Oregon Public Employees Retirement Fund reduced stock position in Agree Realty Co. (NYSE:ADC)

VaselineSeptember 9, 2024

0 4 minutes read

Oregon Public Employees Pension Fund reduced its holdings in Agree Realty Co. (NYSE:ADC – Free Report) by 16.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,834 shares of the real estate investment trust’s stock after selling 4,000 shares during the period. Oregon Public Employees Retirement Fund’s holdings in Agree Realty were worth $1,290,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Capital Square LLC boosted its stake in Agree Realty by 1.0% in the second quarter. Capital Square LLC now owns 17,995 shares of the real estate investment trust’s stock worth $1,193,000 after buying an additional 179 shares in the last quarter. Natixis Advisors LLC lifted its position in shares of Agree Realty by 109.8% during the 2nd quarter. Natixis Advisors LLC now owns 87,703 shares of the real estate investment trust’s stock worth $5,432,000 after buying an additional 45,896 shares. shares in the last quarter. Aptus Capital Advisors LLC boosted its holdings in shares of Agree Realty by 24.8% in the 2nd quarter. Aptus Capital Advisors LLC now owns 45,259 shares of the real estate investment trust’s stock valued at $2,803,000 after buying an additional 8,992 shares in the last quarter. Nicola Wealth Management LTD. boosted its holdings in shares of Agree Realty by 30.4% in the second quarter. Nicola Wealth Management LTD. now owns 21,000 shares of the real estate investment trust’s stock valued at $1,301,000 after buying an additional 4,900 shares during the last quarter. Finally, Commonwealth Equity Services LLC raised its position in shares of Agree Realty by 3.2% in the second quarter. Commonwealth Equity Services LLC now owns 6,895 shares of the real estate investment trust’s stock valued at $427,000 after purchasing an additional 216 shares in the last quarter. 97.83% of shares are owned by hedge funds and other institutional investors.

Agree on a 0.2% rise in housing stock

Shares of ADC stock opened at $75.04 on Monday. The stock has a market cap of $7.55 billion, a PE ratio of 44.14, a price-to-earnings-growth ratio of 2.44 and a beta of 0.61. The company has a fifty day moving average of $69.15 and a 200 day moving average of $62.17. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.79, and a current ratio of 0.79. Agree Realty Co. has a one year low of $52.69 and a one year high of $75.55.

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Agree Realty (NYSE:ADC – Get Free Report ) last announced its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.51). Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The firm had revenue of $152.58 million during the quarter, compared to analyst estimates of $150.35 million. In the same quarter last year, the business earned $0.98 EPS. Agree Realty’s revenue for the quarter was up 17.5% year over year. As a group, analysts expect Agree Realty Co. to post 4.12 EPS for the current year.

Agree Realty Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Monday, September 16th. Investors of record on Friday, August 30th will be issued a dividend of $0.25 per share. This represents a dividend of $3.00 on an annualized basis and a yield of 4.00%. The ex-dividend date of this dividend is Friday, August 30. Agree Realty’s dividend payout ratio is currently 176.47%.

Analysts set new price targets

Several equities analysts have issued reports on the stock. Raymond James upped their price objective on shares of Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research note on Wednesday, August 21st. Royal Bank of Canada upped their price target on Agree Realty from $63.00 to $70.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. UBS Group lifted their price target on Agree Realty from $60.00 to $67.00 and gave the stock a “neutral” rating in a research report on Thursday, July 18th. Truist Financial boosted their price target on shares of Agree Realty from $68.00 to $77.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Finally, Wells Fargo & Company raised their target price on shares of Agree Realty from $75.00 to $77.00 and gave the company an “overweight” rating in a report on Monday, August 26th. Five research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Agree Realty currently has an average rating of “Moderate Buy” and an average price target of $70.42.

Read the latest stock analysis on ADC

Agree Realty Company Profile

(Free report)

Agree Realty Corporation is a publicly traded real estate investment trust that is REINVENTING RETAIL through the acquisition and development of net leased properties to industry-leading multi-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.