State of Alaska Department of Revenue Acquires 7,330 Shares of Agree Realty Co. (NYSE:ADC)

State of Alaska Department of Revenue increased its holdings in shares of Agree Realty Co. (NYSE:ADCGet Rating) by 8.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 93,052 shares of the real estate investment trust’s stock after buying an additional 7,330 shares during the period. State of Alaska Department of Revenue owned 0.12% of Agree Realty worth $6,711,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the company. BlackRock Inc. lifted its stake in Agree Realty by 1.9% in the first quarter. BlackRock Inc. now owns 13,921,086 shares of the real estate investment trust’s stock valued at $923,802,000 after acquiring an additional 253,433 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Agree Realty by 3.3% in the 1st quarter. Vanguard Group Inc. now owns 11,456,849 shares of the real estate investment trust’s stock worth $760,276,000 after purchasing an additional 361,722 shares during the period. Principal Financial Group Inc. increased its stake in shares of Agree Realty by 4.1% in the 1st quarter. Principal Financial Group Inc. now owns 5,999,765 shares of the real estate investment trust’s stock valued at $398,144,000 after acquiring an additional 237,186 shares in the last quarter. State Street Corp increased its stake in Agree Realty by 11.7% during the 1st quarter. State Street Corp now owns 4,313,393 shares of the real estate investment trust’s stock valued at $287,195,000 after purchasing an additional 451,462 shares in the last quarter. Finally, Centersquare Investment Management LLC boosted its holdings in Agree Realty by 6.1% during the 1st quarter. Centersquare Investment Management LLC now owns 3,808,884 shares of the real estate investment trust’s stock worth $252,757,000 after acquiring an additional 218,492 shares during the last quarter.

Agree Realty Trading Down 0.1 %

Shares of NYSE:ADC opened at $72.65 on Tuesday. The stock has a market capitalization of $5.80 billion, a price-to-earnings ratio of 38.44, a PEG ratio of 2.68 and a beta of 0.41. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.98 and a current ratio of 0.98. The stock’s 50-day simple moving average is $76.43 and its two-hundred day simple moving average is $71.38. Agree Realty Co. has a 52-week low of $61.62 and a 52-week high of $80.44.

Agree Realty (NYSE:ADCGet Rating) last released its quarterly earnings data on Tuesday, August 2nd. The real estate investment trust reported $0.45 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.45. Agree Realty had a return on equity of 4.38% and a net margin of 37.13%. During the same period in the prior year, the business posted $0.89 EPS. Analysts expect that Agree Realty Co. will post 3.88 EPS for the current year.

Agree Realty Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be given a $0.234 dividend. The ex-dividend date of this dividend is Thursday, September 29th. This represents a $2.81 annualized dividend and a dividend yield of 3.87%. Agree Realty’s dividend payout ratio (DPR) is presently 148.68%.

Analysts Set New Price Targets

Several research analysts recently weighed in on ADC shares. Credit Suisse Group began coverage on shares of Agree Realty in a research report on Wednesday, June 22nd. They issued an “outperform” rating and a $78.00 price objective on the stock. JMP Securities increased their price objective on Agree Realty from $81.00 to $82.00 and gave the company a “market outperform” rating in a research note on Wednesday, August 3rd. Bank of America raised Agree Realty from a “neutral” rating to a “buy” rating and raised their price target for the stock from $76.00 to $78.00 in a research note on Thursday, June 2nd. Morgan Stanley increased their price objective on Agree Realty from $75.00 to $77.00 and gave the stock an “overweight” rating in a report on Tuesday, July 12th. Finally, Truist Financial raised their price target on Agree Realty from $77.00 to $84.00 and gave the company a “buy” rating in a report on Monday, August 22nd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $79.86.

About Agree Realty

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Agree Realty Corporation is a publicly traded real estate investment trust primarily engaged in the acquisition and development of properties net leased to industry-leading retail tenants. As of September 30, 2020, the Company owned and operated a portfolio of 1,027 properties, located in 45 states and containing approximately 21.0 million square feet of gross leasable area.

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Institutional Ownership by Quarter for Agree Realty (NYSE:ADC)

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