New York State Common Retirement Fund Sells 143,289 Shares of Agree Realty Co. (NYSE:ADC)

New York State Common Retirement Fund decreased its holdings in shares of Agree Realty Co. (NYSE:ADC) by 40.6% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 209,905 shares of the real estate investment trust’s stock after selling 143,289 shares during the period. New York State Common Retirement Fund owned 0.20% of Agree Realty worth $14,788,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Venturi Wealth Management LLC purchased a new position in Agree Realty during the fourth quarter valued at approximately $157,000. Truist Financial Corp lifted its holdings in Agree Realty by 0.8% during the fourth quarter. Truist Financial Corp now owns 51,464 shares of the real estate investment trust’s stock worth $3,626,000 after buying an additional 387 shares during the period. CIBC Asset Management Inc boosted its position in Agree Realty by 5.2% during the 4th quarter. CIBC Asset Management Inc now owns 3,122 shares of the real estate investment trust’s stock valued at $220,000 after acquiring an additional 153 shares in the last quarter. Principal Securities Inc. increased its holdings in shares of Agree Realty by 26.2% in the 4th quarter. Principal Securities Inc. now owns 1,142 shares of the real estate investment trust’s stock valued at $80,000 after acquiring an additional 237 shares during the period. Finally, Rhumbline Advisers raised its position in shares of Agree Realty by 2.7% in the 4th quarter. Rhumbline Advisers now owns 318,379 shares of the real estate investment trust’s stock worth $22,430,000 after acquiring an additional 8,276 shares in the last quarter. Institutional investors own 97.83% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Citizens Jmp downgraded Agree Realty from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Agree Realty in a report on Wednesday, December 11th. They issued a “buy” rating and a $88.00 price target on the stock. Robert W. Baird boosted their price objective on shares of Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Truist Financial increased their target price on shares of Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, Royal Bank of Canada cut their price target on shares of Agree Realty from $79.00 to $78.00 and set an “outperform” rating on the stock in a report on Thursday, February 13th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $79.62.

Agree Realty Stock Up 1.9 %

Agree Realty stock opened at $72.73 on Monday. The business’s 50-day simple moving average is $71.43 and its two-hundred day simple moving average is $73.52. The company has a market cap of $7.80 billion, a PE ratio of 40.86, a PEG ratio of 2.82 and a beta of 0.65. Agree Realty Co. has a fifty-two week low of $54.28 and a fifty-two week high of $78.39. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.78 and a current ratio of 0.78.

Agree Realty (NYSE:ADC) last issued its earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 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%. Equities analysts anticipate that Agree Realty Co. will post 4.27 EPS for the current year.

Agree Realty Dividend Announcement

The company also recently declared a feb 25 dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be issued a dividend of $0.253 per share. This represents a yield of 4.2%. The ex-dividend date is Friday, February 28th. Agree Realty’s dividend payout ratio (DPR) is presently 170.22%.

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.