Teacher Retirement System of Texas Grows Holdings in Agree Realty Co. (NYSE:ADC)

Teacher Retirement System of Texas raised its position in Agree Realty Co. (NYSE:ADC) by 28.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,009 shares of the real estate investment trust’s stock after buying an additional 3,591 shares during the period. Teacher Retirement System of Texas’ holdings in Agree Realty were worth $1,128,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Harvest Fund Management Co. Ltd boosted its holdings in Agree Realty by 70.1% in the fourth quarter. Harvest Fund Management Co. Ltd now owns 5,110 shares of the real estate investment trust’s stock valued at $360,000 after purchasing an additional 2,106 shares during the last quarter. Xponance Inc. raised its holdings in Agree Realty by 11.0% in the fourth quarter. Xponance Inc. now owns 11,962 shares of the real estate investment trust’s stock valued at $843,000 after acquiring an additional 1,188 shares in the last quarter. Signaturefd LLC boosted its stake in Agree Realty by 7.2% during the 4th quarter. Signaturefd LLC now owns 9,903 shares of the real estate investment trust’s stock valued at $698,000 after acquiring an additional 663 shares during the last quarter. Cibc World Markets Corp grew its holdings in Agree Realty by 13.4% during the 4th quarter. Cibc World Markets Corp now owns 30,095 shares of the real estate investment trust’s stock worth $2,120,000 after acquiring an additional 3,562 shares in the last quarter. Finally, Creative Financial Designs Inc. ADV increased its position in shares of Agree Realty by 44.2% in the 4th quarter. Creative Financial Designs Inc. ADV now owns 3,101 shares of the real estate investment trust’s stock worth $218,000 after purchasing an additional 950 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently commented on ADC. JMP Securities downgraded Agree Realty from an “outperform” rating to a “market perform” rating in a research note on Tuesday, December 17th. StockNews.com upgraded Agree Realty from a “sell” rating to a “hold” rating in a report on Sunday, February 16th. Stifel Nicolaus reduced their price objective on Agree Realty from $81.50 to $81.00 and set a “buy” rating on the stock in a research note on Tuesday, January 7th. Mizuho lowered their target price on shares of Agree Realty from $80.00 to $74.00 and set a “neutral” rating for the company in a research note on Wednesday, January 8th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Agree Realty in a research report on Wednesday, December 11th. They issued a “buy” rating and a $88.00 price target on the stock. Five investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $79.85.

Agree Realty Price Performance

NYSE ADC opened at $76.56 on Friday. The company has a 50-day moving average price of $73.80 and a two-hundred day moving average price of $73.92. Agree Realty Co. has a 52 week low of $54.78 and a 52 week high of $78.39. The stock has a market cap of $8.22 billion, a price-to-earnings ratio of 43.01, a price-to-earnings-growth ratio of 2.88 and a beta of 0.64. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52.

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

Agree Realty Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Monday, April 14th. Investors of record on Monday, March 31st will be issued a $0.253 dividend. This represents a $3.04 annualized dividend and a yield of 3.97%. The ex-dividend date is Monday, March 31st. Agree Realty’s payout ratio is currently 170.22%.

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.