Agree Realty (NYSE:ADC) Sets New 52-Week High – Time to Buy?

Agree Realty Co. (NYSE:ADC)’s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $77.94 and last traded at $77.92, with a volume of 37272 shares trading hands. The stock had previously closed at $76.96.

Analyst Ratings Changes

ADC has been the topic of a number of analyst reports. Wells Fargo & Company cut their price target on Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. Robert W. Baird increased their price target on shares of Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Truist Financial upped their target price on shares of Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. KeyCorp lifted their price target on shares of Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, October 4th. Finally, Raymond James upped 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. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Agree Realty presently has a consensus rating of “Moderate Buy” and a consensus target price of $75.73.

Agree Realty Stock Up 1.5 %

The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. The firm has a 50 day simple moving average of $75.11 and a two-hundred day simple moving average of $69.51. The company has a market capitalization of $8.08 billion, a PE ratio of 42.52, a P/E/G ratio of 3.10 and a beta of 0.61.

Agree Realty (NYSE:ADC) last announced its quarterly earnings data 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 firm had revenue of $154.33 million for 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%. The firm’s quarterly revenue was up 12.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.00 EPS. Research analysts expect that Agree Realty Co. will post 4.12 EPS for the current year.

Agree Realty Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be issued a $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 3.89%. The ex-dividend date is Friday, November 29th. Agree Realty’s dividend payout ratio (DPR) is currently 167.96%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Daiwa Securities Group Inc. grew its holdings in Agree Realty by 29.4% in the third quarter. Daiwa Securities Group Inc. now owns 2,350,056 shares of the real estate investment trust’s stock valued at $177,030,000 after purchasing an additional 534,545 shares during the last quarter. FMR LLC raised its position in Agree Realty by 729.3% during the third quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust’s stock worth $168,648,000 after acquiring an additional 1,968,811 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Agree Realty by 1.5% in the third quarter. Geode Capital Management LLC now owns 2,074,760 shares of the real estate investment trust’s stock valued at $156,327,000 after purchasing an additional 30,377 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Agree Realty by 3.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,588,355 shares of the real estate investment trust’s stock worth $119,651,000 after purchasing an additional 57,354 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Agree Realty by 5.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,522,014 shares of the real estate investment trust’s stock worth $94,273,000 after purchasing an additional 76,818 shares in the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

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.