State of Tennessee Department of Treasury Has $3.35 Million Stake in Agree Realty Co. (NYSE:ADC)

State of Tennessee Department of Treasury lowered its position in Agree Realty Co. (NYSE:ADC) by 2.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 47,515 shares of the real estate investment trust’s stock after selling 1,341 shares during the period. State of Tennessee Department of Treasury’s holdings in Agree Realty were worth $3,347,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ADC. Vanguard Group Inc. grew its position in Agree Realty by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 14,549,952 shares of the real estate investment trust’s stock worth $1,025,044,000 after acquiring an additional 219,806 shares in the last quarter. Cohen & Steers Inc. lifted its stake in shares of Agree Realty by 43.0% in the 4th quarter. Cohen & Steers Inc. now owns 9,767,632 shares of the real estate investment trust’s stock valued at $688,108,000 after purchasing an additional 2,937,147 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Agree Realty by 37.3% in the third quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust’s stock worth $274,693,000 after purchasing an additional 990,362 shares in the last quarter. Invesco Ltd. increased its position in Agree Realty by 85.6% during the fourth quarter. Invesco Ltd. now owns 2,212,852 shares of the real estate investment trust’s stock worth $155,895,000 after buying an additional 1,020,512 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in Agree Realty by 2.8% during the fourth quarter. Geode Capital Management LLC now owns 2,132,252 shares of the real estate investment trust’s stock valued at $150,255,000 after buying an additional 57,492 shares in the last quarter. Institutional investors own 97.83% of the company’s stock.

Analyst Upgrades and Downgrades

ADC has been the subject of several recent analyst reports. Royal Bank of Canada decreased their price target on Agree Realty from $79.00 to $78.00 and set an “outperform” rating for the company in a research note on Thursday, February 13th. Stifel Nicolaus upped their target price on Agree Realty from $81.00 to $82.50 and gave the stock a “buy” rating in a research report on Wednesday. Evercore ISI lifted their price target on shares of Agree Realty from $82.00 to $83.00 and gave the company an “outperform” rating in a research report on Thursday. StockNews.com downgraded shares of Agree Realty from a “hold” rating to a “sell” rating in a report on Friday. Finally, Wells Fargo & Company raised their target price on shares of Agree Realty from $78.00 to $81.00 and gave the company an “overweight” rating in a research note on Monday, March 10th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $80.88.

Agree Realty Stock Down 0.8 %

ADC stock opened at $75.66 on Friday. Agree Realty Co. has a twelve month low of $57.02 and a twelve month high of $79.65. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.52. The company has a market cap of $8.32 billion, a PE ratio of 42.51, a price-to-earnings-growth ratio of 2.88 and a beta of 0.55. The business’s 50-day simple moving average is $75.26 and its 200 day simple moving average is $74.03.

Agree Realty (NYSE:ADC) last announced its quarterly earnings data on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.01. The company had revenue of $169.16 million for the quarter, compared to analyst estimates of $167.77 million. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. During the same quarter last year, the firm earned $0.43 EPS. On average, research analysts anticipate that Agree Realty Co. will post 4.27 earnings per share for the current year.

Agree Realty Increases Dividend

The firm also recently disclosed a apr 25 dividend, which will be paid on Wednesday, May 14th. Stockholders of record on Wednesday, April 30th will be paid a $0.256 dividend. This is a boost from Agree Realty’s previous apr 25 dividend of $0.25. The ex-dividend date of this dividend is Wednesday, April 30th. This represents a dividend yield of 4.1%. Agree Realty’s dividend payout ratio is currently 173.45%.

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.