Agree Realty (NYSE:ADC) Sees Unusually-High Trading Volume on Analyst Upgrade

Agree Realty Co. (NYSE:ADC) shares saw unusually-strong trading volume on Friday after Royal Bank of Canada raised their price target on the stock from $79.00 to $80.00. Royal Bank of Canada currently has an outperform rating on the stock. Approximately 540,092 shares were traded during mid-day trading, a decline of 43% from the previous session’s volume of 947,594 shares.The stock last traded at $75.39 and had previously closed at $75.00.

Other research analysts have also issued reports about the company. Truist Financial upped 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. UBS Group raised their price objective on shares of Agree Realty from $72.00 to $77.00 and gave the stock a “neutral” rating in a report on Wednesday, October 16th. BTIG Research lifted their target price on shares of Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a research report on Monday, August 12th. KeyCorp increased their price target on shares of Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. Finally, Stifel Nicolaus lifted their price objective on Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a report on Wednesday, July 24th. Four equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $73.88.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. Golden State Equity Partners increased its holdings in Agree Realty by 10.5% during the 3rd quarter. Golden State Equity Partners now owns 7,359 shares of the real estate investment trust’s stock valued at $554,000 after purchasing an additional 698 shares in the last quarter. Pathway Financial Advisers LLC grew its holdings in shares of Agree Realty by 22.4% during the third quarter. Pathway Financial Advisers LLC now owns 16,298 shares of the real estate investment trust’s stock worth $1,228,000 after purchasing an additional 2,979 shares during the last quarter. abrdn plc increased its stake in shares of Agree Realty by 10.8% in the third quarter. abrdn plc now owns 20,573 shares of the real estate investment trust’s stock valued at $1,550,000 after buying an additional 2,000 shares in the last quarter. Vanderbilt University raised its holdings in shares of Agree Realty by 148.9% in the third quarter. Vanderbilt University now owns 16,933 shares of the real estate investment trust’s stock valued at $1,276,000 after buying an additional 10,129 shares during the last quarter. Finally, State of Alaska Department of Revenue lifted its position in Agree Realty by 0.4% during the 3rd quarter. State of Alaska Department of Revenue now owns 58,934 shares of the real estate investment trust’s stock worth $4,438,000 after buying an additional 224 shares in the last quarter. Institutional investors own 97.83% of the company’s stock.

Agree Realty Trading Up 0.0 %

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 has a market cap of $7.55 billion, a P/E ratio of 44.14, a price-to-earnings-growth ratio of 2.47 and a beta of 0.61. The business’s fifty day simple moving average is $74.53 and its 200 day simple moving average is $66.66.

Agree Realty (NYSE:ADC) last announced its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). The company had revenue of $154.33 million for the quarter, compared to analyst estimates of $152.83 million. Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. Agree Realty’s revenue for the quarter was up 12.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.00 earnings per share. As a group, analysts expect that Agree Realty Co. will post 4.11 EPS for the current year.

Agree Realty Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be paid a $0.253 dividend. This is a boost from Agree Realty’s previous monthly dividend of $0.25. This represents a $3.04 annualized dividend and a dividend yield of 4.05%. The ex-dividend date is Thursday, October 31st. Agree Realty’s dividend payout ratio (DPR) is 178.24%.

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.