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

Agree Realty Co. (NYSE:ADCGet Rating)’s stock price reached a new 52-week high during trading on Wednesday after Royal Bank of Canada raised their price target on the stock from $76.00 to $83.00. Royal Bank of Canada currently has an outperform rating on the stock. Agree Realty traded as high as $79.97 and last traded at $78.76, with a volume of 746 shares. The stock had previously closed at $77.88.

A number of other research analysts also recently issued reports on the stock. Jefferies Financial Group boosted their target price on shares of Agree Realty from $80.00 to $82.00 and gave the company a “buy” rating in a research report on Thursday, June 30th. Truist Financial boosted their target price on shares of Agree Realty from $74.00 to $77.00 and gave the company a “buy” rating in a research report on Wednesday, June 1st. Morgan Stanley boosted their target price on shares of Agree Realty from $75.00 to $77.00 and gave the company an “overweight” rating in a research report on Tuesday, July 12th. Raymond James boosted their target price on shares of Agree Realty from $76.00 to $85.00 and gave the company a “strong-buy” rating in a research report on Friday, July 8th. Finally, Credit Suisse Group started coverage on shares of Agree Realty in a research report on Wednesday, June 22nd. They set an “outperform” rating and a $78.00 target price for the company. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $78.77.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ADC. UMB Bank N A MO increased its stake in shares of Agree Realty by 56.0% during the first quarter. UMB Bank N A MO now owns 1,081 shares of the real estate investment trust’s stock worth $72,000 after purchasing an additional 388 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in shares of Agree Realty during the fourth quarter worth about $14,949,000. Strs Ohio increased its stake in shares of Agree Realty by 1.6% during the first quarter. Strs Ohio now owns 93,330 shares of the real estate investment trust’s stock worth $6,193,000 after purchasing an additional 1,476 shares in the last quarter. Lazard Asset Management LLC increased its stake in shares of Agree Realty by 331.6% during the fourth quarter. Lazard Asset Management LLC now owns 1,951 shares of the real estate investment trust’s stock worth $139,000 after purchasing an additional 1,499 shares in the last quarter. Finally, Fox Run Management L.L.C. purchased a new stake in shares of Agree Realty during the fourth quarter worth about $278,000.

Agree Realty Stock Down 0.5 %

The firm has a market cap of $5.70 billion, a PE ratio of 40.14, a PEG ratio of 2.75 and a beta of 0.39. The business’s 50 day moving average price is $72.89 and its 200 day moving average price is $68.49. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.04 and a quick ratio of 1.04.

Agree Realty (NYSE:ADCGet Rating) last released its earnings results on Tuesday, August 2nd. The real estate investment trust reported $0.45 EPS for the quarter, hitting analysts’ consensus estimates of $0.45. Agree Realty had a net margin of 37.13% and a return on equity of 4.55%. During the same quarter in the previous year, the company earned $0.89 earnings per share. On average, equities research analysts expect that Agree Realty Co. will post 3.89 earnings per share for the current year.

Agree Realty Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Friday, August 12th. Investors of record on Friday, July 29th will be paid a dividend of $0.234 per share. The ex-dividend date of this dividend is Thursday, July 28th. This represents a $2.81 annualized dividend and a yield of 3.70%. Agree Realty’s dividend payout ratio is presently 148.68%.

Agree Realty Company Profile

(Get Rating)

Agree Realty Corporation is a publicly traded real estate investment trust primarily engaged in the acquisition and development of properties net leased to industry-leading retail tenants. As of September 30, 2020, the Company owned and operated a portfolio of 1,027 properties, located in 45 states and containing approximately 21.0 million square feet of gross leasable area.

Further Reading

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