State of New Jersey Common Pension Fund D Has $18.80 Million Holdings in Agree Realty Co. (NYSE:ADC)

State of New Jersey Common Pension Fund D reduced its holdings in Agree Realty Co. (NYSE:ADC) by 32.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 303,537 shares of the real estate investment trust’s stock after selling 148,048 shares during the quarter. State of New Jersey Common Pension Fund D owned approximately 0.30% of Agree Realty worth $18,801,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of ADC. Long Pond Capital LP boosted its holdings in shares of Agree Realty by 489.8% in the 1st quarter. Long Pond Capital LP now owns 2,868,640 shares of the real estate investment trust’s stock worth $163,857,000 after acquiring an additional 2,382,252 shares in the last quarter. Norges Bank acquired a new position in shares of Agree Realty in the 4th quarter worth approximately $71,409,000. PGGM Investments acquired a new position in Agree Realty during the 2nd quarter worth $70,225,000. Daiwa Securities Group Inc. lifted its holdings in Agree Realty by 55.9% during the 2nd quarter. Daiwa Securities Group Inc. now owns 1,815,511 shares of the real estate investment trust’s stock worth $112,453,000 after buying an additional 650,921 shares in the last quarter. Finally, Leeward Investments LLC MA acquired a new position in Agree Realty during the 2nd quarter worth $30,306,000. 97.83% of the stock is owned by institutional investors and hedge funds.

Agree Realty Price Performance

ADC opened at $75.92 on Friday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.54. Agree Realty Co. has a 12 month low of $52.69 and a 12 month high of $77.14. The company has a fifty day simple moving average of $70.02 and a 200 day simple moving average of $62.53. The stock has a market cap of $7.64 billion, a P/E ratio of 44.66, a P/E/G ratio of 2.51 and a beta of 0.61.

Agree Realty (NYSE:ADC) last released 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 the consensus estimate of $150.35 million. During the same quarter in the prior year, the company earned $0.98 EPS. Agree Realty’s quarterly revenue was up 17.5% on a year-over-year basis. On average, research analysts expect that Agree Realty Co. will post 4.12 EPS for the current year.

Agree Realty Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a $0.25 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.95%. The ex-dividend date is Monday, September 30th. Agree Realty’s dividend payout ratio is currently 176.47%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Truist Financial upped their price objective on Agree Realty from $68.00 to $77.00 and gave the stock a “buy” rating in a report on Monday, August 5th. UBS Group upped their price objective on Agree Realty from $60.00 to $67.00 and gave the stock a “neutral” rating in a report on Thursday, July 18th. BTIG Research upped their price objective on Agree Realty from $65.00 to $74.00 and gave the stock a “buy” rating in a report on Monday, August 12th. Raymond James upped their price objective 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 upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a research report on Tuesday, June 11th. Five research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $70.42.

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.