Teacher Retirement System of Texas raised its stake in shares of Agree Realty Co. (NYSE:ADC – Get Rating) by 48.9% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 16,507 shares of the real estate investment trust's stock after buying an additional 5,423 shares during the quarter. Teacher Retirement System of Texas' holdings in Agree Realty were worth $1,116,000 at the end of the most recent reporting period.
A number of other hedge funds have also added to or reduced their stakes in the stock. Victory Capital Management Inc. grew its holdings in Agree Realty by 31.9% during the 3rd quarter. Victory Capital Management Inc. now owns 27,370 shares of the real estate investment trust's stock valued at $1,850,000 after buying an additional 6,627 shares in the last quarter. Oregon Public Employees Retirement Fund grew its holdings in Agree Realty by 13.7% during the 3rd quarter. Oregon Public Employees Retirement Fund now owns 26,470 shares of the real estate investment trust's stock valued at $1,789,000 after buying an additional 3,188 shares in the last quarter. Crossmark Global Holdings Inc. grew its holdings in shares of Agree Realty by 6.8% during the third quarter. Crossmark Global Holdings Inc. now owns 7,110 shares of the real estate investment trust's stock worth $480,000 after purchasing an additional 450 shares in the last quarter. Brinker Capital Investments LLC grew its holdings in shares of Agree Realty by 35.4% during the third quarter. Brinker Capital Investments LLC now owns 32,106 shares of the real estate investment trust's stock worth $2,170,000 after purchasing an additional 8,398 shares in the last quarter. Finally, Great West Life Assurance Co. Can purchased a new position in shares of Agree Realty during the third quarter worth about $10,920,000.
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Agree Realty Stock Performance
Shares of ADC stock opened at $74.63 on Wednesday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 2.98 and a current ratio of 2.98. Agree Realty Co. has a fifty-two week low of $61.62 and a fifty-two week high of $80.44. The stock has a 50 day moving average price of $71.85 and a two-hundred day moving average price of $72.04. The company has a market capitalization of $6.61 billion, a P/E ratio of 40.78, a PEG ratio of 3.09 and a beta of 0.43.
Agree Realty Announces Dividend
The business also recently disclosed a monthly dividend, which will be paid on Tuesday, February 14th. Shareholders of record on Tuesday, January 31st will be given a $0.24 dividend. The ex-dividend date of this dividend is Monday, January 30th. This represents a $2.88 annualized dividend and a yield of 3.86%. Agree Realty's payout ratio is currently 157.38%.
Wall Street Analysts Forecast Growth
Several research analysts have recently commented on ADC shares. JMP Securities cut their price objective on Agree Realty from $82.00 to $75.00 and set a "market outperform" rating for the company in a report on Tuesday, October 18th. Morgan Stanley cut their price objective on Agree Realty from $77.00 to $73.00 and set an "overweight" rating for the company in a report on Wednesday, November 2nd. Raymond James boosted their price objective on Agree Realty from $80.00 to $81.00 and gave the stock a "strong-buy" rating in a report on Monday, January 9th. Mizuho boosted their target price on Agree Realty from $68.00 to $73.00 in a research report on Thursday, December 8th. Finally, Truist Financial dropped their target price on Agree Realty from $84.00 to $80.00 and set a "buy" rating for the company in a research report on Friday, December 2nd. One investment analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $78.50.
Insider Buying and Selling at Agree Realty
In related news, COO Craig Erlich acquired 4,898 shares of the stock in a transaction on Thursday, December 29th. The stock was purchased at an average price of $16.25 per share, for a total transaction of $79,592.50. Following the completion of the transaction, the chief operating officer now owns 4,898 shares of the company's stock, valued at approximately $79,592.50. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, COO Craig Erlich acquired 4,898 shares of the stock in a transaction on Thursday, December 29th. The stock was purchased at an average price of $16.25 per share, for a total transaction of $79,592.50. Following the completion of the transaction, the chief operating officer now owns 4,898 shares of the company's stock, valued at approximately $79,592.50. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director John Rakolta, Jr. acquired 11,000 shares of the stock in a transaction on Wednesday, December 21st. The stock was bought at an average price of $71.38 per share, with a total value of $785,180.00. Following the transaction, the director now directly owns 268,816 shares of the company's stock, valued at approximately $19,188,086.08. The disclosure for this purchase can be found here. Corporate insiders own 2.00% of the company's stock.
About Agree Realty
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Agree Realty Corp. is a real estate investment trust, which focuses on the ownership, development, acquisition, and management of retail properties net leased to national tenants. It specializes in acquiring and developing net leased retail properties for retail tenants. The company was founded by Richard Agree in 1971 and is headquartered in Bloomfield Hills, MI.
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