Agree Realty (NYSE:ADC) Hits New 52-Week High at $73.53

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

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. KeyCorp began coverage on Agree Realty in a research note on Wednesday, June 12th. They issued an “overweight” rating and a $68.00 target price 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. Wells Fargo & Company boosted their target price on Agree Realty from $75.00 to $77.00 and gave the stock an “overweight” rating in a research report on Monday. UBS Group lifted their target price on Agree Realty from $60.00 to $67.00 and gave the company a “neutral” rating in a research note on Thursday, July 18th. Finally, Truist Financial upped 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. Five equities research 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’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $70.42.

Agree Realty Trading Down 0.2 %

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 firm has a 50 day moving average price of $67.65 and a 200 day moving average price of $61.39. The stock has a market capitalization of $7.29 billion, a PE ratio of 42.85, a P/E/G ratio of 2.80 and a beta of 0.58.

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

Agree Realty Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Monday, September 16th. Stockholders of record on Friday, August 30th will be paid a $0.25 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.14%. The ex-dividend date of this dividend is Friday, August 30th. Agree Realty’s payout ratio is presently 176.47%.

Institutional Trading of Agree Realty

Institutional investors and hedge funds have recently modified their holdings of the business. Long Pond Capital LP raised its position in Agree Realty by 489.8% in the first quarter. Long Pond Capital LP now owns 2,868,640 shares of the real estate investment trust’s stock worth $163,857,000 after acquiring an additional 2,382,252 shares during the period. Norges Bank bought a new position in Agree Realty during the fourth quarter valued at approximately $71,409,000. PGGM Investments purchased a new stake in Agree Realty during the second quarter valued at $70,225,000. Principal Financial Group Inc. increased its stake in Agree Realty by 12.1% during the fourth quarter. Principal Financial Group Inc. now owns 6,660,665 shares of the real estate investment trust’s stock worth $419,289,000 after acquiring an additional 719,430 shares during the last quarter. Finally, Daiwa Securities Group Inc. boosted its holdings in shares of Agree Realty by 55.9% in the 2nd quarter. Daiwa Securities Group Inc. now owns 1,815,511 shares of the real estate investment trust’s stock worth $112,453,000 after purchasing an additional 650,921 shares during the period. Institutional investors 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.