State of New Jersey Common Pension Fund D Grows Position in Agree Realty Co. (NYSE:ADC)

State of New Jersey Common Pension Fund D raised its stake in Agree Realty Co. (NYSE:ADC) by 0.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 444,811 shares of the real estate investment trust’s stock after acquiring an additional 2,351 shares during the period. State of New Jersey Common Pension Fund D owned approximately 0.44% of Agree Realty worth $28,001,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. lifted its position in shares of Agree Realty by 3.4% in the third quarter. Vanguard Group Inc. now owns 13,759,418 shares of the real estate investment trust’s stock worth $760,070,000 after buying an additional 452,798 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of Agree Realty by 0.4% during the 3rd quarter. Principal Financial Group Inc. now owns 5,941,235 shares of the real estate investment trust’s stock valued at $328,190,000 after acquiring an additional 25,723 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Agree Realty by 11.1% in the third quarter. Invesco Ltd. now owns 2,158,567 shares of the real estate investment trust’s stock valued at $119,239,000 after purchasing an additional 216,494 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Agree Realty by 6.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,375,914 shares of the real estate investment trust’s stock worth $76,005,000 after purchasing an additional 81,290 shares during the last quarter. Finally, Daiwa Securities Group Inc. lifted its position in Agree Realty by 1.8% during the fourth quarter. Daiwa Securities Group Inc. now owns 1,177,543 shares of the real estate investment trust’s stock valued at $74,127,000 after purchasing an additional 21,254 shares during the last quarter. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on ADC shares. Royal Bank of Canada reduced their target price on shares of Agree Realty from $67.00 to $63.00 and set an “outperform” rating on the stock in a report on Thursday, February 15th. Mizuho cut their target price on Agree Realty from $65.00 to $60.00 and set a “neutral” rating on the stock in a research note on Thursday, March 7th. Truist Financial cut their price objective on Agree Realty from $70.00 to $68.00 and set a “buy” rating on the stock in a research report on Tuesday, February 27th. Stifel Nicolaus cut their price target on Agree Realty from $70.00 to $69.50 and set a “buy” rating on the stock in a research report on Wednesday, February 14th. Finally, BMO Capital Markets initiated coverage on Agree Realty in a research note on Tuesday, February 13th. They set an “outperform” rating and a $69.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $65.61.

Insider Activity

In other news, Chairman Richard Agree acquired 16,000 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The shares were purchased at an average price of $55.50 per share, for a total transaction of $888,000.00. Following the acquisition, the chairman now owns 135,855 shares of the company’s stock, valued at $7,539,952.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Chairman Richard Agree purchased 16,000 shares of the business’s stock in a transaction on Thursday, February 29th. The shares were bought at an average price of $55.50 per share, for a total transaction of $888,000.00. Following the acquisition, the chairman now directly owns 135,855 shares in the company, valued at $7,539,952.50. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John Rakolta, Jr. acquired 20,430 shares of the firm’s stock in a transaction dated Friday, February 16th. The stock was bought at an average price of $57.00 per share, with a total value of $1,164,510.00. Following the purchase, the director now directly owns 392,549 shares in the company, valued at approximately $22,375,293. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 42,482 shares of company stock valued at $2,397,572. Company insiders own 1.80% of the company’s stock.

Agree Realty Price Performance

ADC traded down $0.30 on Friday, reaching $57.75. 780,912 shares of the company’s stock were exchanged, compared to its average volume of 1,059,648. Agree Realty Co. has a twelve month low of $52.69 and a twelve month high of $69.26. The stock has a market cap of $5.81 billion, a PE ratio of 33.97, a P/E/G ratio of 2.68 and a beta of 0.52. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.71 and a quick ratio of 0.74. The stock’s fifty day moving average price is $56.62 and its 200-day moving average price is $58.25.

Agree Realty Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, May 14th. Investors of record on Tuesday, April 30th will be issued a $0.25 dividend. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. This represents a $3.00 annualized dividend and a yield of 5.19%. The ex-dividend date is Monday, April 29th. Agree Realty’s payout ratio is 174.12%.

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.