Agree Realty (NYSE:ADC) Sees Strong Trading Volume on Analyst Upgrade

Agree Realty Co. (NYSE:ADC) shares saw unusually-high trading volume on Friday 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. Approximately 540,092 shares changed hands during trading, a decline of 43% from the previous session’s volume of 947,594 shares.The stock last traded at $75.39 and had previously closed at $75.00.

Several other research analysts also recently issued reports on the company. Wells Fargo & Company reaffirmed an “overweight” rating and set a $80.00 price target (up previously from $77.00) on shares of Agree Realty in a research note on Tuesday, October 1st. KeyCorp upped their price target on shares of Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, October 4th. UBS Group raised their price objective on shares of Agree Realty from $72.00 to $77.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 16th. Stifel Nicolaus upped their target price on Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Finally, Raymond James increased their target price on Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a report on Wednesday, August 21st. Four 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 data from MarketBeat.com, Agree Realty presently has a consensus rating of “Moderate Buy” and a consensus price target of $73.88.

Institutional Investors Weigh In On Agree Realty

A number of hedge funds and other institutional investors have recently made changes to their positions in ADC. MCF Advisors LLC purchased a new position in Agree Realty during the second quarter worth about $26,000. Massmutual Trust Co. FSB ADV lifted its holdings in shares of Agree Realty by 248.3% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock worth $38,000 after acquiring an additional 442 shares during the period. Headlands Technologies LLC boosted its position in shares of Agree Realty by 232.0% in the second quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock worth $71,000 after acquiring an additional 798 shares during the last quarter. UMB Bank n.a. grew its holdings in Agree Realty by 44.5% in the third quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock valued at $73,000 after purchasing an additional 299 shares during the period. Finally, GAMMA Investing LLC increased its position in Agree Realty by 125.9% during the second quarter. GAMMA Investing LLC now owns 1,403 shares of the real estate investment trust’s stock worth $87,000 after purchasing an additional 782 shares during the last quarter. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Performance

The company has a market cap of $7.58 billion, a PE ratio of 44.12, a P/E/G ratio of 2.47 and a beta of 0.61. The stock’s 50 day simple moving average is $74.46 and its two-hundred day simple moving average is $66.48. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.54.

Agree Realty (NYSE:ADC) last issued 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). Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The firm had revenue of $154.33 million during the quarter, compared to analysts’ expectations of $152.83 million. During the same period last year, the business posted $1.00 earnings per share. The company’s quarterly revenue was up 12.8% compared to the same quarter last year. As a group, research analysts anticipate that Agree Realty Co. will post 4.11 earnings per share for the current year.

Agree Realty Increases Dividend

The company also recently disclosed a monthly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be paid a $0.253 dividend. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. This represents a $3.04 annualized dividend and a dividend yield of 4.03%. The ex-dividend date of this dividend is Thursday, October 31st. Agree Realty’s payout ratio is currently 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.