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

Quantinno Capital Management LP grew its holdings in shares of Agree Realty Co. (NYSE:ADC) by 71.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,326 shares of the real estate investment trust’s stock after buying 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 reporting period.

Several other hedge funds have also recently made changes to their positions in ADC. Cohen & Steers Inc. raised its position in shares of Agree Realty by 43.0% during the 4th quarter. Cohen & Steers Inc. now owns 9,767,632 shares of the real estate investment trust’s stock valued at $688,108,000 after buying an additional 2,937,147 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Agree Realty during the 4th quarter valued at about $101,382,000. Millennium Management LLC raised its position in shares of Agree Realty by 1,036.9% during the 4th quarter. Millennium Management LLC now owns 1,171,297 shares of the real estate investment trust’s stock valued at $82,518,000 after buying an additional 1,068,271 shares in the last quarter. Invesco Ltd. raised its position in shares of Agree Realty by 85.6% during the 4th quarter. Invesco Ltd. now owns 2,212,852 shares of the real estate investment trust’s stock valued at $155,895,000 after buying an additional 1,020,512 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Agree Realty by 37.3% during 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 buying an additional 990,362 shares in the last quarter. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Agree Realty Price Performance

Shares of ADC stock opened at $75.03 on Friday. The company has a market cap of $8.25 billion, a P/E ratio of 42.15, 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. The stock’s 50-day moving average is $75.57 and its 200 day moving average is $74.12. Agree Realty Co. has a 1-year low of $58.52 and a 1-year high of $79.65.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.01. The firm had revenue of $169.16 million for the quarter, compared to the consensus estimate of $167.77 million. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. During the same quarter in the previous year, the firm earned $0.43 EPS. Research analysts predict that Agree Realty Co. will post 4.27 earnings per share for the current fiscal year.

Agree Realty Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 30th will be given a dividend of $0.256 per share. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. This represents a $3.07 annualized dividend and a yield of 4.09%. The ex-dividend date is Friday, May 30th. Agree Realty’s dividend payout ratio is currently 173.45%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Robert W. Baird upped their target price on shares of Agree Realty from $76.00 to $80.00 and gave the company an “outperform” rating in a research report on Friday, April 25th. Mizuho increased their price objective on shares of Agree Realty from $74.00 to $81.00 and gave the stock a “neutral” rating in a research report on Thursday, April 3rd. Wells Fargo & Company increased their price objective on shares of Agree Realty from $78.00 to $81.00 and gave the stock an “overweight” rating in a research report on Monday, March 10th. Stifel Nicolaus increased their price objective on shares of Agree Realty from $81.00 to $82.50 and gave the stock a “buy” rating in a research report on Wednesday, April 23rd. Finally, BTIG Research lowered shares of Agree Realty from a “buy” rating to a “neutral” rating in a research report on Wednesday, May 7th. Six analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $81.19.

About Agree Realty

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.