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

Agree Realty Co. (NYSE:ADC) saw strong 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. 540,092 shares traded 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.

A number of other analysts have also recently weighed in on the stock. UBS Group upped their price target on shares of Agree Realty from $72.00 to $77.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 16th. Stifel Nicolaus increased 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. Raymond James boosted their price target on Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, August 21st. Wells Fargo & Company restated an “overweight” rating and issued a $80.00 price target (up previously from $77.00) on shares of Agree Realty in a report on Tuesday, October 1st. Finally, KeyCorp lifted their price objective on shares of Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, October 4th. Four research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $73.88.

Institutional Trading of Agree Realty

Institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP acquired a new stake in shares of Agree Realty in the 4th quarter valued at about $4,285,000. PNC Financial Services Group Inc. raised its stake in Agree Realty by 15.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 9,905 shares of the real estate investment trust’s stock valued at $624,000 after buying an additional 1,338 shares in the last quarter. Park Avenue Securities LLC lifted its holdings in Agree Realty by 9.8% during the 1st quarter. Park Avenue Securities LLC now owns 6,061 shares of the real estate investment trust’s stock worth $346,000 after buying an additional 540 shares during the last quarter. Oak Thistle LLC acquired a new position in shares of Agree Realty in the 1st quarter worth approximately $307,000. Finally, Tributary Capital Management LLC increased its holdings in shares of Agree Realty by 39.1% in the 1st quarter. Tributary Capital Management LLC now owns 258,022 shares of the real estate investment trust’s stock valued at $14,738,000 after acquiring an additional 72,504 shares during the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.

Agree Realty Stock Performance

The company has a 50-day moving average of $74.46 and a 200-day moving average of $66.48. The firm has a market capitalization of $7.58 billion, a price-to-earnings ratio of 44.12, a price-to-earnings-growth ratio of 2.47 and a beta of 0.61. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.54.

Agree Realty (NYSE:ADC) last posted its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The business had revenue of $154.33 million during the quarter, compared to the consensus estimate of $152.83 million. During the same quarter in the previous 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. On average, equities research analysts forecast that Agree Realty Co. will post 4.11 earnings per share for the current fiscal year.

Agree Realty Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be issued a dividend of $0.253 per share. The ex-dividend date of this dividend is Thursday, October 31st. 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%. Agree Realty’s dividend payout ratio is 178.24%.

About Agree Realty

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.