Quantbot Technologies LP Takes Position in Agree Realty Co. (NYSE:ADC)

Quantbot Technologies LP bought a new position in Agree Realty Co. (NYSE:ADC) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 39,913 shares of the real estate investment trust’s stock, valued at approximately $2,280,000.

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of Agree Realty by 3.4% in the fourth quarter. Vanguard Group Inc. now owns 14,222,246 shares of the real estate investment trust’s stock worth $895,290,000 after buying an additional 462,828 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of Agree Realty by 12.1% in the fourth quarter. Principal Financial Group Inc. now owns 6,660,665 shares of the real estate investment trust’s stock worth $419,289,000 after purchasing an additional 719,430 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Agree Realty by 7.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,481,375 shares of the real estate investment trust’s stock worth $93,253,000 after purchasing an additional 105,461 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Agree Realty by 4.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,409,253 shares of the real estate investment trust’s stock worth $88,714,000 after buying an additional 61,020 shares during the period. Finally, Daiwa Securities Group Inc. lifted its holdings in shares of Agree Realty by 1.8% during the fourth quarter. Daiwa Securities Group Inc. now owns 1,177,543 shares of the real estate investment trust’s stock worth $74,127,000 after buying an additional 21,254 shares during the last quarter. Institutional investors own 97.83% of the company’s stock.

Insider Buying and Selling at Agree Realty

In other Agree Realty news, Director Greg Lehmkuhl purchased 1,000 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The stock was purchased at an average cost of $58.99 per share, with a total value of $58,990.00. Following the acquisition, the director now directly owns 23,036 shares of the company’s stock, valued at approximately $1,358,893.64. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 1.80% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Mizuho boosted their target price on shares of Agree Realty from $60.00 to $62.00 and gave the stock a “neutral” rating in a research report on Friday, May 10th. StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a research report on Tuesday, June 11th. KeyCorp started coverage on Agree Realty in a research report on Wednesday, June 12th. They set an “overweight” rating and a $68.00 target price on the stock. Finally, UBS Group initiated coverage on Agree Realty in a report on Friday, May 31st. They issued a “neutral” rating and a $60.00 price target for the company. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $65.50.

Agree Realty Price Performance

NYSE:ADC traded up $0.40 during trading hours on Friday, reaching $64.16. The company had a trading volume of 783,151 shares, compared to its average volume of 929,226. The firm has a market capitalization of $6.46 billion, a PE ratio of 37.74, a PEG ratio of 2.45 and a beta of 0.58. The stock has a 50-day moving average of $60.86 and a two-hundred day moving average of $59.25. Agree Realty Co. has a one year low of $52.69 and a one year high of $69.26. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.50.

Agree Realty Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Wednesday, August 14th. Investors of record on Wednesday, July 31st will be issued a dividend of $0.25 per share. This represents a $3.00 annualized dividend and a yield of 4.68%. The ex-dividend date is Wednesday, July 31st. Agree Realty’s dividend payout ratio is currently 176.47%.

Agree Realty Company 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.