MQS Management LLC Buys New Shares in Agree Realty Corporation $ADC

MQS Management LLC bought a new stake in Agree Realty Corporation (NYSE:ADC) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 8,587 shares of the real estate investment trust’s stock, valued at approximately $627,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC raised its position in Agree Realty by 3.0% in the first quarter. Sequoia Financial Advisors LLC now owns 4,729 shares of the real estate investment trust’s stock worth $365,000 after purchasing an additional 139 shares in the last quarter. Janney Montgomery Scott LLC raised its position in Agree Realty by 61.2% in the first quarter. Janney Montgomery Scott LLC now owns 11,982 shares of the real estate investment trust’s stock worth $925,000 after purchasing an additional 4,551 shares in the last quarter. AE Wealth Management LLC acquired a new position in Agree Realty in the first quarter worth about $358,000. Oppenheimer Asset Management Inc. raised its position in Agree Realty by 10.1% in the first quarter. Oppenheimer Asset Management Inc. now owns 21,070 shares of the real estate investment trust’s stock worth $1,626,000 after purchasing an additional 1,941 shares in the last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd raised its position in Agree Realty by 77.7% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 112,702 shares of the real estate investment trust’s stock worth $8,699,000 after purchasing an additional 49,282 shares in the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Agree Realty Stock Performance

NYSE ADC opened at $74.75 on Friday. The firm has a market cap of $8.59 billion, a price-to-earnings ratio of 43.71, a PEG ratio of 2.43 and a beta of 0.55. The company has a 50 day moving average of $72.45 and a 200-day moving average of $73.69. The company has a current ratio of 0.68, a quick ratio of 0.71 and a debt-to-equity ratio of 0.59. Agree Realty Corporation has a 1-year low of $67.58 and a 1-year high of $79.65.

Agree Realty (NYSE:ADC) last issued its quarterly earnings results on Tuesday, October 21st. The real estate investment trust reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.02. Agree Realty had a net margin of 28.11% and a return on equity of 3.52%. The business had revenue of $183.22 million during the quarter, compared to analyst estimates of $181.87 million. During the same quarter last year, the business posted $1.03 earnings per share. Agree Realty’s revenue for the quarter was up 18.7% compared to the same quarter last year. Agree Realty has set its FY 2025 guidance at 4.310-4.330 EPS. On average, equities analysts forecast that Agree Realty Corporation will post 4.27 earnings per share for the current fiscal year.

Agree Realty Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, November 14th. Investors of record on Friday, October 31st will be given a $0.262 dividend. This is a boost from Agree Realty’s previous monthly dividend of $0.26. The ex-dividend date is Friday, October 31st. This represents a c) annualized dividend and a yield of 4.2%. Agree Realty’s dividend payout ratio is presently 179.53%.

Insider Activity at Agree Realty

In related news, CEO Joey Agree acquired 4,108 shares of the company’s stock in a transaction that occurred on Wednesday, August 13th. The stock was purchased at an average price of $72.15 per share, for a total transaction of $296,392.20. Following the transaction, the chief executive officer directly owned 633,060 shares of the company’s stock, valued at approximately $45,675,279. This trade represents a 0.65% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Craig Erlich acquired 360 shares of the company’s stock in a transaction that occurred on Friday, October 3rd. The stock was bought at an average price of $70.84 per share, with a total value of $25,502.40. Following the transaction, the insider directly owned 52,846 shares in the company, valued at $3,743,610.64. The trade was a 0.69% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 36,742 shares of company stock worth $2,601,704. Company insiders own 1.80% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on ADC shares. Evercore ISI increased their price target on shares of Agree Realty from $83.00 to $85.00 and gave the stock an “outperform” rating in a research report on Monday, September 15th. JMP Securities reissued a “market perform” rating on shares of Agree Realty in a research report on Monday, June 30th. KeyCorp raised their price objective on shares of Agree Realty from $80.00 to $82.00 and gave the stock an “overweight” rating in a report on Friday. Morgan Stanley lowered shares of Agree Realty from an “overweight” rating to an “equal weight” rating and set a $75.00 price objective for the company. in a report on Friday, July 11th. Finally, Wall Street Zen lowered shares of Agree Realty from a “hold” rating to a “sell” rating in a report on Sunday, July 13th. Nine investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $80.73.

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.