Agree Realty (NYSE:ADC) Reaches New 52-Week High – Should You Buy?

Agree Realty Co. (NYSE:ADC) shares reached a new 52-week high during trading on Tuesday . The company traded as high as $77.54 and last traded at $77.52, with a volume of 566408 shares changing hands. The stock had previously closed at $76.75.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on ADC shares. Wells Fargo & Company cut their price objective on Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. Raymond James boosted their price target on Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a report on Wednesday, August 21st. StockNews.com lowered shares of Agree Realty from a “hold” rating to a “sell” rating in a research note on Thursday, November 14th. BTIG Research raised their price target on shares of Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a research note on Monday, August 12th. Finally, Robert W. Baird raised their target price on shares of Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $75.73.

Agree Realty Stock Performance

The stock’s 50-day moving average price is $75.08 and its 200 day moving average price is $68.95. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66. The firm has a market cap of $7.98 billion, a P/E ratio of 42.55, a price-to-earnings-growth ratio of 3.14 and a beta of 0.61.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data 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 31.62% and a return on equity of 3.77%. Agree Realty’s revenue for the quarter was up 12.8% compared to the same quarter last year. During the same period in the previous year, the company earned $1.00 earnings per share. As a group, equities analysts predict that Agree Realty Co. will post 4.12 EPS for the current year.

Agree Realty Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be issued a dividend of $0.253 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $3.04 annualized dividend and a yield of 3.94%. Agree Realty’s payout ratio is 167.96%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Dana Investment Advisors Inc. grew its position in Agree Realty by 0.6% during the second quarter. Dana Investment Advisors Inc. now owns 29,274 shares of the real estate investment trust’s stock valued at $1,813,000 after buying an additional 170 shares during the period. Capital Square LLC raised its stake in shares of Agree Realty by 1.0% during the second quarter. Capital Square LLC now owns 17,995 shares of the real estate investment trust’s stock valued at $1,193,000 after acquiring an additional 179 shares during the last quarter. Blue Trust Inc. raised its stake in shares of Agree Realty by 8.8% during the second quarter. Blue Trust Inc. now owns 2,634 shares of the real estate investment trust’s stock valued at $150,000 after acquiring an additional 213 shares during the last quarter. Commonwealth Equity Services LLC raised its stake in Agree Realty by 3.2% in the second quarter. Commonwealth Equity Services LLC now owns 6,895 shares of the real estate investment trust’s stock worth $427,000 after buying an additional 216 shares in the last quarter. Finally, State of Alaska Department of Revenue raised its stake in Agree Realty by 0.4% in the third quarter. State of Alaska Department of Revenue now owns 58,934 shares of the real estate investment trust’s stock worth $4,438,000 after buying an additional 224 shares in the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

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.