MQS Management LLC Purchases New Position in Agree Realty Co. (NYSE:ADC)

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

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Robert W. Baird upped their target price on shares of Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Truist Financial upped their price target on Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. UBS Group lifted their price objective on shares of Agree Realty from $72.00 to $77.00 and gave the company a “neutral” rating in a research report on Wednesday, October 16th. KeyCorp raised their target price on shares of Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, October 4th. Finally, Stifel Nicolaus boosted their price target on shares of Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $74.19.

Agree Realty Stock Performance

NYSE ADC opened at $76.22 on Wednesday. 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 market capitalization of $7.89 billion, a PE ratio of 42.11, a price-to-earnings-growth ratio of 2.55 and a beta of 0.61. The business’s 50-day moving average price is $74.95 and its 200 day moving average price is $68.24. Agree Realty Co. has a twelve month low of $54.28 and a twelve month high of $77.47.

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

Agree Realty Increases Dividend

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

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.