Agree Realty (NYSE:ADC) Reaches New 12-Month High at $77.19

Agree Realty Co. (NYSE:ADC)’s share price hit a new 52-week high on Monday . The stock traded as high as $77.19 and last traded at $76.77, with a volume of 25267 shares. The stock had previously closed at $76.69.

Analyst Upgrades and Downgrades

Several research analysts have weighed in 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 price target for the company. BTIG Research lifted their price target on shares of Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a report on Monday, August 12th. Truist Financial lifted their target price on Agree Realty from $68.00 to $77.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Raymond James raised 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. Finally, UBS Group upped their price objective on Agree Realty from $60.00 to $67.00 and gave the stock a “neutral” rating in a report on Thursday, July 18th. Five investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $70.42.

Agree Realty Price Performance

The stock has a 50 day moving average of $70.58 and a 200-day moving average of $62.87. The stock has a market capitalization of $7.73 billion, a P/E ratio of 45.11, a price-to-earnings-growth ratio of 2.54 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 issued its earnings results 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 net margin of 32.08% and a return on equity of 3.72%. The firm’s revenue for the quarter was up 17.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.98 earnings per share. On average, equities research analysts anticipate that Agree Realty Co. will post 4.11 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a dividend of $0.25 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.90%. The ex-dividend date of this dividend is Monday, September 30th. Agree Realty’s dividend payout ratio (DPR) is presently 176.47%.

Institutional Trading of Agree Realty

A number of large investors have recently modified their holdings of the company. MCF Advisors LLC bought a new stake in Agree Realty during the 2nd quarter valued at $26,000. Massmutual Trust Co. FSB ADV raised its holdings in shares of Agree Realty by 248.3% in the second quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock valued at $38,000 after acquiring an additional 442 shares in the last quarter. UMB Bank n.a. lifted its stake in Agree Realty by 247.3% in the first quarter. UMB Bank n.a. now owns 719 shares of the real estate investment trust’s stock worth $41,000 after acquiring an additional 512 shares during the period. Parallel Advisors LLC grew its holdings in Agree Realty by 35.9% during the 4th quarter. Parallel Advisors LLC now owns 1,129 shares of the real estate investment trust’s stock worth $71,000 after acquiring an additional 298 shares in the last quarter. Finally, Headlands Technologies LLC increased its position 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 purchasing an additional 798 shares during the period. Hedge funds and other 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.