Agree Realty (NYSE:ADC) Hits New 1-Year High After Strong Earnings

Agree Realty Co. (NYSE:ADC - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Tuesday following a stronger than expected earnings report. The company traded as high as $79.65 and last traded at $79.03, with a volume of 2029372 shares trading hands. 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 prior year, the company posted $0.43 earnings per share.

Agree Realty Increases Dividend

The firm also recently disclosed a apr 25 dividend, which will be paid on Wednesday, May 14th. Stockholders of record on Wednesday, April 30th will be paid a $0.256 dividend. The ex-dividend date of this dividend is Wednesday, April 30th. This represents a dividend yield of 4.1%. This is a boost from Agree Realty's previous apr 25 dividend of $0.25. Agree Realty's payout ratio is currently 173.45%.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Evercore ISI raised their target price on shares of Agree Realty from $82.00 to $83.00 and gave the stock an "outperform" rating in a report on Thursday. Robert W. Baird raised their target price on shares of Agree Realty from $76.00 to $80.00 and gave the stock an "outperform" rating in a report on Friday. Mizuho raised their target price on shares of Agree Realty from $74.00 to $81.00 and gave the stock a "neutral" rating in a report on Thursday, April 3rd. Royal Bank of Canada reduced their target price on shares of Agree Realty from $79.00 to $78.00 and set an "outperform" rating for the company in a report on Thursday, February 13th. Finally, StockNews.com cut shares of Agree Realty from a "hold" rating to a "sell" rating in a report on Friday. One research analyst has rated the stock with a sell rating, four have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $80.88.

Hedge Funds Weigh In On Agree Realty

Several institutional investors and hedge funds have recently modified their holdings of the stock. Versant Capital Management Inc lifted its stake in shares of Agree Realty by 230.7% in the 4th quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust's stock valued at $30,000 after purchasing an additional 293 shares during the last quarter. Bernard Wealth Management Corp. acquired a new position in Agree Realty during the 4th quarter worth $31,000. Capital Advisors Ltd. LLC lifted its position in Agree Realty by 137.8% during the 1st quarter. Capital Advisors Ltd. LLC now owns 466 shares of the real estate investment trust's stock worth $36,000 after acquiring an additional 270 shares during the last quarter. Headlands Technologies LLC lifted its position in Agree Realty by 72.8% during the 4th quarter. Headlands Technologies LLC now owns 558 shares of the real estate investment trust's stock worth $39,000 after acquiring an additional 235 shares during the last quarter. Finally, NBC Securities Inc. acquired a new position in Agree Realty during the 1st quarter worth $39,000. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Agree Realty Stock Performance

The stock has a market cap of $8.32 billion, a price-to-earnings ratio of 42.51, a price-to-earnings-growth ratio of 2.88 and a beta of 0.55. 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 stock's 50-day simple moving average is $75.26 and its two-hundred day simple moving average is $74.03.

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.