Retirement Systems of Alabama Acquires 5,694 Shares of Agree Realty Co. (NYSE:ADC)

Retirement Systems of Alabama grew its holdings in Agree Realty Co. (NYSE:ADC) by 4.7% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 125,896 shares of the real estate investment trust’s stock after acquiring an additional 5,694 shares during the period. Retirement Systems of Alabama owned 0.13% of Agree Realty worth $7,925,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Motley Fool Wealth Management LLC boosted its holdings in Agree Realty by 126.4% in the fourth quarter. Motley Fool Wealth Management LLC now owns 36,934 shares of the real estate investment trust’s stock worth $2,327,000 after purchasing an additional 20,619 shares in the last quarter. Aew Capital Management L P increased its holdings in shares of Agree Realty by 22.3% during the 4th quarter. Aew Capital Management L P now owns 463,730 shares of the real estate investment trust’s stock valued at $29,192,000 after acquiring an additional 84,640 shares during the last quarter. Kovack Advisors Inc. raised its stake in shares of Agree Realty by 26.8% in the 4th quarter. Kovack Advisors Inc. now owns 6,549 shares of the real estate investment trust’s stock valued at $412,000 after acquiring an additional 1,383 shares in the last quarter. State of New Jersey Common Pension Fund D lifted its holdings in Agree Realty by 0.5% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 444,811 shares of the real estate investment trust’s stock worth $28,001,000 after purchasing an additional 2,351 shares during the last quarter. Finally, Schnieders Capital Management LLC bought a new stake in Agree Realty during the fourth quarter worth approximately $898,000. 97.83% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Truist Financial dropped their price target on shares of 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 decreased their price target on shares of Agree Realty from $65.00 to $60.00 and set a “neutral” rating for the company in a report on Thursday, March 7th. Stifel Nicolaus dropped their price objective on Agree Realty from $70.00 to $69.50 and set a “buy” rating on the stock in a research note on Wednesday, February 14th. Wells Fargo & Company decreased their target price on Agree Realty from $66.00 to $62.00 and set an “overweight” rating for the company in a research note on Tuesday, February 20th. Finally, StockNews.com lowered Agree Realty from a “hold” rating to a “sell” rating in a report on Friday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Agree Realty presently has a consensus rating of “Moderate Buy” and an average price target of $65.61.

Insider Activity

In other Agree Realty news, CEO Joey Agree bought 2,000 shares of the stock in a transaction that occurred on Thursday, February 15th. The shares were acquired at an average price of $57.56 per share, with a total value of $115,120.00. Following the completion of the purchase, the chief executive officer now directly owns 557,903 shares in the company, valued at approximately $32,112,896.68. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Chairman Richard Agree bought 16,000 shares of Agree Realty stock in a transaction dated Thursday, February 29th. The shares were bought at an average price of $55.50 per share, for a total transaction of $888,000.00. Following the purchase, the chairman now owns 135,855 shares of the company’s stock, valued at $7,539,952.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Joey Agree bought 2,000 shares of the stock in a transaction dated Thursday, February 15th. The stock was purchased at an average cost of $57.56 per share, for a total transaction of $115,120.00. Following the acquisition, the chief executive officer now owns 557,903 shares in the company, valued at approximately $32,112,896.68. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 42,482 shares of company stock worth $2,397,572. 1.80% of the stock is currently owned by corporate insiders.

Agree Realty Price Performance

Shares of NYSE:ADC opened at $58.79 on Friday. The firm has a market capitalization of $5.92 billion, a PE ratio of 34.58, a PEG ratio of 2.64 and a beta of 0.52. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.50. Agree Realty Co. has a 1-year low of $52.69 and a 1-year high of $69.26. The business’s 50 day moving average is $56.72 and its 200-day moving average is $58.37.

Agree Realty Increases Dividend

The firm also recently declared a monthly dividend, which will be paid on Tuesday, May 14th. Shareholders of record on Tuesday, April 30th will be issued a $0.25 dividend. This represents a $3.00 annualized dividend and a yield of 5.10%. The ex-dividend date of this dividend is Monday, April 29th. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s payout ratio is 176.47%.

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.