Agree Realty (NYSE:ADC) Sets New 1-Year High – Here’s Why

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

Wall Street Analyst Weigh In

A number of research firms have weighed in on ADC. Royal Bank of Canada lifted their target price on Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Stifel Nicolaus lifted their target price on Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a report on Wednesday, July 24th. KeyCorp lifted their target price on Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, October 4th. BTIG Research lifted their target price on Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a report on Monday, August 12th. Finally, UBS Group lifted their target price on Agree Realty from $77.00 to $79.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. One analyst has rated the stock with a sell rating, three have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Agree Realty presently has an average rating of “Moderate Buy” and an average target price of $75.73.

Agree Realty Stock Up 1.0 %

The stock has a 50-day moving average of $75.03 and a two-hundred day moving average of $68.63. The company has a market cap of $8.02 billion, a P/E ratio of 42.40, a P/E/G ratio of 3.08 and a beta of 0.61. 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 announced its quarterly 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 company had revenue of $154.33 million during the quarter, compared to analysts’ expectations of $152.83 million. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. Agree Realty’s revenue for the quarter was up 12.8% on a year-over-year basis. During the same period last year, the firm earned $1.00 earnings per share. On average, research analysts anticipate that Agree Realty Co. will post 4.12 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be paid a $0.253 dividend. The ex-dividend date is Friday, November 29th. This represents a $3.04 dividend on an annualized basis and a yield of 3.92%. Agree Realty’s dividend payout ratio (DPR) is currently 167.96%.

Hedge Funds Weigh In On Agree Realty

Large investors have recently bought and sold shares of the stock. Dana Investment Advisors Inc. increased its stake in shares of 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 increased 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 buying an additional 179 shares during the period. Blue Trust Inc. increased 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 buying an additional 213 shares during the period. Commonwealth Equity Services LLC increased its stake in shares of Agree Realty by 3.2% during the second quarter. Commonwealth Equity Services LLC now owns 6,895 shares of the real estate investment trust’s stock valued at $427,000 after buying an additional 216 shares during the period. Finally, State of Alaska Department of Revenue increased its stake in shares of Agree Realty by 0.4% during the third quarter. State of Alaska Department of Revenue now owns 58,934 shares of the real estate investment trust’s stock valued at $4,438,000 after buying an additional 224 shares during the period. 97.83% of the stock is owned by hedge funds and other institutional investors.

About Agree Realty

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.