MQS Management LLC Acquires Shares of 9,068 Agree Realty Co. (NYSE:ADC)

MQS Management LLC bought a new position in Agree Realty Co. (NYSE:ADC) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 9,068 shares of the real estate investment trust’s stock, valued at approximately $683,000.

A number of other large investors have also modified their holdings of ADC. MCF Advisors LLC purchased a new position in Agree Realty in the 2nd quarter worth approximately $26,000. Massmutual Trust Co. FSB ADV lifted its position in shares of Agree Realty by 248.3% during the second quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 442 shares in the last quarter. UMB Bank n.a. boosted its stake in shares of Agree Realty by 44.5% in the third quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock valued at $73,000 after purchasing an additional 299 shares during the period. Arcadia Investment Management Corp MI acquired a new stake in Agree Realty during the 3rd quarter valued at $75,000. Finally, Headlands Technologies LLC increased its stake in Agree Realty by 232.0% during the 2nd quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock worth $71,000 after buying an additional 798 shares during the period. Institutional investors and hedge funds own 97.83% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on ADC shares. Stifel Nicolaus upped their price objective on shares of Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a research report on Wednesday, July 24th. KeyCorp raised their price objective on Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, October 4th. Robert W. Baird upped their target price on Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Royal Bank of Canada raised their price target on shares of Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Finally, Truist Financial lifted their price target on shares of Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Agree Realty has an average rating of “Moderate Buy” and a consensus price target of $74.19.

Agree Realty Price Performance

Shares of ADC opened at $76.22 on Wednesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66. The company has a market cap of $7.89 billion, a P/E ratio of 42.11, a PEG ratio of 2.55 and a beta of 0.61. Agree Realty Co. has a 12 month low of $54.28 and a 12 month high of $77.47. The stock has a fifty day moving average price of $74.95 and a 200 day moving average price of $68.24.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS for the quarter, missing the consensus estimate of $1.03 by ($0.61). The firm had revenue of $154.33 million for the quarter, compared to the consensus estimate of $152.83 million. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The firm’s revenue was up 12.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.00 EPS. On average, research analysts forecast that Agree Realty Co. will post 4.11 earnings per share for the current year.

Agree Realty Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be issued a $0.253 dividend. The ex-dividend date is Thursday, October 31st. This represents a $3.04 annualized dividend and a yield of 3.98%. This is an increase from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s dividend payout ratio is presently 167.96%.

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.