Quantbot Technologies LP Sells 16,249 Shares of Agree Realty Co. (NYSE:ADC)

Quantbot Technologies LP trimmed its position in shares of Agree Realty Co. (NYSE:ADC - Free Report) by 16.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 80,097 shares of the real estate investment trust's stock after selling 16,249 shares during the quarter. Quantbot Technologies LP owned 0.08% of Agree Realty worth $5,643,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. JPMorgan Chase & Co. boosted its holdings in Agree Realty by 37.3% during the third quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust's stock worth $274,693,000 after purchasing an additional 990,362 shares during the last quarter. Daiwa Securities Group Inc. boosted its stake in shares of Agree Realty by 29.4% in the 3rd quarter. Daiwa Securities Group Inc. now owns 2,350,056 shares of the real estate investment trust's stock worth $177,030,000 after buying an additional 534,545 shares during the last quarter. FMR LLC grew its holdings in shares of 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 acquiring an additional 1,968,811 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Agree Realty by 1.5% during the third quarter. Geode Capital Management LLC now owns 2,074,760 shares of the real estate investment trust's stock valued at $156,327,000 after acquiring an additional 30,377 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Agree Realty by 3.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,645,652 shares of the real estate investment trust's stock worth $115,936,000 after acquiring an additional 57,297 shares during the period. Institutional investors own 97.83% of the company's stock.

Remove Ads

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ADC. Wells Fargo & Company raised their target price on Agree Realty from $78.00 to $81.00 and gave the company an "overweight" rating in a research report on Monday, March 10th. Barclays raised shares of Agree Realty from an "underweight" rating to an "equal weight" rating and lifted their price objective for the stock from $74.00 to $75.00 in a research report on Tuesday, March 4th. Mizuho decreased their price target on shares of Agree Realty from $80.00 to $74.00 and set a "neutral" rating for the company in a research note on Wednesday, January 8th. BTIG Research upped their price objective on Agree Realty from $74.00 to $78.00 and gave the company a "buy" rating in a research note on Wednesday, November 27th. Finally, UBS Group upgraded Agree Realty from a "neutral" rating to a "buy" rating and boosted their target price for the company from $79.00 to $84.00 in a research note on Monday, January 6th. Five analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Agree Realty has an average rating of "Moderate Buy" and a consensus target price of $79.85.

Agree Realty Price Performance

Agree Realty stock traded down $0.62 during midday trading on Tuesday, reaching $75.09. 660,223 shares of the stock were exchanged, compared to its average volume of 923,832. The company's fifty day moving average is $73.53 and its 200-day moving average is $73.91. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.78 and a current ratio of 0.78. Agree Realty Co. has a 52 week low of $54.78 and a 52 week high of $78.39. The firm has a market cap of $8.05 billion, a PE ratio of 42.19, a PEG ratio of 2.88 and a beta of 0.64.

Agree Realty (NYSE:ADC - Get Free Report) last released its quarterly earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.61. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. On average, sell-side analysts forecast that Agree Realty Co. will post 4.27 EPS for the current year.

Agree Realty Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Monday, April 14th. Investors of record on Monday, March 31st will be paid a $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 4.04%. The ex-dividend date of this dividend is Monday, March 31st. Agree Realty's dividend payout ratio is currently 170.22%.

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.