Agree Realty (NYSE:ADC) Sees Unusually-High Trading Volume Following Analyst Upgrade

Agree Realty Co. (NYSE:ADC) saw an uptick in trading volume on Thursday after Evercore ISI raised their price target on the stock from $82.00 to $83.00. Evercore ISI currently has an outperform rating on the stock. 964,152 shares changed hands during trading, a decline of 3% from the previous session’s volume of 995,969 shares.The stock last traded at $76.10 and had previously closed at $77.22.

Other research analysts also recently issued reports about the company. Mizuho boosted their price target on Agree Realty from $74.00 to $81.00 and gave the company a “neutral” rating in a report on Thursday, April 3rd. Royal Bank of Canada decreased their target price on shares of Agree Realty from $79.00 to $78.00 and set an “outperform” rating for the company in a research note on Thursday, February 13th. Wells Fargo & Company raised their price target on shares of Agree Realty from $78.00 to $81.00 and gave the company an “overweight” rating in a research report on Monday, March 10th. StockNews.com upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a research report on Sunday, February 16th. Finally, Stifel Nicolaus raised their target price on Agree Realty from $81.00 to $82.50 and gave the company a “buy” rating in a research report on Wednesday. Five analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Agree Realty presently has a consensus rating of “Moderate Buy” and an average target price of $80.58.

Hedge Funds Weigh In On Agree Realty

Institutional investors and hedge funds have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC lifted its stake in Agree Realty by 12.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 788,752 shares of the real estate investment trust’s stock worth $60,608,000 after purchasing an additional 90,408 shares in the last quarter. Transcend Capital Advisors LLC lifted its position in Agree Realty by 1.0% during the first quarter. Transcend Capital Advisors LLC now owns 24,934 shares of the real estate investment trust’s stock worth $1,925,000 after buying an additional 237 shares in the last quarter. Creative Financial Designs Inc. ADV boosted its stake in Agree Realty by 24.0% during the first quarter. Creative Financial Designs Inc. ADV now owns 3,844 shares of the real estate investment trust’s stock worth $297,000 after buying an additional 743 shares during the last quarter. Sequoia Financial Advisors LLC increased its stake in shares of Agree Realty by 3.0% in the 1st quarter. Sequoia Financial Advisors LLC now owns 4,729 shares of the real estate investment trust’s stock worth $365,000 after acquiring an additional 139 shares during the last quarter. Finally, Asset Management One Co. Ltd. raised its holdings in shares of Agree Realty by 6.6% during the 1st quarter. Asset Management One Co. Ltd. now owns 214,844 shares of the real estate investment trust’s stock worth $16,584,000 after acquiring an additional 13,242 shares during the period. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Agree Realty Stock Performance

The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.78 and a current ratio of 0.78. The firm’s 50-day moving average price is $75.17 and its two-hundred day moving average price is $74.01. The stock has a market cap of $8.19 billion, a price-to-earnings ratio of 42.84, a PEG ratio of 2.88 and a beta of 0.55.

Agree Realty (NYSE:ADC) last posted its earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.01. The company had revenue of $169.16 million for the quarter, compared to analyst estimates of $167.77 million. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. During the same period in the previous year, the business posted $0.43 EPS. On average, analysts expect that Agree Realty Co. will post 4.27 EPS for the current fiscal year.

Agree Realty Increases Dividend

The firm also recently declared a apr 25 dividend, which will be paid on Wednesday, May 14th. Stockholders of record on Wednesday, April 30th will be issued a dividend of $0.256 per share. The ex-dividend date of this dividend is Wednesday, April 30th. This is a boost from Agree Realty’s previous apr 25 dividend of $0.25. This represents a dividend yield of 4.1%. Agree Realty’s dividend payout ratio is currently 172.47%.

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.