California Public Employees Retirement System Sells 58,651 Shares of Agree Realty Corporation $ADC

California Public Employees Retirement System decreased its holdings in Agree Realty Corporation (NYSE:ADC) by 12.1% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 427,396 shares of the real estate investment trust’s stock after selling 58,651 shares during the quarter. California Public Employees Retirement System owned 0.39% of Agree Realty worth $31,226,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Evergreen Capital Management LLC lifted its holdings in shares of Agree Realty by 5.5% in the first quarter. Evergreen Capital Management LLC now owns 4,441 shares of the real estate investment trust’s stock valued at $344,000 after purchasing an additional 232 shares in the last quarter. Securian Asset Management Inc. lifted its stake in Agree Realty by 2.9% during the 2nd quarter. Securian Asset Management Inc. now owns 8,362 shares of the real estate investment trust’s stock valued at $611,000 after acquiring an additional 233 shares in the last quarter. Ameritas Investment Partners Inc. boosted its holdings in Agree Realty by 1.2% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 21,320 shares of the real estate investment trust’s stock worth $1,558,000 after acquiring an additional 261 shares during the last quarter. Allworth Financial LP raised its holdings in shares of Agree Realty by 41.7% in the second quarter. Allworth Financial LP now owns 891 shares of the real estate investment trust’s stock valued at $65,000 after purchasing an additional 262 shares during the last quarter. Finally, Friedenthal Financial lifted its position in shares of Agree Realty by 2.4% during the second quarter. Friedenthal Financial now owns 11,894 shares of the real estate investment trust’s stock valued at $869,000 after purchasing an additional 278 shares in the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on ADC shares. Truist Financial decreased their price objective on shares of Agree Realty from $84.00 to $82.00 and set a “buy” rating for the company in a research note on Friday, October 24th. KeyCorp increased their price target on Agree Realty from $80.00 to $82.00 and gave the company an “overweight” rating in a research report on Friday, October 24th. Mizuho cut their price objective on Agree Realty from $78.00 to $77.00 and set a “neutral” rating on the stock in a research report on Thursday, September 11th. Wells Fargo & Company upped their price objective on Agree Realty from $81.00 to $83.00 and gave the company an “overweight” rating in a research note on Tuesday, November 25th. Finally, Evercore ISI raised their target price on Agree Realty from $83.00 to $85.00 and gave the company an “outperform” rating in a research report on Monday, September 15th. Eight research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $80.68.

Insider Transactions at Agree Realty

In other Agree Realty news, insider Craig Erlich acquired 360 shares of the business’s stock in a transaction that occurred on Friday, October 3rd. The stock was bought at an average cost of $70.84 per share, with a total value of $25,502.40. Following the acquisition, the insider owned 52,846 shares in the company, valued at approximately $3,743,610.64. This represents a 0.69% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Joey Agree acquired 3,528 shares of Agree Realty stock in a transaction that occurred on Thursday, October 2nd. The stock was acquired at an average price of $70.63 per share, with a total value of $249,182.64. Following the completion of the purchase, the chief executive officer directly owned 638,688 shares in the company, valued at $45,110,533.44. This represents a 0.56% increase in their position. The SEC filing for this purchase provides additional information. Insiders acquired 29,042 shares of company stock worth $2,045,778 over the last quarter. Corporate insiders own 1.80% of the company’s stock.

Agree Realty Price Performance

Shares of NYSE ADC opened at $71.18 on Thursday. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.59. The stock has a fifty day simple moving average of $73.42 and a two-hundred day simple moving average of $73.17. Agree Realty Corporation has a 1-year low of $67.58 and a 1-year high of $79.65. The firm has a market cap of $8.18 billion, a price-to-earnings ratio of 41.63, a price-to-earnings-growth ratio of 2.32 and a beta of 0.54.

Agree Realty (NYSE:ADC) last issued its quarterly earnings results on Tuesday, October 21st. The real estate investment trust reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.02. The firm had revenue of $183.22 million for the quarter, compared to analysts’ expectations of $181.87 million. Agree Realty had a return on equity of 3.52% and a net margin of 28.11%.The business’s revenue for the quarter was up 18.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.03 EPS. Agree Realty has set its FY 2025 guidance at 4.310-4.330 EPS. Analysts anticipate that Agree Realty Corporation will post 4.27 earnings per share for the current year.

Agree Realty Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, December 12th. Shareholders of record on Friday, November 28th will be given a dividend of $0.262 per share. This represents a c) dividend on an annualized basis and a yield of 4.4%. The ex-dividend date is Friday, November 28th. Agree Realty’s dividend payout ratio (DPR) is currently 183.63%.

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.