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

Shares of Agree Realty Co. (NYSE:ADC) reached a new 52-week high during trading on Wednesday . The stock 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.

Analyst Ratings Changes

A number of research firms recently issued reports on ADC. Raymond James boosted their target price on shares of Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research report on Wednesday, August 21st. BTIG Research increased their price target on Agree Realty from $65.00 to $74.00 and gave the stock a “buy” rating in a research report on Monday, August 12th. Wells Fargo & Company cut their price objective 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. Robert W. Baird boosted their target price on shares of Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Finally, UBS Group lifted their price objective on Agree Realty from $77.00 to $79.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Agree Realty presently has an average rating of “Moderate Buy” and an average target price of $75.73.

Agree Realty Stock Up 1.5 %

The stock has a market capitalization of $8.08 billion, a price-to-earnings ratio of 42.52, a PEG ratio of 3.10 and a beta of 0.61. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66. The business has a fifty day moving average of $75.11 and a 200 day moving average of $69.51.

Agree Realty (NYSE:ADC) last announced its quarterly earnings results 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 business had revenue of $154.33 million during the quarter, compared to analyst estimates of $152.83 million. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The business’s revenue for the quarter was up 12.8% on a year-over-year basis. During the same period last year, the company earned $1.00 EPS. As a group, equities analysts predict that Agree Realty Co. will post 4.12 earnings per share for the current year.

Agree Realty Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, December 13th. Stockholders 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 dividend yield of 3.89%. The ex-dividend date of this dividend is Friday, November 29th. Agree Realty’s dividend payout ratio (DPR) is 167.96%.

Institutional Trading of Agree Realty

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ADC. PGGM Investments acquired a new stake in shares of Agree Realty in the second quarter valued at $70,225,000. Virtu Financial LLC acquired a new stake in shares of Agree Realty during the first quarter worth about $599,000. AQR Capital Management LLC boosted its stake in shares of 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 during the period. Walleye Trading LLC purchased a new position in shares of Agree Realty in the first quarter valued at approximately $955,000. Finally, Manning & Napier Advisors LLC acquired a new position in shares of Agree Realty in the second quarter valued at approximately $5,915,000. Hedge funds and other institutional investors own 97.83% of the company’s stock.

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.