Agree Realty (NYSE:ADC) Sees Strong Trading Volume After Analyst Upgrade

Agree Realty Co. (NYSE:ADC) saw an uptick in trading volume on Friday 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. 540,092 shares were traded during mid-day trading, a decline of 43% from the previous session’s volume of 947,594 shares.The stock last traded at $75.39 and had previously closed at $75.00.

A number of other equities research analysts also recently weighed in on the stock. Stifel Nicolaus raised their target price on shares of Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a research note on Wednesday, July 24th. UBS Group raised their target price on shares of Agree Realty from $72.00 to $77.00 and gave the company a “neutral” rating in a research note on Wednesday, October 16th. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $80.00 target price (up from $77.00) on shares of Agree Realty in a research note on Tuesday, October 1st. Raymond James raised their target price on shares of Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research note on Wednesday, August 21st. Finally, KeyCorp increased their price target on shares of Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research 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 company’s stock. According to MarketBeat, Agree Realty currently has a consensus rating of “Moderate Buy” and a consensus target price of $73.88.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ADC. Wellington Management Group LLP bought a new position in shares of Agree Realty in the fourth quarter worth approximately $4,285,000. Park Avenue Securities LLC grew its holdings in shares of Agree Realty by 9.8% in the first quarter. Park Avenue Securities LLC now owns 6,061 shares of the real estate investment trust’s stock worth $346,000 after purchasing an additional 540 shares during the last quarter. Oak Thistle LLC bought a new position in shares of Agree Realty in the first quarter worth approximately $307,000. Tributary Capital Management LLC grew its holdings in shares of Agree Realty by 39.1% in the first quarter. Tributary Capital Management LLC now owns 258,022 shares of the real estate investment trust’s stock worth $14,738,000 after purchasing an additional 72,504 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of Agree Realty by 30.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 831,353 shares of the real estate investment trust’s stock worth $47,487,000 after purchasing an additional 193,128 shares during the last quarter. 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 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. The firm’s fifty day moving average price is $74.53 and its 200-day moving average price is $66.60.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.61). The company had revenue of $154.33 million during the quarter, compared to the consensus estimate of $152.83 million. Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The business’s revenue was up 12.8% on a year-over-year basis. During the same quarter last year, the firm 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 business also recently declared a monthly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be issued a $0.253 dividend. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $3.04 annualized dividend and a yield of 4.05%. This is a boost from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s payout ratio is 178.24%.

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.