Louisiana State Employees Retirement System Grows Position in Agree Realty Corporation $ADC

Louisiana State Employees Retirement System boosted its stake in shares of Agree Realty Corporation (NYSE:ADC) by 3.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 30,900 shares of the real estate investment trust’s stock after purchasing an additional 900 shares during the period. Louisiana State Employees Retirement System’s holdings in Agree Realty were worth $2,258,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in Agree Realty by 2.5% during the 1st quarter. Vanguard Group Inc. now owns 14,913,633 shares of the real estate investment trust’s stock worth $1,151,183,000 after purchasing an additional 363,681 shares during the last quarter. Centersquare Investment Management LLC grew its position in Agree Realty by 10.7% during the 1st quarter. Centersquare Investment Management LLC now owns 2,431,960 shares of the real estate investment trust’s stock worth $187,723,000 after purchasing an additional 234,641 shares during the last quarter. JPMorgan Chase & Co. grew its position in Agree Realty by 17.8% during the 1st quarter. JPMorgan Chase & Co. now owns 2,338,219 shares of the real estate investment trust’s stock worth $180,487,000 after purchasing an additional 353,884 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Agree Realty by 3.0% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,695,297 shares of the real estate investment trust’s stock worth $130,860,000 after purchasing an additional 49,645 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Agree Realty by 2.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,581,170 shares of the real estate investment trust’s stock worth $122,049,000 after purchasing an additional 31,030 shares during the last quarter. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Performance

ADC opened at $72.09 on Friday. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.71 and a quick ratio of 0.71. The firm has a fifty day moving average price of $72.20 and a 200 day moving average price of $73.71. Agree Realty Corporation has a 1 year low of $67.58 and a 1 year high of $79.65. The stock has a market cap of $7.98 billion, a P/E ratio of 42.91, a P/E/G ratio of 2.30 and a beta of 0.55.

Agree Realty (NYSE:ADC) last posted its earnings results on Thursday, July 31st. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.01. Agree Realty had a net margin of 28.16% and a return on equity of 3.47%. The firm had revenue of $175.53 million during the quarter, compared to analysts’ expectations of $173.95 million. During the same period in the previous year, the business posted $1.04 EPS. The business’s revenue was up 15.0% compared to the same quarter last year. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. Equities research analysts anticipate that Agree Realty Corporation will post 4.27 earnings per share for the current year.

Agree Realty Dividend Announcement

The company also recently announced a sep 25 dividend, which will be paid on Tuesday, October 14th. Investors of record on Tuesday, September 30th will be paid a $0.256 dividend. This represents a dividend yield of 432.0%. The ex-dividend date is Tuesday, September 30th. Agree Realty’s payout ratio is currently 182.74%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ADC. Barclays dropped their target price on shares of Agree Realty from $78.00 to $77.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 20th. Morgan Stanley downgraded shares of Agree Realty from an “overweight” rating to an “equal weight” rating and set a $75.00 price objective on the stock. in a report on Friday, July 11th. JMP Securities reaffirmed a “market perform” rating on shares of Agree Realty in a report on Monday, June 30th. Mizuho dropped their price objective on shares of Agree Realty from $78.00 to $77.00 and set a “neutral” rating on the stock in a report on Thursday, September 11th. Finally, Truist Financial set a $84.00 price objective on shares of Agree Realty in a report on Friday, August 8th. Eight research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $80.63.

Insider Activity

In other news, insider Craig Erlich bought 360 shares of the firm’s stock in a transaction that occurred on Friday, October 3rd. The stock was purchased at an average cost of $70.84 per share, for a total transaction of $25,502.40. Following the purchase, the insider directly owned 52,846 shares in the company, valued at approximately $3,743,610.64. This trade represents a 0.69% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Joey Agree acquired 4,108 shares of Agree Realty stock in a transaction on Wednesday, August 13th. The shares were bought at an average price of $72.15 per share, with a total value of $296,392.20. Following the completion of the transaction, the chief executive officer directly owned 633,060 shares of the company’s stock, valued at $45,675,279. This trade represents a 0.65% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 36,742 shares of company stock valued at $2,601,704. 1.80% of the stock is currently owned by company insiders.

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.