Agree Realty Co. (NYSE:ADC) Position Boosted by Quantinno Capital Management LP

Quantinno Capital Management LP boosted its position in Agree Realty Co. (NYSE:ADC) by 23.9% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 6,015 shares of the real estate investment trust’s stock after buying an additional 1,160 shares during the period. Quantinno Capital Management LP’s holdings in Agree Realty were worth $453,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. FMR LLC grew its position in shares of Agree Realty by 729.3% in the 3rd quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust’s stock worth $168,648,000 after acquiring an additional 1,968,811 shares in the last quarter. Pathway Financial Advisers LLC boosted its holdings in Agree Realty by 9,118.1% in the third quarter. Pathway Financial Advisers LLC now owns 1,227,756 shares of the real estate investment trust’s stock worth $92,487,000 after purchasing an additional 1,214,437 shares during the period. Daiwa Securities Group Inc. increased its stake in Agree Realty by 55.9% during the second quarter. Daiwa Securities Group Inc. now owns 1,815,511 shares of the real estate investment trust’s stock valued at $112,453,000 after purchasing an additional 650,921 shares during the last quarter. Lighthouse Investment Partners LLC acquired a new stake in shares of Agree Realty during the second quarter worth $25,086,000. Finally, American Century Companies Inc. lifted its position in shares of Agree Realty by 84.0% in the 2nd quarter. American Century Companies Inc. now owns 683,289 shares of the real estate investment trust’s stock worth $42,323,000 after buying an additional 311,979 shares during the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Agree Realty Stock Up 1.4 %

ADC stock opened at $74.66 on Friday. The firm’s 50-day moving average is $75.23 and its two-hundred day moving average is $70.84. The company has a market capitalization of $7.73 billion, a price-to-earnings ratio of 41.25, a price-to-earnings-growth ratio of 3.66 and a beta of 0.62. Agree Realty Co. has a 52 week low of $54.28 and a 52 week high of $78.39. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52.

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

Agree Realty Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on ADC shares. KeyCorp increased their price objective 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. Evercore ISI began coverage on Agree Realty in a research report on Thursday. They set an “outperform” rating and a $82.00 price target on the stock. BTIG Research boosted their price objective on Agree Realty from $74.00 to $78.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Mizuho increased their target price on Agree Realty from $75.00 to $80.00 and gave the stock a “neutral” rating in a research report on Thursday, November 14th. Finally, StockNews.com downgraded shares of Agree Realty from a “hold” rating to a “sell” rating in a report on Monday, December 9th. One research analyst has rated the stock with a sell rating, two have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price 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.