California State Teachers Retirement System Sells 615 Shares of Agree Realty Co. (NYSE:ADC)

California State Teachers Retirement System trimmed its holdings in shares of Agree Realty Co. (NYSE:ADCFree Report) by 0.6% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 102,258 shares of the real estate investment trust’s stock after selling 615 shares during the quarter. California State Teachers Retirement System’s holdings in Agree Realty were worth $6,437,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of ADC. Norges Bank bought a new position in shares of Agree Realty during the 4th quarter worth approximately $71,409,000. Principal Financial Group Inc. lifted its holdings in shares of Agree Realty by 12.1% in the 4th quarter. Principal Financial Group Inc. now owns 6,660,665 shares of the real estate investment trust’s stock worth $419,289,000 after purchasing an additional 719,430 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Agree Realty by 3.4% in the 3rd quarter. Vanguard Group Inc. now owns 13,759,418 shares of the real estate investment trust’s stock worth $760,070,000 after purchasing an additional 452,798 shares in the last quarter. Mesirow Institutional Investment Management Inc. bought a new position in shares of Agree Realty in the 4th quarter worth $16,863,000. Finally, Invesco Ltd. lifted its holdings in shares of Agree Realty by 11.1% in the 3rd quarter. Invesco Ltd. now owns 2,158,567 shares of the real estate investment trust’s stock worth $119,239,000 after purchasing an additional 216,494 shares in the last quarter. 97.83% of the stock is currently owned by institutional investors.

Insider Activity

In other Agree Realty news, Director Greg Lehmkuhl bought 1,000 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The stock was purchased at an average cost of $58.99 per share, with a total value of $58,990.00. Following the transaction, the director now directly owns 23,036 shares in the company, valued at approximately $1,358,893.64. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 1.80% of the company’s stock.

Analysts Set New Price Targets

ADC has been the topic of a number of recent research reports. Mizuho increased their target price on Agree Realty from $60.00 to $62.00 and gave the stock a “neutral” rating in a report on Friday, May 10th. UBS Group initiated coverage on Agree Realty in a report on Friday, May 31st. They issued a “neutral” rating and a $60.00 target price on the stock. Truist Financial cut their target price on Agree Realty from $70.00 to $68.00 and set a “buy” rating on the stock in a report on Tuesday, February 27th. Stifel Nicolaus cut their target price on Agree Realty from $70.00 to $69.50 and set a “buy” rating on the stock in a report on Wednesday, February 14th. Finally, Wells Fargo & Company cut their target price on Agree Realty from $66.00 to $62.00 and set an “overweight” rating on the stock in a report on Tuesday, February 20th. One analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $65.25.

View Our Latest Report on Agree Realty

Agree Realty Trading Down 1.8 %

NYSE ADC opened at $60.07 on Tuesday. Agree Realty Co. has a 12 month low of $52.69 and a 12 month high of $69.26. The firm has a market capitalization of $6.04 billion, a P/E ratio of 35.34, a PEG ratio of 2.42 and a beta of 0.56. The business has a fifty day simple moving average of $58.59 and a 200 day simple moving average of $59.03. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.50.

Agree Realty Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, June 14th. Stockholders of record on Friday, May 31st will be given a dividend of $0.25 per share. This represents a $3.00 annualized dividend and a dividend yield of 4.99%. The ex-dividend date of this dividend is Friday, May 31st. Agree Realty’s dividend payout ratio is presently 176.47%.

Agree Realty Company Profile

(Free Report)

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.

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

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