Agree Realty (NYSE:ADC) Reaches New 12-Month High at $73.53

Agree Realty Co. (NYSE:ADC) hit a new 52-week high on Friday . The stock traded as high as $73.53 and last traded at $73.27, with a volume of 113552 shares trading hands. The stock had previously closed at $72.86.

Analyst Ratings Changes

Several equities analysts recently weighed in on ADC shares. Mizuho raised their price target on shares of Agree Realty from $60.00 to $62.00 and gave the company a “neutral” rating in a research report on Friday, May 10th. KeyCorp started coverage on shares of Agree Realty in a research report on Wednesday, June 12th. They issued an “overweight” rating and a $68.00 price target on the stock. Truist Financial raised their price target on shares of Agree Realty from $68.00 to $77.00 and gave the company a “buy” rating in a research report on Monday, August 5th. StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a research report on Tuesday, June 11th. Finally, Wells Fargo & Company lifted their target price on shares of Agree Realty from $75.00 to $77.00 and gave the stock an “overweight” rating in a research report on Monday, August 26th. Five analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Agree Realty currently has an average rating of “Moderate Buy” and a consensus target price of $70.42.

Agree Realty Price Performance

The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.79 and a current ratio of 0.79. The stock has a market capitalization of $7.35 billion, a P/E ratio of 42.95, a price-to-earnings-growth ratio of 2.80 and a beta of 0.58. The firm has a 50-day moving average price of $67.88 and a 200 day moving average price of $61.53.

Agree Realty (NYSE:ADC) last posted its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.51). Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The company had revenue of $152.58 million for the quarter, compared to the consensus estimate of $150.35 million. During the same quarter in the previous year, the business earned $0.98 earnings per share. Agree Realty’s revenue was up 17.5% compared to the same quarter last year. On average, analysts expect that Agree Realty Co. will post 4.11 EPS for the current year.

Agree Realty Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Monday, September 16th. Investors of record on Friday, August 30th will be given a dividend of $0.25 per share. The ex-dividend date is Friday, August 30th. This represents a $3.00 annualized dividend and a yield of 4.11%. Agree Realty’s payout ratio is 176.47%.

Hedge Funds Weigh In On Agree Realty

Several institutional investors and hedge funds have recently bought and sold shares of the stock. MCF Advisors LLC bought a new stake in shares of Agree Realty in the 2nd quarter worth approximately $26,000. Massmutual Trust Co. FSB ADV grew its position in shares of 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 buying an additional 442 shares during the last quarter. UMB Bank n.a. grew its position in shares of Agree Realty by 247.3% in the 1st quarter. UMB Bank n.a. now owns 719 shares of the real estate investment trust’s stock worth $41,000 after buying an additional 512 shares during the last quarter. GAMMA Investing LLC bought a new stake in shares of Agree Realty in the 4th quarter worth approximately $44,000. Finally, Parallel Advisors LLC lifted its stake in shares of Agree Realty by 35.9% in the 4th quarter. Parallel Advisors LLC now owns 1,129 shares of the real estate investment trust’s stock valued at $71,000 after purchasing an additional 298 shares during the period. 97.83% of the stock is currently owned by institutional investors.

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.