Ontario Teachers Pension Plan Board Takes $255,000 Position in Agree Realty Co. (NYSE:ADC)

Ontario Teachers Pension Plan Board purchased a new position in Agree Realty Co. (NYSE:ADC) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 3,388 shares of the real estate investment trust’s stock, valued at approximately $255,000.

A number of other large investors also recently bought and sold shares of ADC. MCF Advisors LLC purchased a new position in shares of Agree Realty during the second quarter valued at approximately $26,000. Massmutual Trust Co. FSB ADV raised its stake in Agree Realty by 248.3% during the second quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock valued at $38,000 after buying an additional 442 shares during the last quarter. UMB Bank n.a. boosted its holdings in Agree Realty by 44.5% in the third quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock worth $73,000 after acquiring an additional 299 shares in the last quarter. Arcadia Investment Management Corp MI purchased a new stake in shares of Agree Realty in the third quarter worth $75,000. Finally, Headlands Technologies LLC increased its holdings in shares of Agree Realty by 232.0% during the second quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock valued at $71,000 after acquiring an additional 798 shares in the last quarter. 97.83% of the stock is owned by hedge funds and other institutional investors.

Agree Realty Trading Down 0.9 %

Agree Realty stock opened at $76.42 on Friday. The business has a 50-day simple moving average of $75.10 and a two-hundred day simple moving average of $69.01. Agree Realty Co. has a 52-week low of $54.28 and a 52-week high of $77.58. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52. The company has a market cap of $7.91 billion, a P/E ratio of 42.22, a P/E/G ratio of 3.14 and a beta of 0.61.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.61). Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The business had revenue of $154.33 million during the quarter, compared to the consensus estimate of $152.83 million. During the same quarter in the previous year, the business posted $1.00 earnings per share. The firm’s revenue was up 12.8% on a year-over-year basis. Analysts predict that Agree Realty Co. will post 4.12 EPS for the current year.

Agree Realty Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be issued a dividend of $0.253 per share. This represents a $3.04 annualized dividend and a yield of 3.97%. The ex-dividend date is Friday, November 29th. Agree Realty’s dividend payout ratio is presently 167.96%.

Wall Street Analyst Weigh In

Several analysts recently commented on ADC shares. Truist Financial increased their price objective on shares of Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. UBS Group raised their price target on shares of Agree Realty from $77.00 to $79.00 and gave the company a “neutral” rating in a research report on Thursday, November 14th. BTIG Research upped their price objective on Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a research report on Monday, August 12th. Raymond James lifted their target price on Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a report on Wednesday, August 21st. Finally, StockNews.com raised Agree Realty from a “sell” rating to a “hold” rating in a report on Friday. Four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $75.73.

Agree Realty Company 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.