Agree Realty Corporation $ADC Holdings Trimmed by California Public Employees Retirement System

California Public Employees Retirement System cut its holdings in Agree Realty Corporation (NYSE:ADC) by 7.9% during the 1st quarter, Holdings Channel.com reports. The fund owned 276,624 shares of the real estate investment trust’s stock after selling 23,684 shares during the quarter. California Public Employees Retirement System’s holdings in Agree Realty were worth $20,852,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the business. Brummer Multi Strategy AB bought a new position in shares of Agree Realty during the 1st quarter valued at about $6,568,000. State of Michigan Retirement System lifted its stake in Agree Realty by 6.3% during the first quarter. State of Michigan Retirement System now owns 28,800 shares of the real estate investment trust’s stock valued at $2,171,000 after purchasing an additional 1,700 shares during the last quarter. Principal Financial Group Inc. lifted its stake in Agree Realty by 5.4% during the first quarter. Principal Financial Group Inc. now owns 4,526,088 shares of the real estate investment trust’s stock valued at $341,180,000 after purchasing an additional 232,532 shares during the last quarter. Procyon Advisors LLC bought a new stake in Agree Realty during the first quarter worth approximately $298,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in Agree Realty by 24.0% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 81,446 shares of the real estate investment trust’s stock worth $6,139,000 after buying an additional 15,747 shares in the last quarter. Institutional investors own 97.83% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Morgan Stanley set a $81.00 price target on Agree Realty in a report on Tuesday, April 21st. Citigroup raised their price objective on Agree Realty from $77.00 to $82.50 and gave the stock a “neutral” rating in a research note on Friday, April 24th. Wall Street Zen upgraded Agree Realty from a “sell” rating to a “hold” rating in a report on Saturday, July 18th. BMO Capital Markets lowered Agree Realty from an “outperform” rating to a “market perform” rating and set a $86.00 target price on the stock. in a research report on Friday, April 17th. Finally, Jefferies Financial Group began coverage on Agree Realty in a report on Monday, June 1st. They set a “buy” rating and a $84.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Agree Realty has a consensus rating of “Moderate Buy” and an average price target of $83.88.

Insider Buying and Selling at Agree Realty

In other Agree Realty news, Chairman Richard Agree bought 5,000 shares of the company’s stock in a transaction dated Thursday, June 4th. The shares were bought at an average price of $71.41 per share, for a total transaction of $357,050.00. Following the acquisition, the chairman directly owned 90,512 shares of the company’s stock, valued at approximately $6,463,461.92. This trade represents a 5.85% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Joey Agree purchased 13,295 shares of Agree Realty stock in a transaction dated Thursday, May 14th. The stock was bought at an average cost of $75.41 per share, with a total value of $1,002,575.95. Following the completion of the transaction, the chief executive officer directly owned 675,105 shares of the company’s stock, valued at $50,909,668.05. This represents a 2.01% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have acquired a total of 19,045 shares of company stock valued at $1,415,943 in the last 90 days. 1.80% of the stock is currently owned by corporate insiders.

Agree Realty Stock Performance

Shares of Agree Realty stock opened at $80.16 on Thursday. The stock has a market cap of $9.63 billion, a PE ratio of 43.33, a price-to-earnings-growth ratio of 2.67 and a beta of 0.47. The business has a fifty day simple moving average of $75.89 and a 200-day simple moving average of $76.08. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61. Agree Realty Corporation has a 12 month low of $69.56 and a 12 month high of $82.08.

Agree Realty (NYSE:ADC) last posted its quarterly earnings results on Tuesday, April 21st. The real estate investment trust reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.03. The firm had revenue of $211.49 million for the quarter, compared to analyst estimates of $195.73 million. Agree Realty had a return on equity of 3.95% and a net margin of 29.25%.Agree Realty’s quarterly revenue was up 18.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.42 earnings per share. On average, sell-side analysts anticipate that Agree Realty Corporation will post 4.45 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be paid a dividend of $0.267 per share. This represents a c) annualized dividend and a yield of 4.0%. The ex-dividend date of this dividend is Friday, July 31st. Agree Realty’s payout ratio is 172.97%.

Agree Realty Company Profile

Agree Realty Corporation (NYSE: ADC) is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty’s primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.