Louisiana State Employees Retirement System Cuts Stake in Agree Realty Co. (NYSE:ADC)

Louisiana State Employees Retirement System cut its holdings in shares of Agree Realty Co. (NYSE:ADC) by 1.7% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 28,400 shares of the real estate investment trust’s stock after selling 500 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Agree Realty were worth $1,759,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Vanguard Group Inc. grew its position in Agree Realty by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 14,480,463 shares of the real estate investment trust’s stock worth $827,124,000 after acquiring an additional 258,217 shares during the last quarter. Principal Financial Group Inc. grew its holdings in Agree Realty by 12.1% in the 4th quarter. Principal Financial Group Inc. now owns 6,660,665 shares of the real estate investment trust’s stock worth $419,289,000 after acquiring an additional 719,430 shares during the last quarter. Long Pond Capital LP raised its stake in shares of Agree Realty by 489.8% during the first quarter. Long Pond Capital LP now owns 2,868,640 shares of the real estate investment trust’s stock valued at $163,857,000 after acquiring an additional 2,382,252 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Agree Realty by 7.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,481,375 shares of the real estate investment trust’s stock valued at $93,253,000 after purchasing an additional 105,461 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Agree Realty by 4.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,409,253 shares of the real estate investment trust’s stock worth $88,714,000 after buying an additional 61,020 shares during the period. 97.83% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on ADC. Mizuho upped their price objective on shares of Agree Realty from $60.00 to $62.00 and gave the stock a “neutral” rating in a report on Friday, May 10th. Stifel Nicolaus increased their price target on shares of Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Royal Bank of Canada lifted their price objective on Agree Realty from $63.00 to $70.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. KeyCorp began coverage on Agree Realty in a research report on Wednesday, June 12th. They set an “overweight” rating and a $68.00 price objective for the company. Finally, Raymond James upped their target price on shares of Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a research report on Wednesday. Five equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $69.27.

Agree Realty Price Performance

NYSE ADC opened at $72.90 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.79 and a quick ratio of 0.79. Agree Realty Co. has a 1-year low of $52.69 and a 1-year high of $73.27. The stock has a market capitalization of $7.34 billion, a price-to-earnings ratio of 42.88, a PEG ratio of 2.80 and a beta of 0.58. The business’s fifty day moving average price is $66.73 and its 200-day moving average price is $61.00.

Agree Realty (NYSE:ADC) last announced its earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.51). Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The business had revenue of $152.58 million for the quarter, compared to analysts’ expectations of $150.35 million. During the same period in the prior year, the company posted $0.98 earnings per share. The firm’s quarterly revenue was up 17.5% on a year-over-year basis. On average, equities analysts predict that Agree Realty Co. will post 4.11 earnings per share for the current year.

Agree Realty Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Monday, September 16th. Shareholders of record on Friday, August 30th will be given a $0.25 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 4.12%. The ex-dividend date of this dividend is Friday, August 30th. 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.