Agree Realty (NYSE:ADC) Sets New 1-Year High at $73.25

Agree Realty Co. (NYSE:ADC) shares reached a new 52-week high during trading on Friday . The stock traded as high as $73.25 and last traded at $73.23, with a volume of 167039 shares traded. The stock had previously closed at $72.44.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. StockNews.com upgraded Agree Realty from a “sell” rating to a “hold” rating in a research note on Tuesday, June 11th. UBS Group raised their price target on shares of Agree Realty from $60.00 to $67.00 and gave the company a “neutral” rating in a report on Thursday, July 18th. KeyCorp assumed coverage on shares of Agree Realty in a research report on Wednesday, June 12th. They set an “overweight” rating and a $68.00 target price for the company. Raymond James raised 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 note on Wednesday. Finally, Royal Bank of Canada increased their price objective on Agree Realty from $63.00 to $70.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Five equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $69.27.

Agree Realty Stock Up 0.3 %

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 company has a market capitalization of $7.31 billion, a price-to-earnings ratio of 42.78, a P/E/G ratio of 2.80 and a beta of 0.58. The business’s 50-day moving average is $66.50 and its 200-day moving average is $60.87.

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

Agree Realty Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Monday, September 16th. Stockholders of record on Friday, August 30th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.13%. Agree Realty’s payout ratio is 176.47%.

Institutional Trading of Agree Realty

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Long Pond Capital LP raised its position in shares of Agree Realty by 489.8% in the first quarter. Long Pond Capital LP now owns 2,868,640 shares of the real estate investment trust’s stock worth $163,857,000 after acquiring an additional 2,382,252 shares during the period. Norges Bank purchased a new position in Agree Realty during the fourth quarter worth approximately $71,409,000. PGGM Investments purchased a new position in Agree Realty during the second quarter worth approximately $70,225,000. Principal Financial Group Inc. grew its holdings in Agree Realty by 12.1% in 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 purchasing an additional 719,430 shares during the period. Finally, Daiwa Securities Group Inc. increased its position in shares of Agree Realty by 55.9% in the second quarter. Daiwa Securities Group Inc. now owns 1,815,511 shares of the real estate investment trust’s stock valued at $112,453,000 after buying an additional 650,921 shares in 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.