Agree Realty (NYSE:ADC) Hits New 12-Month High Following Analyst Upgrade

Agree Realty Co. (NYSE:ADC)’s stock price reached a new 52-week high during trading on Wednesday after BTIG Research raised their price target on the stock from $74.00 to $78.00. BTIG Research currently has a buy rating on the stock. Agree Realty 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.

Several other brokerages have also issued reports on ADC. Raymond James boosted their price objective on shares of Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a report on Wednesday, August 21st. Robert W. Baird upped their price objective on shares of Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. UBS Group increased their price objective on shares of Agree Realty from $77.00 to $79.00 and gave the stock a “neutral” rating in a research report on Thursday, November 14th. Truist Financial boosted their target price on Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, Wells Fargo & Company lowered their price target on Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Agree Realty has a consensus rating of “Moderate Buy” and an average target price of $76.04.

Institutional Trading of Agree Realty

Hedge funds have recently added to or reduced their stakes in the company. PGGM Investments purchased a new stake in Agree Realty during the 2nd quarter worth about $70,225,000. Virtu Financial LLC purchased a new stake in Agree Realty during the first quarter worth approximately $599,000. AQR Capital Management LLC boosted its holdings in Agree Realty by 67.4% in the second quarter. AQR Capital Management LLC now owns 462,868 shares of the real estate investment trust’s stock valued at $28,476,000 after purchasing an additional 186,285 shares in the last quarter. Walleye Trading LLC purchased a new position in Agree Realty in the first quarter valued at approximately $955,000. Finally, Manning & Napier Advisors LLC acquired a new stake in Agree Realty during the second quarter worth approximately $5,915,000. Institutional investors and hedge funds own 97.83% of the company’s stock.

Agree Realty Trading Up 0.9 %

The company has a market cap of $8.04 billion, a price-to-earnings ratio of 42.90, a PEG ratio of 3.10 and a beta of 0.61. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52. The business’s fifty day simple moving average is $75.22 and its two-hundred day simple moving average is $69.63.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.61). Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The firm had revenue of $154.33 million for the quarter, compared to analysts’ expectations of $152.83 million. During the same period in the previous year, the business posted $1.00 EPS. The business’s revenue for the quarter was up 12.8% compared to the same quarter last year. On average, equities analysts predict that Agree Realty Co. will post 4.12 EPS for the current year.

Agree Realty Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be paid a $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 3.91%. The ex-dividend date is Friday, November 29th. Agree Realty’s dividend payout ratio is currently 167.96%.

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.