Agree Realty (NYSE:ADC) Reaches New 12-Month High at $77.19

Agree Realty Co. (NYSE:ADC)’s stock price hit a new 52-week high during trading on Monday . The company traded as high as $77.19 and last traded at $76.77, with a volume of 25267 shares. The stock had previously closed at $76.69.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ADC. StockNews.com raised Agree Realty from a “sell” rating to a “hold” rating in a research report on Tuesday, June 11th. Stifel Nicolaus raised their price objective on Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Truist Financial lifted 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. Royal Bank of Canada increased their price target on shares of Agree Realty from $63.00 to $70.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Finally, Wells Fargo & Company lifted their price objective on shares of Agree Realty from $75.00 to $77.00 and gave the stock an “overweight” rating in a research report on Monday, August 26th. Five equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Agree Realty has a consensus rating of “Moderate Buy” and an average target price of $70.42.

Agree Realty Stock Up 0.2 %

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 company has a market capitalization of $7.73 billion, a price-to-earnings ratio of 45.11, a PEG ratio of 2.54 and a beta of 0.61. The business’s 50 day moving average is $70.58 and its 200 day moving average is $62.87.

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

Agree Realty Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a $0.25 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.90%. The ex-dividend date is Monday, September 30th. Agree Realty’s dividend payout ratio is presently 176.47%.

Institutional Investors Weigh In On Agree Realty

A number of institutional investors and hedge funds have recently modified their holdings of ADC. Dana Investment Advisors Inc. increased its holdings in Agree Realty by 0.6% in the 2nd quarter. Dana Investment Advisors Inc. now owns 29,274 shares of the real estate investment trust’s stock worth $1,813,000 after buying an additional 170 shares during the period. Capital Square LLC raised its holdings in shares of Agree Realty by 1.0% during the second quarter. Capital Square LLC now owns 17,995 shares of the real estate investment trust’s stock worth $1,193,000 after purchasing an additional 179 shares during the last quarter. Blue Trust Inc. lifted its position in Agree Realty by 8.8% during the second quarter. Blue Trust Inc. now owns 2,634 shares of the real estate investment trust’s stock valued at $150,000 after purchasing an additional 213 shares during the period. Commonwealth Equity Services LLC boosted its holdings in Agree Realty by 3.2% in the second quarter. Commonwealth Equity Services LLC now owns 6,895 shares of the real estate investment trust’s stock valued at $427,000 after purchasing an additional 216 shares during the last quarter. Finally, State of Alaska Department of Revenue boosted its holdings in Agree Realty by 0.5% in the first quarter. State of Alaska Department of Revenue now owns 58,101 shares of the real estate investment trust’s stock valued at $3,317,000 after purchasing an additional 297 shares during the last quarter. Institutional investors and hedge funds 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.