Agree Realty Co. (NYSE:ADC - Get Free Report) hit a new 52-week high during mid-day trading on Tuesday following a better than expected earnings announcement. The company traded as high as $79.65 and last traded at $79.03, with a volume of 2029372 shares traded. The stock had previously closed at $78.72.
The real estate investment trust reported $1.06 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.01. The business had revenue of $169.16 million during the quarter, compared to the consensus estimate of $167.77 million. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. During the same quarter in the previous year, the firm earned $0.43 EPS.
Agree Realty Increases Dividend
The business also recently announced a apr 25 dividend, which will be paid on Wednesday, May 14th. Shareholders of record on Wednesday, April 30th will be paid a $0.256 dividend. This is an increase from Agree Realty's previous apr 25 dividend of $0.25. This represents a dividend yield of 4.1%. The ex-dividend date of this dividend is Wednesday, April 30th. Agree Realty's dividend payout ratio (DPR) is 172.47%.
Wall Street Analyst Weigh In
A number of research analysts have recently issued reports on the stock. Evercore ISI boosted their price target on shares of Agree Realty from $82.00 to $83.00 and gave the stock an "outperform" rating in a research note on Thursday. UBS Group raised Agree Realty from a "neutral" rating to a "buy" rating and increased their target price for the stock from $79.00 to $84.00 in a research note on Monday, January 6th. StockNews.com upgraded Agree Realty from a "sell" rating to a "hold" rating in a research note on Sunday, February 16th. Mizuho raised their target price on Agree Realty from $74.00 to $81.00 and gave the company a "neutral" rating in a report on Thursday, April 3rd. Finally, Stifel Nicolaus upped their price target on shares of Agree Realty from $81.00 to $82.50 and gave the stock a "buy" rating in a research note on Wednesday. Five investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $80.88.
Read Our Latest Analysis on Agree Realty
Institutional Investors Weigh In On Agree Realty
Institutional investors have recently bought and sold shares of the stock. Versant Capital Management Inc raised its holdings in Agree Realty by 230.7% during the fourth quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust's stock worth $30,000 after purchasing an additional 293 shares in the last quarter. Bernard Wealth Management Corp. acquired a new position in shares of Agree Realty during the 4th quarter valued at $31,000. Capital Advisors Ltd. LLC raised its stake in shares of Agree Realty by 137.8% in the 1st quarter. Capital Advisors Ltd. LLC now owns 466 shares of the real estate investment trust's stock worth $36,000 after buying an additional 270 shares in the last quarter. Headlands Technologies LLC lifted its holdings in shares of Agree Realty by 72.8% in the fourth quarter. Headlands Technologies LLC now owns 558 shares of the real estate investment trust's stock valued at $39,000 after buying an additional 235 shares during the period. Finally, NBC Securities Inc. bought a new position in Agree Realty during the first quarter valued at about $39,000. Institutional investors and hedge funds own 97.83% of the company's stock.
Agree Realty Trading Down 0.8 %
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 business has a fifty day moving average of $75.17 and a 200-day moving average of $74.01. The stock has a market capitalization of $8.12 billion, a price-to-earnings ratio of 42.51, a price-to-earnings-growth ratio of 2.88 and a beta of 0.55.
About Agree Realty
(
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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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