Agree Realty Co. (NYSE:ADC - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $78.78 and last traded at $78.67, with a volume of 246231 shares changing hands. The stock had previously closed at $77.36.
Wall Street Analysts Forecast Growth
A number of equities research analysts have commented on the stock. StockNews.com raised shares of Agree Realty from a "sell" rating to a "hold" rating in a report on Sunday, February 16th. Mizuho raised their price target on shares of Agree Realty from $74.00 to $81.00 and gave the company a "neutral" rating in a report on Thursday, April 3rd. Wells Fargo & Company upped their price objective on Agree Realty from $78.00 to $81.00 and gave the stock an "overweight" rating in a report on Monday, March 10th. Royal Bank of Canada dropped their target price on Agree Realty from $79.00 to $78.00 and set an "outperform" rating for the company in a research report on Thursday, February 13th. Finally, Barclays upgraded Agree Realty from an "underweight" rating to an "equal weight" rating and raised their price target for the company from $74.00 to $75.00 in a report on Tuesday, March 4th. Five analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Agree Realty presently has a consensus rating of "Moderate Buy" and a consensus target price of $80.38.
View Our Latest Analysis on Agree Realty
Agree Realty Price Performance
The company's 50 day simple moving average is $74.65 and its 200 day simple moving average is $73.91. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78. The stock has a market cap of $8.48 billion, a P/E ratio of 44.38, a P/E/G ratio of 2.88 and a beta of 0.55.
Agree Realty (NYSE:ADC - Get Free Report) last issued its quarterly earnings data on Tuesday, February 11th. The real estate investment trust reported $1.04 EPS for the quarter, topping the consensus estimate of $0.43 by $0.61. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. As a group, equities analysts forecast that Agree Realty Co. will post 4.27 earnings per share for the current year.
Agree Realty Increases Dividend
The firm also recently announced a apr 25 dividend, which will be paid on Wednesday, May 14th. Investors of record on Wednesday, April 30th will be paid a dividend of $0.256 per share. This represents a yield of 4.1%. This is a boost from Agree Realty's previous apr 25 dividend of $0.25. The ex-dividend date of this dividend is Wednesday, April 30th. Agree Realty's dividend payout ratio is presently 172.47%.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in Agree Realty by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 14,549,952 shares of the real estate investment trust's stock worth $1,025,044,000 after purchasing an additional 219,806 shares during the period. Cohen & Steers Inc. grew its holdings in shares of Agree Realty by 43.0% during the fourth quarter. Cohen & Steers Inc. now owns 9,767,632 shares of the real estate investment trust's stock worth $688,108,000 after buying an additional 2,937,147 shares in the last quarter. JPMorgan Chase & Co. raised its position in Agree Realty by 37.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust's stock valued at $274,693,000 after buying an additional 990,362 shares during the last quarter. Invesco Ltd. lifted its stake in Agree Realty by 85.6% in the 4th quarter. Invesco Ltd. now owns 2,212,852 shares of the real estate investment trust's stock valued at $155,895,000 after acquiring an additional 1,020,512 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in Agree Realty by 2.8% during the 4th quarter. Geode Capital Management LLC now owns 2,132,252 shares of the real estate investment trust's stock worth $150,255,000 after acquiring an additional 57,492 shares during the last quarter. Institutional investors and hedge funds own 97.83% of the company's stock.
About Agree Realty
(
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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