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

Louisiana State Employees Retirement System grew its stake in Agree Realty Co. (NYSE:ADC) by 3.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 28,700 shares of the real estate investment trust’s stock after acquiring an additional 900 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Agree Realty were worth $2,022,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of ADC. Citigroup Inc. grew its holdings in shares of Agree Realty by 348.9% during the third quarter. Citigroup Inc. now owns 347,496 shares of the real estate investment trust’s stock valued at $26,177,000 after buying an additional 270,093 shares during the last quarter. Spire Wealth Management purchased a new position in shares of Agree Realty during the fourth quarter worth $411,000. abrdn plc lifted its position in Agree Realty by 33.7% during the fourth quarter. abrdn plc now owns 27,497 shares of the real estate investment trust’s stock valued at $1,922,000 after purchasing an additional 6,924 shares during the period. 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 valued at $274,693,000 after purchasing an additional 990,362 shares during the last quarter. Finally, KBC Group NV grew its position in Agree Realty by 1,670.8% during the 4th quarter. KBC Group NV now owns 43,561 shares of the real estate investment trust’s stock worth $3,069,000 after purchasing an additional 41,101 shares during the period. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ADC. Barclays decreased their price objective on Agree Realty from $76.00 to $74.00 and set an “underweight” rating for the company in a report on Tuesday, February 4th. Mizuho decreased their price target on Agree Realty from $80.00 to $74.00 and set a “neutral” rating for the company in a report on Wednesday, January 8th. Wells Fargo & Company dropped their price objective on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. StockNews.com cut shares of Agree Realty from a “hold” rating to a “sell” rating in a research note on Saturday, February 8th. Finally, Stifel Nicolaus dropped their price target on shares of Agree Realty from $81.50 to $81.00 and set a “buy” rating on the stock in a research report on Tuesday, January 7th. Two investment analysts have rated the stock with a sell rating, three have assigned 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, Agree Realty has an average rating of “Moderate Buy” and an average price target of $79.62.

Agree Realty Stock Down 1.2 %

Shares of ADC opened at $70.98 on Friday. Agree Realty Co. has a one year low of $54.28 and a one year high of $78.39. The stock has a market capitalization of $7.35 billion, a price-to-earnings ratio of 39.21, a PEG ratio of 2.87 and a beta of 0.65. The stock has a 50 day moving average price of $71.71 and a 200 day moving average price of $73.46. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66.

Agree Realty (NYSE:ADC) last released its quarterly earnings data on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.61. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. Equities research analysts forecast that Agree Realty Co. will post 4.13 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The firm also recently disclosed a feb 25 dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be given a $0.253 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a yield of 4.2%. Agree Realty’s payout ratio is 167.96%.

About Agree Realty

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.