Vestcor Inc Acquires New Shares in Agree Realty Co. (NYSE:ADC)

Vestcor Inc bought a new position in Agree Realty Co. (NYSE:ADC) in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 1,480 shares of the real estate investment trust’s stock, valued at approximately $111,000.

Other large investors have also recently bought and sold shares of the company. Barclays PLC grew its holdings in shares of Agree Realty by 129.4% during the third quarter. Barclays PLC now owns 239,783 shares of the real estate investment trust’s stock worth $18,062,000 after purchasing an additional 135,274 shares during the last quarter. Nomura Asset Management Co. Ltd. grew its holdings in Agree Realty by 2.3% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 132,880 shares of the real estate investment trust’s stock worth $10,010,000 after acquiring an additional 2,930 shares during the last quarter. XTX Topco Ltd acquired a new position in Agree Realty in the 3rd quarter valued at approximately $901,000. EP Wealth Advisors LLC bought a new position in shares of Agree Realty during the third quarter valued at $294,000. Finally, Jane Street Group LLC lifted its holdings in shares of Agree Realty by 833.5% during the third quarter. Jane Street Group LLC now owns 100,958 shares of the real estate investment trust’s stock worth $7,605,000 after purchasing an additional 90,143 shares during the period. 97.83% of the stock is currently owned by institutional investors.

Agree Realty Price Performance

Shares of NYSE ADC opened at $74.67 on Friday. The firm has a market capitalization of $7.73 billion, a P/E ratio of 41.25, a P/E/G ratio of 3.66 and a beta of 0.62. The firm’s 50-day moving average price is $75.23 and its 200-day moving average price is $70.76. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. Agree Realty Co. has a 1-year low of $54.28 and a 1-year high of $78.39.

Agree Realty (NYSE:ADC) last posted its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The firm had revenue of $154.33 million for the quarter, compared to analyst estimates of $152.83 million. During the same period last year, the company posted $1.00 earnings per share. The firm’s quarterly revenue was up 12.8% compared to the same quarter last year. Equities research analysts anticipate that Agree Realty Co. will post 4.12 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a $0.253 dividend. This represents a $3.04 annualized dividend and a yield of 4.07%. The ex-dividend date is Tuesday, December 31st. Agree Realty’s payout ratio is currently 167.96%.

Analyst Ratings Changes

A number of analysts recently weighed in on the company. Wells Fargo & Company decreased their price objective on Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a report on Monday, November 4th. Mizuho raised their price objective on Agree Realty from $75.00 to $80.00 and gave the stock a “neutral” rating in a research report on Thursday, November 14th. Deutsche Bank Aktiengesellschaft initiated coverage on Agree Realty in a report on Wednesday. They issued a “buy” rating and a $88.00 target price on the stock. Raymond James raised their price target on shares of 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 lowered shares of Agree Realty from a “hold” rating to a “sell” rating in a research note on Monday, December 9th. One analyst has rated the stock with a sell rating, two have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $78.18.

Agree Realty 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.