Agree Realty (NYSE:ADC) Hits New 1-Year High Following Analyst Upgrade

Agree Realty Co. (NYSE:ADC) shares reached a new 52-week high during mid-day trading on Wednesday after BTIG Research raised their price target on the stock from $74.00 to $78.00. BTIG Research currently has a buy rating on the stock. Agree Realty traded as high as $77.94 and last traded at $77.92, with a volume of 37272 shares traded. The stock had previously closed at $76.96.

A number of other equities analysts have also weighed in on ADC. StockNews.com upgraded Agree Realty from a “sell” rating to a “hold” rating in a research note on Friday, November 22nd. UBS Group lifted their price target on Agree Realty from $77.00 to $79.00 and gave the company a “neutral” rating in a research report on Thursday, November 14th. KeyCorp upped their price objective on Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. Robert W. Baird lifted their target price on shares of Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Finally, Raymond James raised their price target on shares of Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research report on Wednesday, August 21st. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $76.04.

Institutional Investors Weigh In On Agree Realty

Institutional investors have recently bought and sold shares of the company. MCF Advisors LLC acquired a new stake in Agree Realty during the 2nd quarter worth $26,000. Massmutual Trust Co. FSB ADV boosted its position in Agree Realty by 248.3% during the second quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock worth $38,000 after acquiring an additional 442 shares during the last quarter. Headlands Technologies LLC grew its stake in Agree Realty by 232.0% during the 2nd quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock valued at $71,000 after acquiring an additional 798 shares in the last quarter. UMB Bank n.a. raised its holdings in Agree Realty by 44.5% in the 3rd quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock valued at $73,000 after acquiring an additional 299 shares during the last quarter. Finally, Arcadia Investment Management Corp MI acquired a new stake in Agree Realty in the 3rd quarter valued at about $75,000. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Agree Realty Price Performance

The firm has a market capitalization of $8.04 billion, a PE ratio of 42.90, a price-to-earnings-growth ratio of 3.10 and a beta of 0.61. The stock’s 50 day simple moving average is $75.22 and its two-hundred day simple moving average is $69.63. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66.

Agree Realty (NYSE:ADC) last released its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). The company had revenue of $154.33 million for the quarter, compared to analyst estimates of $152.83 million. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The business’s quarterly revenue was up 12.8% on a year-over-year basis. During the same period last year, the firm posted $1.00 EPS. On average, sell-side analysts forecast that Agree Realty Co. will post 4.12 EPS for the current year.

Agree Realty Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be given a dividend of $0.253 per share. This represents a $3.04 annualized dividend and a yield of 3.91%. The ex-dividend date of this dividend is Friday, November 29th. Agree Realty’s payout ratio is currently 167.96%.

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.