Agree Realty (NYSE:ADC) Sets New 52-Week High on Analyst Upgrade

Agree Realty Co. (NYSE:ADC)’s stock price reached a new 52-week high during mid-day trading on Thursday after Royal Bank of Canada raised their price target on the stock from $79.00 to $80.00. Royal Bank of Canada currently has an outperform rating on the stock. Agree Realty traded as high as $77.35 and last traded at $77.24, with a volume of 91415 shares trading hands. The stock had previously closed at $76.68.

A number of other brokerages also recently issued reports on ADC. Truist Financial increased their price target on shares of Agree Realty from $68.00 to $77.00 and gave the stock a “buy” rating in a report on Monday, August 5th. BTIG Research increased their target price on shares of Agree Realty from $65.00 to $74.00 and gave the stock a “buy” rating in a research note on Monday, August 12th. UBS Group upped their price target on shares of Agree Realty from $72.00 to $77.00 and gave the stock a “neutral” rating in a report on Wednesday, October 16th. Stifel Nicolaus lifted their price objective on Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Finally, KeyCorp raised their price target on Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, October 4th. Four analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $73.88.

Hedge Funds Weigh In On Agree Realty

Large investors have recently added to or reduced their stakes in the business. MCF Advisors LLC bought a new position in shares of Agree Realty during the second quarter valued at about $26,000. Massmutual Trust Co. FSB ADV increased its stake in Agree Realty by 248.3% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock worth $38,000 after purchasing an additional 442 shares during the period. Headlands Technologies LLC lifted its position in Agree Realty by 232.0% in the second quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock valued at $71,000 after purchasing an additional 798 shares during the last quarter. UMB Bank n.a. lifted its position in Agree Realty by 44.5% in the third quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock valued at $73,000 after purchasing an additional 299 shares during the last quarter. Finally, GAMMA Investing LLC boosted its stake in shares of Agree Realty by 125.9% during the second quarter. GAMMA Investing LLC now owns 1,403 shares of the real estate investment trust’s stock valued at $87,000 after purchasing an additional 782 shares during the period. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Price Performance

The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.54. The firm’s fifty day moving average price is $74.53 and its 200-day moving average price is $66.60. The stock has a market cap of $7.55 billion, a P/E ratio of 44.14, a PEG ratio of 2.47 and a beta of 0.61.

Agree Realty (NYSE:ADC) last announced its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). The firm had revenue of $154.33 million during the quarter, compared to the consensus estimate of $152.83 million. Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. Agree Realty’s revenue was up 12.8% on a year-over-year basis. During the same period last year, the business earned $1.00 EPS. Analysts forecast that Agree Realty Co. will post 4.11 earnings per share for the current year.

Agree Realty Increases Dividend

The firm also recently declared a monthly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be given a dividend of $0.253 per share. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date is Thursday, October 31st. This represents a $3.04 dividend on an annualized basis and a yield of 4.05%. Agree Realty’s dividend payout ratio is presently 178.24%.

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.