Quantinno Capital Management LP Purchases 4,311 Shares of Agree Realty Co. (NYSE:ADC)

Quantinno Capital Management LP increased its stake in Agree Realty Co. (NYSE:ADC - Free Report) by 71.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,326 shares of the real estate investment trust's stock after purchasing an additional 4,311 shares during the quarter. Quantinno Capital Management LP's holdings in Agree Realty were worth $727,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of ADC. Spire Wealth Management acquired a new stake in Agree Realty in the 4th quarter valued at about $411,000. abrdn plc lifted its holdings in Agree Realty by 33.7% in the 4th quarter. abrdn plc now owns 27,497 shares of the real estate investment trust's stock valued at $1,922,000 after acquiring an additional 6,924 shares during the last quarter. Envestnet Asset Management Inc. lifted its holdings in Agree Realty by 3.6% in the 4th quarter. Envestnet Asset Management Inc. now owns 301,751 shares of the real estate investment trust's stock valued at $21,258,000 after acquiring an additional 10,446 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Agree Realty by 37.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust's stock valued at $274,693,000 after acquiring an additional 990,362 shares during the last quarter. Finally, Sage Investment Counsel LLC acquired a new stake in Agree Realty in the 4th quarter valued at about $329,000. Institutional investors and hedge funds own 97.83% of the company's stock.

Agree Realty Stock Up 1.0%

NYSE:ADC traded up $0.74 during mid-day trading on Tuesday, reaching $75.78. The stock had a trading volume of 1,082,820 shares, compared to its average volume of 1,053,886. The business's 50 day moving average is $75.56 and its 200 day moving average is $74.12. Agree Realty Co. has a fifty-two week low of $58.52 and a fifty-two week high of $79.65. The stock has a market cap of $8.34 billion, a P/E ratio of 42.57, a PEG ratio of 2.88 and a beta of 0.57. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78.

Agree Realty (NYSE:ADC - Get Free Report) last announced its quarterly earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 EPS for the quarter, beating the consensus estimate of $1.05 by $0.01. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. The company had revenue of $169.16 million for the quarter, compared to the consensus estimate of $167.77 million. During the same quarter last year, the company posted $0.43 earnings per share. As a group, sell-side analysts predict that Agree Realty Co. will post 4.27 earnings per share for the current year.

Agree Realty Increases Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, June 13th. Shareholders of record on Friday, May 30th will be issued a dividend of $0.256 per share. This represents a $3.07 annualized dividend and a yield of 4.05%. The ex-dividend date is Friday, May 30th. This is an increase from Agree Realty's previous monthly dividend of $0.25. Agree Realty's dividend payout ratio (DPR) is 173.45%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Robert W. Baird upped their price target on shares of Agree Realty from $76.00 to $80.00 and gave the company an "outperform" rating in a report on Friday, April 25th. BTIG Research downgraded shares of Agree Realty from a "buy" rating to a "neutral" rating in a report on Wednesday, May 7th. Evercore ISI upped their price target on shares of Agree Realty from $82.00 to $83.00 and gave the company an "outperform" rating in a report on Thursday, April 24th. UBS Group reduced their price objective on shares of Agree Realty from $86.00 to $84.00 and set a "buy" rating for the company in a research note on Tuesday, May 13th. Finally, Wall Street Zen raised shares of Agree Realty from a "sell" rating to a "hold" rating in a research note on Monday, May 19th. Six investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Agree Realty has an average rating of "Moderate Buy" and a consensus price target of $81.19.

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.