Agree Realty (NYSE:ADC) Sets New 52-Week High – Time to Buy?

by · The Markets Daily

Agree Realty Co. (NYSE:ADC – Get Free Report) hit a new 52-week high during trading on Tuesday . The stock traded as high as $77.54 and last traded at $77.52, with a volume of 566408 shares changing hands. The stock had previously closed at $76.75.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ADC. BTIG Research boosted their price target on Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a research note on Monday, August 12th. Royal Bank of Canada upped their target price on Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Robert W. Baird upped their target price on Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. UBS Group upped their target price on Agree Realty from $77.00 to $79.00 and gave the stock a “neutral” rating in a research report on Thursday, November 14th. Finally, KeyCorp upped their target price on Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $75.73.

View Our Latest Research Report on ADC

Agree Realty Stock Up 0.1 %

The company has a market cap of $7.98 billion, a price-to-earnings ratio of 42.55, a P/E/G ratio of 3.14 and a beta of 0.61. The stock has a fifty day moving average price of $75.08 and a two-hundred day moving average price of $68.95. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52.

Agree Realty (NYSE:ADC – Get Free Report) last released its quarterly 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 firm had revenue of $154.33 million for the quarter, compared to the consensus estimate of $152.83 million. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The business’s revenue for the quarter was up 12.8% on a year-over-year basis. During the same quarter last year, the firm posted $1.00 earnings per share. As a group, sell-side analysts expect that Agree Realty Co. will post 4.12 EPS for the current year.

Agree Realty Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be given a dividend of $0.253 per share. The ex-dividend date is Friday, November 29th. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.94%. Agree Realty’s dividend payout ratio (DPR) is presently 167.96%.

Institutional Investors Weigh In On Agree Realty

Several hedge funds have recently made changes to their positions in ADC. Vanguard Group Inc. boosted its stake in Agree Realty by 1.8% during the first quarter. Vanguard Group Inc. now owns 14,480,463 shares of the real estate investment trust’s stock valued at $827,124,000 after buying an additional 258,217 shares during the last quarter. CANADA LIFE ASSURANCE Co lifted its position in Agree Realty by 4.3% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 187,705 shares of the real estate investment trust’s stock worth $10,715,000 after acquiring an additional 7,766 shares during the period. Long Pond Capital LP lifted its position in Agree Realty by 489.8% during the 1st 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. Price T Rowe Associates Inc. MD lifted its holdings in shares of Agree Realty by 6.2% in the 1st 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 buying an additional 3,080 shares during the period. Finally, Bayesian Capital Management LP purchased a new position in shares of Agree Realty in the 1st quarter valued at about $304,000. 97.83% of the stock is currently owned by institutional investors.

Agree Realty Company Profile

(Get Free Report)

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.

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