Quest Partners LLC Purchases 44,979 Shares of Agree Realty Co. (NYSE:ADC)

Quest Partners LLC lifted its position in Agree Realty Co. (NYSE:ADC - Free Report) by 1,415.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 48,157 shares of the real estate investment trust's stock after acquiring an additional 44,979 shares during the period. Agree Realty accounts for approximately 0.3% of Quest Partners LLC's investment portfolio, making the stock its 24th biggest holding. Quest Partners LLC's holdings in Agree Realty were worth $3,628,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Virtu Financial LLC acquired a new position in shares of Agree Realty in the first quarter valued at about $599,000. PGGM Investments acquired a new stake in shares of Agree Realty in the second quarter worth $70,225,000. Ontario Teachers Pension Plan Board acquired a new stake in Agree Realty during the 1st quarter worth about $828,000. AQR Capital Management LLC raised its stake in shares of Agree Realty by 67.4% during the 2nd quarter. AQR Capital Management LLC now owns 462,868 shares of the real estate investment trust's stock valued at $28,476,000 after buying an additional 186,285 shares during the last quarter. Finally, Walleye Trading LLC acquired a new position in shares of Agree Realty in the 1st quarter valued at about $955,000. Hedge funds and other institutional investors own 97.83% of the company's stock.

Agree Realty Price Performance

Shares of ADC stock traded up $0.78 during trading hours on Monday, hitting $76.75. The company had a trading volume of 626,722 shares, compared to its average volume of 968,775. The firm's fifty day moving average is $75.03 and its 200 day moving average is $68.63. 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 Co. has a 12 month low of $54.28 and a 12 month high of $77.47. The firm has a market capitalization of $7.95 billion, a price-to-earnings ratio of 42.19, a PEG ratio of 3.08 and a beta of 0.61.

Agree Realty (NYSE:ADC - Get Free Report) last posted 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 for the quarter, compared to analyst estimates of $152.83 million. During the same quarter in the previous year, the firm posted $1.00 earnings per share. Agree Realty's quarterly revenue was up 12.8% compared to the same quarter last year. On average, sell-side analysts predict that Agree Realty Co. will post 4.12 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be paid a dividend of $0.253 per share. 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 dividend payout ratio (DPR) is currently 167.96%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on ADC shares. UBS Group upped their price objective on Agree Realty from $77.00 to $79.00 and gave the stock a "neutral" rating in a research report on Thursday. KeyCorp upped their price target on Agree Realty from $68.00 to $80.00 and gave the stock an "overweight" rating in a report on Friday, October 4th. Stifel Nicolaus increased their target price on Agree Realty from $67.50 to $71.50 and gave the company a "buy" rating in a research report on Wednesday, July 24th. Raymond James upped their target price on shares of Agree Realty from $70.00 to $81.00 and gave the company a "strong-buy" rating in a research report on Wednesday, August 21st. Finally, Wells Fargo & Company dropped their price target on shares of Agree Realty from $80.00 to $79.00 and set an "overweight" rating for the company in a research report on Monday, November 4th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Agree Realty has a consensus rating of "Moderate Buy" and a consensus price target of $75.73.

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.