Agree Realty (NYSE:ADC) Reaches New 1-Year High on Analyst Upgrade

Agree Realty Co. (NYSE:ADC)’s stock price reached a new 52-week high 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.

Several other research firms have also recently weighed in on ADC. BTIG Research boosted their price target on Agree Realty from $65.00 to $74.00 and gave the stock a “buy” rating in a report on Monday, August 12th. Stifel Nicolaus lifted their price objective on Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Truist Financial lifted their price objective on Agree Realty from $68.00 to $77.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. KeyCorp lifted their price objective on Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, October 4th. Finally, Wells Fargo & Company reaffirmed an “overweight” rating and issued a $80.00 price objective (up from $77.00) on shares of Agree Realty in a research note on Tuesday, October 1st. Four 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, the company currently has an average rating of “Moderate Buy” and an average target price of $73.88.

Hedge Funds Weigh In On Agree Realty

A number of institutional investors have recently modified their holdings of the company. Vanderbilt University raised its position in shares of Agree Realty by 148.9% during the third quarter. Vanderbilt University now owns 16,933 shares of the real estate investment trust’s stock worth $1,276,000 after purchasing an additional 10,129 shares during the period. State of Alaska Department of Revenue raised its position in shares of Agree Realty by 0.4% during the third quarter. State of Alaska Department of Revenue now owns 58,934 shares of the real estate investment trust’s stock worth $4,438,000 after purchasing an additional 224 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in Agree Realty by 5.8% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 9,635 shares of the real estate investment trust’s stock worth $726,000 after buying an additional 531 shares in the last quarter. Pathway Financial Advisers LLC grew its holdings in Agree Realty by 9,118.1% during the third quarter. Pathway Financial Advisers LLC now owns 1,227,756 shares of the real estate investment trust’s stock worth $92,487,000 after buying an additional 1,214,437 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in Agree Realty by 34.8% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,906 shares of the real estate investment trust’s stock worth $292,000 after buying an additional 1,008 shares in the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.

Agree Realty Price Performance

The company has a fifty day moving average of $74.46 and a 200-day moving average of $66.48. The firm has a market cap of $7.55 billion, a P/E ratio of 44.12, a P/E/G ratio of 2.47 and a beta of 0.61. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.79 and a quick ratio of 0.79.

Agree Realty (NYSE:ADC) last announced its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.61). Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The company had revenue of $154.33 million for the quarter, compared to the consensus estimate of $152.83 million. During the same quarter last year, the company posted $1.00 EPS. The company’s quarterly revenue was up 12.8% compared to the same quarter last year. On average, 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 declared a monthly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be issued a dividend of $0.253 per share. The ex-dividend date is Thursday, October 31st. This represents a $3.04 annualized dividend and a yield of 4.05%. This is an increase from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s dividend payout ratio is 178.24%.

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.