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

Quest Partners LLC lifted its stake in Agree Realty Co. (NYSE:ADC) by 1,415.3% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 48,157 shares of the real estate investment trust’s stock after buying an additional 44,979 shares during the quarter. Agree Realty comprises 0.3% of Quest Partners LLC’s portfolio, making the stock its 24th biggest holding. Quest Partners LLC’s holdings in Agree Realty were worth $3,628,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Janney Montgomery Scott LLC raised its stake in Agree Realty by 126.8% during the 1st quarter. Janney Montgomery Scott LLC now owns 9,100 shares of the real estate investment trust’s stock worth $520,000 after acquiring an additional 5,087 shares during the period. US Bancorp DE raised its position in shares of Agree Realty by 4.8% during the 1st quarter. US Bancorp DE now owns 16,265 shares of the real estate investment trust’s stock valued at $929,000 after purchasing an additional 749 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Agree Realty by 1.5% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 61,433 shares of the real estate investment trust’s stock valued at $3,509,000 after buying an additional 889 shares in the last quarter. Orion Portfolio Solutions LLC boosted its holdings in Agree Realty by 12.3% in the 1st quarter. Orion Portfolio Solutions LLC now owns 28,132 shares of the real estate investment trust’s stock worth $1,607,000 after buying an additional 3,082 shares during the period. Finally, Vanguard Group Inc. increased its stake in Agree Realty by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 14,480,463 shares of the real estate investment trust’s stock worth $827,124,000 after buying an additional 258,217 shares in the last quarter. Institutional investors own 97.83% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Mizuho boosted their price objective on Agree Realty from $75.00 to $80.00 and gave the company a “neutral” rating in a research report on Thursday. Stifel Nicolaus boosted their price target on Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a report on Wednesday, July 24th. BTIG Research increased their price objective on shares of Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a report on Monday, August 12th. 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, StockNews.com lowered shares of Agree Realty from a “hold” rating to a “sell” rating in a research report on Thursday. One equities 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 given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $75.73.

Agree Realty Price Performance

ADC stock opened at $75.97 on Monday. Agree Realty Co. has a 52 week low of $54.28 and a 52 week high of $77.47. The firm has a market capitalization of $7.86 billion, a P/E ratio of 41.97, a price-to-earnings-growth ratio of 3.08 and a beta of 0.61. The company has a fifty day simple moving average of $75.03 and a two-hundred day simple moving average of $68.55. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52.

Agree Realty (NYSE:ADC) last announced 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 net margin of 31.62% and a return on equity of 3.77%. The business had revenue of $154.33 million during the quarter, compared to the consensus estimate of $152.83 million. During the same period in the previous year, the business posted $1.00 EPS. The firm’s revenue was up 12.8% on a year-over-year basis. Analysts anticipate that Agree Realty Co. will post 4.12 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be given a dividend of $0.253 per share. This represents a $3.04 annualized dividend and a dividend yield of 4.00%. The ex-dividend date is Friday, November 29th. Agree Realty’s dividend payout ratio is currently 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.