Agree Realty (NYSE:ADC) Reaches New 12-Month High After Analyst Upgrade

Agree Realty Co. (NYSE:ADC) reached a new 52-week high during 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.

Several other research firms have also commented on ADC. Raymond James raised their price objective 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. Truist Financial raised their price objective on shares of Agree Realty from $68.00 to $77.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Stifel Nicolaus raised their price objective 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 report on Wednesday, October 16th. Finally, KeyCorp raised their target price on shares of Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, October 4th. Four research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Agree Realty has a consensus rating of “Moderate Buy” and a consensus price target of $73.88.

Institutional Trading of Agree Realty

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. MCF Advisors LLC acquired a new stake in Agree Realty during the second quarter worth approximately $26,000. Massmutual Trust Co. FSB ADV raised its holdings 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 purchasing an additional 442 shares in the last quarter. Headlands Technologies LLC raised its holdings in Agree Realty by 232.0% during the second quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock worth $71,000 after purchasing an additional 798 shares in the last quarter. UMB Bank n.a. raised its holdings in Agree Realty by 44.5% during the third quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock worth $73,000 after purchasing an additional 299 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in 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 worth $87,000 after purchasing an additional 782 shares in the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Agree Realty Stock Down 1.2 %

The business’s fifty day moving average price is $74.39 and its 200 day moving average price is $66.42. The firm has a market capitalization of $7.62 billion, a price-to-earnings ratio of 44.90, a PEG ratio of 2.47 and a beta of 0.61. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.54.

Agree Realty (NYSE:ADC) last announced its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). The business had revenue of $154.33 million during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.00 earnings per share. On average, equities analysts expect that Agree Realty Co. will post 4.11 EPS for the current year.

Agree Realty Increases Dividend

The company also recently disclosed a monthly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be given a $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 4.01%. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date of this dividend is Thursday, October 31st. Agree Realty’s dividend payout ratio (DPR) 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.