Quest Partners LLC Sells 20,070 Shares of Agree Realty Co. (NYSE:ADC)

Quest Partners LLC lessened its position in Agree Realty Co. (NYSE:ADC) by 86.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,178 shares of the real estate investment trust’s stock after selling 20,070 shares during the period. Quest Partners LLC’s holdings in Agree Realty were worth $197,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Savant Capital LLC acquired a new position in Agree Realty during the second quarter worth approximately $1,364,000. Arizona State Retirement System boosted its stake in shares of Agree Realty by 2.0% during the 2nd quarter. Arizona State Retirement System now owns 28,170 shares of the real estate investment trust’s stock worth $1,745,000 after acquiring an additional 545 shares during the period. MCF Advisors LLC acquired a new position in shares of Agree Realty during the 2nd quarter worth approximately $26,000. Mesirow Institutional Investment Management Inc. raised its stake in Agree Realty by 0.9% in the 2nd quarter. Mesirow Institutional Investment Management Inc. now owns 285,732 shares of the real estate investment trust’s stock valued at $17,698,000 after acquiring an additional 2,556 shares during the period. Finally, Capital Square LLC lifted its holdings in Agree Realty by 1.0% during the 2nd quarter. Capital Square LLC now owns 17,995 shares of the real estate investment trust’s stock valued at $1,193,000 after purchasing an additional 179 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Agree Realty Stock Up 1.1 %

Shares of NYSE ADC opened at $76.69 on Monday. Agree Realty Co. has a 52 week low of $52.69 and a 52 week high of $77.14. The stock’s fifty day moving average is $70.58 and its 200 day moving average is $62.87. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.79 and a current ratio of 0.79. The stock has a market capitalization of $7.72 billion, a P/E ratio of 45.11, a PEG ratio of 2.54 and a beta of 0.61.

Agree Realty (NYSE:ADC) last issued its earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 EPS for the quarter, missing the consensus estimate of $1.03 by ($0.51). The firm had revenue of $152.58 million during the quarter, compared to analyst estimates of $150.35 million. Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. Agree Realty’s quarterly revenue was up 17.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.98 earnings per share. Sell-side analysts forecast that Agree Realty Co. will post 4.11 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be issued a $0.25 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.91%. The ex-dividend date is Monday, September 30th. Agree Realty’s dividend payout ratio is presently 176.47%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Stifel Nicolaus increased 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. Royal Bank of Canada raised their price objective on shares of Agree Realty from $63.00 to $70.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Truist Financial boosted 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. StockNews.com upgraded Agree Realty from a “sell” rating to a “hold” rating in a research note on Tuesday, June 11th. Finally, UBS Group boosted their price target on Agree Realty from $60.00 to $67.00 and gave the company a “neutral” rating in a research note on Thursday, July 18th. Five analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $70.42.

About Agree Realty

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.