State of Michigan Retirement System Takes $1.54 Million Position in Agree Realty Co. (NYSE:ADC)

Posted by Defense World Staff on Jul 23rd, 2023

State of Michigan Retirement System bought a new stake in Agree Realty Co. (NYSE:ADC – Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 22,400 shares of the real estate investment trust’s stock, valued at approximately $1,537,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Arizona State Retirement System raised its stake in shares of Agree Realty by 13.9% in the first quarter. Arizona State Retirement System now owns 25,664 shares of the real estate investment trust’s stock valued at $1,761,000 after acquiring an additional 3,137 shares during the period. Ballentine Partners LLC bought a new position in shares of Agree Realty in the first quarter worth about $287,000. Securian Asset Management Inc. bought a new position in shares of Agree Realty in the first quarter worth about $553,000. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of Agree Realty by 16.4% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 821,176 shares of the real estate investment trust’s stock worth $56,341,000 after purchasing an additional 115,929 shares during the last quarter. Finally, Employees Retirement System of Texas grew its holdings in shares of Agree Realty by 178.7% in the first quarter. Employees Retirement System of Texas now owns 40,550 shares of the real estate investment trust’s stock worth $2,782,000 after purchasing an additional 26,000 shares during the last quarter.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. StockNews.com upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a report on Thursday, July 13th. Royal Bank of Canada restated an “outperform” rating and issued a $75.00 price target on shares of Agree Realty in a report on Thursday. Mizuho upgraded shares of Agree Realty from a “neutral” rating to a “buy” rating and set a $70.00 price target on the stock in a report on Thursday, June 22nd. Truist Financial dropped their target price on shares of Agree Realty from $80.00 to $77.00 in a report on Thursday, June 15th. Finally, Stifel Nicolaus dropped their target price on shares of Agree Realty from $77.50 to $76.00 in a report on Thursday, June 29th. Two analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Agree Realty has a consensus rating of “Moderate Buy” and a consensus target price of $76.33.

Agree Realty Stock Up 0.7 %

NYSE:ADC opened at $67.30 on Friday. Agree Realty Co. has a fifty-two week low of $63.34 and a fifty-two week high of $80.44. The stock has a market capitalization of $6.27 billion, a P/E ratio of 37.60, a P/E/G ratio of 3.15 and a beta of 0.46. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.72 and a current ratio of 0.72. The company’s 50-day simple moving average is $65.48 and its 200-day simple moving average is $68.48.

Agree Realty (NYSE:ADC – Get Free Report) last released its quarterly earnings results on Friday, May 5th. The real estate investment trust reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.52). Agree Realty had a net margin of 34.48% and a return on equity of 4.04%. The firm had revenue of $126.62 million during the quarter, compared to the consensus estimate of $124.55 million. During the same quarter in the prior year, the business posted $0.97 earnings per share. On average, equities analysts anticipate that Agree Realty Co. will post 3.95 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Monday, August 14th. Stockholders of record on Monday, July 31st will be issued a $0.243 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 4.33%. The ex-dividend date of this dividend is Friday, July 28th. Agree Realty’s dividend payout ratio is currently 162.57%.

Insider Activity

In other news, CFO Peter Coughenour purchased 500 shares of the stock in a transaction dated Friday, May 26th. The shares were acquired at an average cost of $64.25 per share, for a total transaction of $32,125.00. Following the acquisition, the chief financial officer now owns 6,043 shares of the company’s stock, valued at $388,262.75. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CFO Peter Coughenour acquired 500 shares of the firm’s stock in a transaction that occurred on Friday, May 26th. The stock was purchased at an average cost of $64.25 per share, with a total value of $32,125.00. Following the transaction, the chief financial officer now directly owns 6,043 shares of the company’s stock, valued at approximately $388,262.75. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John Rakolta, Jr. acquired 10,495 shares of the firm’s stock in a transaction that occurred on Monday, May 8th. The stock was bought at an average cost of $67.85 per share, with a total value of $712,085.75. Following the completion of the transaction, the director now directly owns 281,768 shares in the company, valued at $19,117,958.80. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 33,370 shares of company stock worth $2,215,776. Corporate insiders own 1.60% of the company’s stock.

Agree Realty 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 March 31, 2023, the Company owned and operated a portfolio of 1,908 properties, located in all 48 continental states and containing approximately 40.1 million square feet of gross leasable area.