Agree Realty (NYSE:ADC) Sets New 1-Year High at $77.19

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a report on Tuesday, June 11th. Truist Financial increased their target price on Agree Realty from $68.00 to $77.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Royal Bank of Canada lifted their price target on Agree Realty from $63.00 to $70.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. KeyCorp started coverage on Agree Realty in a research report on Wednesday, June 12th. They set an “overweight” rating and a $68.00 price objective on the stock. Finally, UBS Group raised their price objective on Agree Realty from $60.00 to $67.00 and gave the company a “neutral” rating in a report on Thursday, July 18th. 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.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $70.42.

Agree Realty Stock Down 1.0 %

The company has a market capitalization of $7.64 billion, a P/E ratio of 44.69, 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. The stock’s fifty day moving average is $71.17 and its 200 day moving average is $63.16.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $0.52 EPS for the quarter, missing the consensus estimate of $1.03 by ($0.51). The firm 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 business’s revenue was up 17.5% on a year-over-year basis. During the same period last year, the company posted $0.98 earnings per share. Research analysts predict that Agree Realty Co. will post 4.11 EPS for the current fiscal year.

Agree Realty Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a dividend of $0.25 per share. The ex-dividend date is Monday, September 30th. This represents a $3.00 annualized dividend and a dividend yield of 3.95%. Agree Realty’s dividend payout ratio (DPR) is presently 176.47%.

Institutional Trading of Agree Realty

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ADC. Sanctuary Advisors LLC bought a new position in Agree Realty in the 2nd quarter worth $1,235,000. Dana Investment Advisors Inc. lifted its holdings in Agree Realty by 0.6% in the second quarter. Dana Investment Advisors Inc. now owns 29,274 shares of the real estate investment trust’s stock worth $1,813,000 after buying an additional 170 shares during the period. Pathway Financial Advisers LLC boosted its position in Agree Realty by 3.2% during the 2nd quarter. Pathway Financial Advisers LLC now owns 13,319 shares of the real estate investment trust’s stock valued at $824,000 after acquiring an additional 409 shares in the last quarter. Systematic Financial Management LP boosted its position in Agree Realty by 0.6% during the 2nd quarter. Systematic Financial Management LP now owns 286,868 shares of the real estate investment trust’s stock valued at $17,769,000 after acquiring an additional 1,609 shares in the last quarter. Finally, Creative Planning grew its holdings in shares of Agree Realty by 86.8% during the 2nd quarter. Creative Planning now owns 56,819 shares of the real estate investment trust’s stock worth $3,519,000 after acquiring an additional 26,398 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.