MQS Management LLC Makes New Investment in Agree Realty Co. (NYSE:ADC)

MQS Management LLC bought a new stake in Agree Realty Co. (NYSE:ADC - Free Report) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 9,068 shares of the real estate investment trust's stock, valued at approximately $683,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Aptus Capital Advisors LLC raised its holdings in shares of Agree Realty by 15.6% in the third quarter. Aptus Capital Advisors LLC now owns 52,315 shares of the real estate investment trust's stock valued at $3,941,000 after buying an additional 7,056 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd raised its holdings in Agree Realty by 74.4% during the third quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 67,771 shares of the real estate investment trust's stock worth $5,105,000 after purchasing an additional 28,902 shares in the last quarter. GSA Capital Partners LLP raised its holdings in Agree Realty by 238.4% during the third quarter. GSA Capital Partners LLP now owns 14,768 shares of the real estate investment trust's stock worth $1,112,000 after purchasing an additional 10,404 shares in the last quarter. Crossmark Global Holdings Inc. grew its position in Agree Realty by 13.5% during the third quarter. Crossmark Global Holdings Inc. now owns 7,831 shares of the real estate investment trust's stock worth $590,000 after buying an additional 933 shares during the period. Finally, Legacy Capital Wealth Partners LLC acquired a new stake in Agree Realty during the third quarter worth approximately $242,000. 97.83% of the stock is owned by hedge funds and other institutional investors.

Agree Realty Price Performance

Shares of ADC stock traded up $0.43 during midday trading on Wednesday, reaching $76.65. 651,775 shares of the company were exchanged, compared to its average volume of 972,701. Agree Realty Co. has a 12 month low of $54.28 and a 12 month high of $77.47. The company has a market cap of $7.93 billion, a P/E ratio of 42.15, a PEG ratio of 3.10 and a beta of 0.61. The company's 50 day moving average price is $74.95 and its two-hundred day moving average price is $68.24. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66.

Agree Realty (NYSE:ADC - Get Free Report) last released its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS 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 company had revenue of $154.33 million for the quarter, compared to the consensus estimate of $152.83 million. During the same quarter last year, the firm posted $1.00 earnings per share. The firm's quarterly revenue was up 12.8% compared to the same quarter last year. On average, sell-side analysts expect that Agree Realty Co. will post 4.11 earnings per share for the current year.

Agree Realty Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be issued a $0.253 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.96%. Agree Realty's payout ratio is currently 167.96%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ADC. Stifel Nicolaus lifted their price target on shares of Agree Realty from $67.50 to $71.50 and gave the company a "buy" rating in a report on Wednesday, July 24th. Truist Financial lifted their price target on shares of Agree Realty from $77.00 to $80.00 and gave the company a "buy" rating in a report on Wednesday, October 30th. UBS Group lifted their price target on shares of Agree Realty from $72.00 to $77.00 and gave the company a "neutral" rating in a report on Wednesday, October 16th. Royal Bank of Canada lifted their price objective on shares of Agree Realty from $79.00 to $80.00 and gave the company an "outperform" rating in a research report on Thursday, October 24th. Finally, BTIG Research lifted their price objective on shares of Agree Realty from $65.00 to $74.00 and gave the company a "buy" rating in a research report on Monday, August 12th. Four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $74.19.

Agree Realty 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.