Agree Realty (NYSE:ADC) Reaches New 1-Year High on Analyst Upgrade

Agree Realty Co. (NYSE:ADC) shares hit a new 52-week high during mid-day trading on Monday after Truist Financial raised their price target on the stock from $68.00 to $77.00. Truist Financial currently has a buy rating on the stock. Agree Realty traded as high as $72.22 and last traded at $71.60, with a volume of 978011 shares changing hands. The stock had previously closed at $71.47.

ADC has been the subject of a number of other research reports. StockNews.com raised Agree Realty from a “sell” rating to a “hold” rating in a report on Tuesday, June 11th. Stifel Nicolaus upped their target price on Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a research report on Wednesday, July 24th. KeyCorp initiated coverage on Agree Realty in a research report on Wednesday, June 12th. They set an “overweight” rating and a $68.00 target price on the stock. Mizuho upped their target price on Agree Realty from $60.00 to $62.00 and gave the company a “neutral” rating in a research report on Friday, May 10th. Finally, Royal Bank of Canada upped their target price on Agree Realty from $63.00 to $70.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $67.77.

Insider Buying and Selling at Agree Realty

In other news, Director Greg Lehmkuhl acquired 1,000 shares of Agree Realty stock in a transaction on Thursday, May 23rd. The stock was acquired at an average cost of $58.99 per share, with a total value of $58,990.00. Following the completion of the acquisition, the director now owns 23,036 shares in the company, valued at $1,358,893.64. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Agree Realty

Large investors have recently made changes to their positions in the stock. Long Pond Capital LP boosted its stake in Agree Realty by 489.8% during the first quarter. Long Pond Capital LP now owns 2,868,640 shares of the real estate investment trust’s stock valued at $163,857,000 after buying an additional 2,382,252 shares during the period. Norges Bank bought a new stake in Agree Realty during the fourth quarter valued at $71,409,000. PGGM Investments bought a new stake in Agree Realty during the second quarter valued at $70,225,000. Principal Financial Group Inc. boosted its stake in Agree Realty by 12.1% during the fourth quarter. Principal Financial Group Inc. now owns 6,660,665 shares of the real estate investment trust’s stock valued at $419,289,000 after buying an additional 719,430 shares during the period. Finally, Leeward Investments LLC MA bought a new stake in Agree Realty during the second quarter valued at $30,306,000. 97.83% of the stock is owned by institutional investors.

Agree Realty Stock Up 0.2 %

The stock has a 50-day simple moving average of $63.30 and a two-hundred day simple moving average of $59.73. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.54. The firm has a market cap of $7.21 billion, a PE ratio of 41.22, a P/E/G ratio of 2.80 and a beta of 0.58.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.51). Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The firm had revenue of $152.58 million for the quarter, compared to analysts’ expectations of $150.35 million. During the same quarter in the previous year, the business earned $0.98 EPS. The company’s revenue for the quarter was up 17.5% on a year-over-year basis. Analysts expect that Agree Realty Co. will post 4.11 earnings per share for the current year.

Agree Realty Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Wednesday, August 14th. Stockholders of record on Wednesday, July 31st will be issued a $0.25 dividend. The ex-dividend date is Wednesday, July 31st. This represents a $3.00 annualized dividend and a dividend yield of 4.19%. Agree Realty’s dividend payout ratio is currently 176.47%.

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.