Agree Realty (NYSE:ADC) Sets New 1-Year High – Here’s Why

Shares of Agree Realty Co. (NYSE:ADC) hit a new 52-week high on Tuesday . The stock traded as high as $77.54 and last traded at $77.52, with a volume of 566408 shares. The stock had previously closed at $76.75.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on ADC shares. Royal Bank of Canada upped their price target on Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. UBS Group upped their price target on Agree Realty from $77.00 to $79.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. StockNews.com downgraded Agree Realty from a “hold” rating to a “sell” rating in a report on Thursday, November 14th. KeyCorp boosted their target price on Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, October 4th. Finally, Raymond James boosted their target price on Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a report on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $75.73.

Agree Realty Stock Performance

The stock has a market capitalization of $8.02 billion, a P/E ratio of 42.40, a P/E/G ratio of 3.08 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 has a fifty day moving average price of $75.03 and a 200-day moving average price of $68.63.

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

Agree Realty Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be issued a $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 3.92%. The ex-dividend date of this dividend is Friday, November 29th. Agree Realty’s dividend payout ratio is 167.96%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. MCF Advisors LLC bought a new position in Agree Realty in the second quarter valued at about $26,000. Massmutual Trust Co. FSB ADV increased its position in Agree Realty by 248.3% in the second quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock worth $38,000 after buying an additional 442 shares in the last quarter. UMB Bank n.a. increased its position in Agree Realty by 44.5% in the third quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock worth $73,000 after buying an additional 299 shares in the last quarter. Arcadia Investment Management Corp MI purchased a new stake in Agree Realty in the third quarter worth about $75,000. Finally, Headlands Technologies LLC increased its position in Agree Realty by 232.0% in the second quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock worth $71,000 after buying an additional 798 shares in the last quarter. Institutional investors own 97.83% of the company’s stock.

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.