Shares of Agree Realty Co. (NYSE:ADC – Get Free Report) reached a new 52-week high on Thursday 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. Agree Realty traded as high as $77.35 and last traded at $77.24, with a volume of 91415 shares. The stock had previously closed at $76.68.
Several other research firms also recently weighed in on ADC. UBS Group increased their price target on Agree Realty from $72.00 to $77.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 16th. KeyCorp increased their price target on Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, October 4th. Wells Fargo & Company reissued an “overweight” rating and set a $80.00 price objective (up previously from $77.00) on shares of Agree Realty in a report on Tuesday, October 1st. Stifel Nicolaus increased their price objective on Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Finally, BTIG Research increased their price objective on Agree Realty from $65.00 to $74.00 and gave the stock a “buy” rating in a report on Monday, August 12th. Four investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $73.88.
Institutional Trading of Agree Realty
Agree Realty Price Performance
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 capitalization of $7.55 billion, a P/E ratio of 44.12, a price-to-earnings-growth ratio of 2.47 and a beta of 0.61. The firm has a 50-day moving average price of $74.46 and a 200 day moving average price of $66.48.
Agree Realty (NYSE:ADC – Get Free Report) last announced its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS for the quarter, missing the consensus estimate of $1.03 by ($0.61). The firm had revenue of $154.33 million for the quarter, compared to the consensus estimate of $152.83 million. Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. Agree Realty’s revenue for the quarter was up 12.8% compared to the same quarter last year. During the same quarter last year, the company posted $1.00 earnings per share. On average, analysts expect that Agree Realty Co. will post 4.11 EPS for the current year.
Agree Realty Increases Dividend
The business also recently declared a monthly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be given a dividend of $0.253 per share. This represents a $3.04 annualized dividend and a yield of 4.05%. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date is Thursday, October 31st. Agree Realty’s dividend payout ratio (DPR) is presently 178.24%.
About Agree Realty
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.
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