Agree Realty Co. (NYSE:ADC) Shares Purchased by Quantinno Capital Management LP

Quantinno Capital Management LP raised its holdings in Agree Realty Co. (NYSE:ADC) by 23.9% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 6,015 shares of the real estate investment trust’s stock after acquiring an additional 1,160 shares during the period. Quantinno Capital Management LP’s holdings in Agree Realty were worth $453,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in ADC. FMR LLC increased its stake in Agree Realty by 729.3% in the third quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust’s stock valued at $168,648,000 after purchasing an additional 1,968,811 shares during the last quarter. Pathway Financial Advisers LLC increased its stake in shares of Agree Realty by 9,118.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 1,227,756 shares of the real estate investment trust’s stock valued at $92,487,000 after acquiring an additional 1,214,437 shares during the last quarter. Daiwa Securities Group Inc. lifted its holdings in shares of 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 acquiring an additional 650,921 shares during the period. Lighthouse Investment Partners LLC acquired a new stake in shares of Agree Realty in the second quarter worth approximately $25,086,000. Finally, American Century Companies Inc. increased its position in Agree Realty by 84.0% during the second quarter. American Century Companies Inc. now owns 683,289 shares of the real estate investment trust’s stock worth $42,323,000 after purchasing an additional 311,979 shares during the last quarter. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Price Performance

ADC opened at $74.66 on Friday. Agree Realty Co. has a twelve month low of $54.28 and a twelve month high of $78.39. The firm has a market cap of $7.73 billion, a price-to-earnings ratio of 41.25, a PEG ratio of 3.66 and a beta of 0.62. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. The company has a fifty day simple moving average of $75.23 and a 200 day simple moving average of $70.84.

Agree Realty (NYSE:ADC) last announced its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.61). The business had revenue of $154.33 million for the quarter, compared to analyst estimates of $152.83 million. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The firm’s revenue was up 12.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.00 earnings per share. Equities research analysts expect that Agree Realty Co. will post 4.12 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a dividend of $0.253 per share. This represents a $3.04 annualized dividend and a dividend yield of 4.07%. The ex-dividend date of this dividend is Tuesday, December 31st. Agree Realty’s dividend payout ratio (DPR) is currently 167.96%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on ADC shares. Mizuho lifted their price target on shares of Agree Realty from $75.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. BTIG Research boosted their price target on Agree Realty from $74.00 to $78.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Raymond James upped their price target on Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, August 21st. Royal Bank of Canada lifted their price objective on Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Finally, KeyCorp increased their target price on shares of Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. One analyst has rated the stock with a sell rating, two have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $78.18.

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.