Agree Realty (NYSE:ADC) Sets New 1-Year High at $69.19

Agree Realty Co. (NYSE:ADC) hit a new 52-week high on Monday . The company traded as high as $69.19 and last traded at $68.62, with a volume of 115852 shares traded. The stock had previously closed at $68.73.

Analyst Ratings Changes

ADC has been the subject of a number of recent analyst reports. Mizuho boosted their price objective on shares of Agree Realty from $60.00 to $62.00 and gave the stock a “neutral” rating in a report on Friday, May 10th. Stifel Nicolaus boosted 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. UBS Group boosted their target price on shares of Agree Realty from $60.00 to $67.00 and gave the company a “neutral” rating in a research note on Thursday, July 18th. KeyCorp initiated coverage on shares of Agree Realty in a research note on Wednesday, June 12th. They set an “overweight” rating and a $68.00 target price for the company. Finally, Royal Bank of Canada boosted their target price on shares of Agree Realty from $63.00 to $70.00 and gave the company an “outperform” rating in a research note on Thursday. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Agree Realty presently has an average rating of “Moderate Buy” and an average target price of $66.95.

Agree Realty Stock Performance

The business’s 50-day moving average price is $62.29 and its 200-day moving average price is $59.46. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.79 and a current ratio of 0.79. The stock has a market cap of $6.95 billion, a P/E ratio of 40.56, a P/E/G ratio of 2.72 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 business had revenue of $152.58 million for the quarter, compared to the consensus estimate of $150.35 million. Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The company’s revenue was up 17.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.98 EPS. As a group, sell-side analysts expect that Agree Realty Co. will post 4.11 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Wednesday, August 14th. Investors of record on Wednesday, July 31st will be issued a $0.25 dividend. This represents a $3.00 annualized dividend and a yield of 4.34%. The ex-dividend date of this dividend is Wednesday, July 31st. Agree Realty’s dividend payout ratio is currently 176.47%.

Insider Buying and Selling

In related news, Director Greg Lehmkuhl purchased 1,000 shares of the firm’s stock in a transaction on Thursday, May 23rd. The shares were acquired at an average price of $58.99 per share, for a total transaction of $58,990.00. Following the purchase, the director now directly owns 23,036 shares in the company, valued at $1,358,893.64. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 1.80% of the stock is currently owned by insiders.

Institutional Trading of Agree Realty

Several hedge funds have recently made changes to their positions in the business. Cambridge Investment Research Advisors Inc. raised its position in Agree Realty by 38.0% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 16,368 shares of the real estate investment trust’s stock worth $1,014,000 after purchasing an additional 4,506 shares during the period. Bank of New York Mellon Corp raised its position in Agree Realty by 3.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,284,143 shares of the real estate investment trust’s stock worth $79,540,000 after purchasing an additional 43,768 shares during the period. Raymond James Trust N.A. raised its position in Agree Realty by 6.2% in the 2nd quarter. Raymond James Trust N.A. now owns 5,767 shares of the real estate investment trust’s stock worth $357,000 after purchasing an additional 338 shares during the period. Tributary Capital Management LLC raised its position in Agree Realty by 22.5% in the 2nd quarter. Tributary Capital Management LLC now owns 316,012 shares of the real estate investment trust’s stock worth $19,574,000 after purchasing an additional 57,990 shares during the period. Finally, &PARTNERS purchased a new stake in Agree Realty in the 2nd quarter worth about $406,000. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

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.