acquiring an additional 393 shares in the last quarter. Jamison Private Wealth Management Inc. lifted its position in Agree Realty by 96.6% during the 4th quarter. Jamison Private Wealth Management Inc. now owns 741 shares of the real estate investment trust’s stock worth $47,000 after acquiring an additional 364 shares in the last quarter. Finally, Blue Trust Inc. lifted its position in Agree Realty by 42.0% during the 4th quarter. Blue Trust Inc. now owns 1,255 shares of the real estate investment trust’s stock worth $79,000 after acquiring an additional 371 shares in the last quarter. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on ADC. Truist Financial reduced their price target on Agree Realty from $70.00 to $68.00 and set a “buy” rating on the stock in a research report on Tuesday, February 27th. Mizuho reduced their price target on Agree Realty from $65.00 to $60.00 and set a “neutral” rating on the stock in a research report on Thursday, March 7th. BMO Capital Markets began coverage on Agree Realty in a research report on Tuesday, February 13th. They set an “outperform” rating and a $69.00 price target on the stock. StockNews.com raised Agree Realty from a “sell” rating to a “hold” rating in a research report on Thursday. Finally, JMP Securities raised Agree Realty from a “market perform” rating to an “outperform” rating and set a $71.00 price target on the stock in a research report on Monday, January 22nd. Four analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $65.61.

Agree Realty Stock Performance

ADC stock opened at $57.75 on Friday. The company has a current ratio of 0.71, a quick ratio of 0.74 and a debt-to-equity ratio of 0.50. The firm has a market cap of $5.81 billion, a P/E ratio of 33.97, a P/E/G ratio of 2.68 and a beta of 0.52. Agree Realty Co. has a 12-month low of $52.69 and a 12-month high of $69.26. The stock’s 50 day simple moving average is $56.63 and its 200 day simple moving average is $58.26.

Agree Realty Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Tuesday, May 14th. Shareholders of record on Tuesday, April 30th will be given a $0.25 dividend. The ex-dividend date is Monday, April 29th. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. This represents a $3.00 annualized dividend and a yield of 5.19%. Agree Realty’s dividend payout ratio (DPR) is currently 174.12%.

Insiders Place Their Bets

In related news, CEO Joey Agree bought 2,000 shares of the company’s stock in a transaction on Thursday, February 15th. The shares were purchased at an average cost of $57.56 per share, with a total value of $115,120.00. Following the completion of the transaction, the chief executive officer now directly owns 557,903 shares of the company’s stock, valued at $32,112,896.68. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Agree Realty news, Chairman Richard Agree purchased 16,000 shares of the stock in a transaction dated Thursday, February 29th. The shares were bought at an average cost of $55.50 per share, with a total value of $888,000.00. Following the completion of the acquisition, the chairman now owns 135,855 shares of the company’s stock, valued at $7,539,952.50. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, CEO Joey Agree purchased 2,000 shares of the stock in a transaction dated Thursday, February 15th. The shares were acquired at an average cost of $57.56 per share, for a total transaction of $115,120.00. Following the completion of the acquisition, the chief executive officer now directly owns 557,903 shares of the company’s stock, valued at approximately $32,112,896.68. The disclosure for this purchase can be found here. Insiders have purchased 42,482 shares of company stock valued at $2,397,572 over the last three months. Company insiders own 1.80% of the company’s stock.

Agree Realty 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.