Agree Realty (NYSE:ADC) Reaches New 12-Month High After Analyst Upgrade

Shares of Agree Realty Co. (NYSE:ADC) hit a new 52-week high during mid-day trading 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.

ADC has been the subject of a number of other research reports. UBS Group increased their target price on Agree Realty from $72.00 to $77.00 and gave the company a “neutral” rating in a report on Wednesday, October 16th. Truist Financial increased their target price on Agree Realty from $68.00 to $77.00 and gave the company a “buy” rating in a report on Monday, August 5th. BTIG Research increased their target price on Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a report on Monday, August 12th. Stifel Nicolaus increased their target price on Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a report on Wednesday, July 24th. Finally, KeyCorp increased their target price on Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, October 4th. Four investment 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 stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $73.88.

Institutional Investors Weigh In On Agree Realty

A number of hedge funds have recently modified their holdings of the company. Dana Investment Advisors Inc. grew its holdings in shares of Agree Realty by 0.6% in the second quarter. Dana Investment Advisors Inc. now owns 29,274 shares of the real estate investment trust’s stock valued at $1,813,000 after purchasing an additional 170 shares during the period. Capital Square LLC grew its holdings in shares of Agree Realty by 1.0% in the second quarter. Capital Square LLC now owns 17,995 shares of the real estate investment trust’s stock valued at $1,193,000 after purchasing an additional 179 shares during the period. Blue Trust Inc. boosted its stake 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 worth $150,000 after buying an additional 213 shares during the period. Commonwealth Equity Services LLC boosted its stake in Agree Realty by 3.2% during the second quarter. Commonwealth Equity Services LLC now owns 6,895 shares of the real estate investment trust’s stock worth $427,000 after buying an additional 216 shares during the period. Finally, CWM LLC boosted its stake in Agree Realty by 8.5% during the third quarter. CWM LLC now owns 3,458 shares of the real estate investment trust’s stock worth $260,000 after buying an additional 271 shares during the period. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Trading Down 1.2 %

The company has a debt-to-equity ratio of 0.54, a current ratio of 0.79 and a quick ratio of 0.79. The company has a market cap of $7.62 billion, a PE ratio of 44.90, a price-to-earnings-growth ratio of 2.47 and a beta of 0.61. The company’s 50 day simple moving average is $74.39 and its two-hundred day simple moving average is $66.42.

Agree Realty (NYSE:ADC) last announced its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.61). The company had revenue of $154.33 million for the quarter, compared to analysts’ expectations of $152.83 million. Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The company’s quarterly revenue was up 12.8% compared to the same quarter last year. During the same period last year, the business earned $1.00 EPS. As a group, sell-side analysts anticipate that Agree Realty Co. will post 4.11 EPS for the current fiscal year.

Agree Realty Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be paid a dividend of $0.253 per share. This represents a $3.04 annualized dividend and a yield of 4.01%. The ex-dividend date is Thursday, October 31st. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s dividend payout ratio (DPR) is 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.