Agree Realty (NYSE:ADC) Sets New 52-Week High After Analyst Upgrade

Shares of Agree Realty Co. (NYSE:ADC) hit a new 52-week high on Wednesday after BTIG Research raised their price target on the stock from $74.00 to $78.00. BTIG Research currently has a buy rating on the stock. Agree Realty traded as high as $77.94 and last traded at $77.92, with a volume of 37272 shares changing hands. The stock had previously closed at $76.96.

A number of other equities research analysts also recently weighed in on the stock. Robert W. Baird raised their price target on shares of Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. UBS Group raised their target price on shares of Agree Realty from $77.00 to $79.00 and gave the company a “neutral” rating in a research report on Thursday, November 14th. Truist Financial upped their price target on shares of Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. KeyCorp raised their price objective on Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, October 4th. Finally, Mizuho upped their target price on Agree Realty from $75.00 to $80.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. Four research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $76.04.

Institutional Investors Weigh In On Agree Realty

A number of institutional investors have recently modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its position in Agree Realty by 6.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 53,028 shares of the real estate investment trust’s stock valued at $3,029,000 after acquiring an additional 3,080 shares during the last quarter. Bayesian Capital Management LP bought a new stake in shares of Agree Realty during the 1st quarter valued at about $304,000. Walleye Trading LLC acquired a new stake in Agree Realty during the first quarter worth approximately $955,000. Virtu Financial LLC bought a new stake in Agree Realty in the first quarter worth approximately $599,000. Finally, Lasalle Investment Management Securities LLC lifted its stake in Agree Realty by 3.8% in the first quarter. Lasalle Investment Management Securities LLC now owns 1,055,171 shares of the real estate investment trust’s stock valued at $60,271,000 after buying an additional 38,156 shares during the period. 97.83% of the stock is owned by institutional investors.

Agree Realty Price Performance

The stock has a market capitalization of $8.04 billion, a P/E ratio of 42.90, a PEG ratio of 3.10 and a beta of 0.61. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66. The business has a fifty day simple moving average of $75.22 and a 200-day simple moving average of $69.63.

Agree Realty (NYSE:ADC) last issued its 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 3.77% and a net margin of 31.62%. The company had revenue of $154.33 million for the quarter, compared to the consensus estimate of $152.83 million. During the same period in the prior year, the company earned $1.00 earnings per share. The firm’s revenue was up 12.8% compared to the same quarter last year. Sell-side analysts expect that Agree Realty Co. will post 4.12 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be given a $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 3.91%. The ex-dividend date is Friday, November 29th. Agree Realty’s payout ratio is 167.96%.

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.