MQS Management LLC Purchases Shares of 8,085 Agree Realty Co. (NYSE:ADC)

MQS Management LLC purchased a new stake in Agree Realty Co. (NYSE:ADC) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 8,085 shares of the real estate investment trust’s stock, valued at approximately $462,000.

Several other large investors have also recently added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. lifted its position in shares of Agree Realty by 210.1% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 57,925 shares of the real estate investment trust’s stock worth $3,646,000 after buying an additional 39,243 shares during the period. Pacer Advisors Inc. raised its stake in Agree Realty by 148.2% during the fourth quarter. Pacer Advisors Inc. now owns 20,096 shares of the real estate investment trust’s stock worth $1,265,000 after acquiring an additional 12,000 shares in the last quarter. Jamison Private Wealth Management Inc. raised its stake in Agree Realty by 96.6% during the fourth quarter. Jamison Private Wealth Management Inc. now owns 741 shares of the real estate investment trust’s stock worth $47,000 after acquiring an additional 364 shares in the last quarter. Blue Trust Inc. raised its stake in Agree Realty by 42.0% during the fourth quarter. Blue Trust Inc. now owns 1,255 shares of the real estate investment trust’s stock worth $79,000 after acquiring an additional 371 shares in the last quarter. Finally, State of Alaska Department of Revenue raised its stake in Agree Realty by 4.3% during the fourth quarter. State of Alaska Department of Revenue now owns 57,804 shares of the real estate investment trust’s stock worth $3,637,000 after acquiring an additional 2,382 shares in the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. UBS Group raised their price objective on shares of Agree Realty from $60.00 to $67.00 and gave the stock a “neutral” rating in a report on Thursday, July 18th. Royal Bank of Canada increased their price target on shares of Agree Realty from $63.00 to $70.00 and gave the company an “outperform” rating in a research note on Thursday. StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a research note on Tuesday, June 11th. Mizuho raised their price objective on shares of Agree Realty from $60.00 to $62.00 and gave the company a “neutral” rating in a research note on Friday, May 10th. Finally, Stifel Nicolaus raised their price objective on shares of Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a research note on Wednesday. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $66.95.

Agree Realty Stock Performance

NYSE ADC traded up $0.06 during trading on Thursday, reaching $67.91. The company’s stock had a trading volume of 1,074,481 shares, compared to its average volume of 933,969. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.50. The firm has a market capitalization of $6.83 billion, a price-to-earnings ratio of 39.95, a price-to-earnings-growth ratio of 2.65 and a beta of 0.58. Agree Realty Co. has a 12 month low of $52.69 and a 12 month high of $69.26. The firm has a 50 day moving average price of $62.13 and a 200 day moving average price of $59.47.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.51). The business had revenue of $152.58 million during the quarter, compared to the consensus estimate of $150.35 million. Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The business’s revenue for the quarter was up 17.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.98 EPS. As a group, equities analysts anticipate that Agree Realty Co. will post 4.12 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Wednesday, August 14th. Shareholders of record on Wednesday, July 31st will be issued a $0.25 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 4.42%. The ex-dividend date is Wednesday, July 31st. Agree Realty’s dividend payout ratio is currently 176.47%.

Insider Buying and Selling at Agree Realty

In other news, Director Greg Lehmkuhl bought 1,000 shares of the company’s stock in a transaction dated Thursday, May 23rd. The stock was bought at an average cost of $58.99 per share, for a total transaction of $58,990.00. Following the transaction, the director now owns 23,036 shares of the company’s stock, valued at $1,358,893.64. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 1.80% of the company’s stock.

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.