Agree Realty (NYSE:ADC) Hits New 52-Week High – What’s Next?

Agree Realty Corporation (NYSE:ADC)’s stock price hit a new 52-week high during trading on Wednesday . The company traded as high as $79.65 and last traded at $79.48, with a volume of 900475 shares traded. The stock had previously closed at $79.26.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ADC. Wall Street Zen lowered Agree Realty from a “hold” rating to a “sell” rating in a report on Tuesday, January 27th. Mizuho lowered their target price on Agree Realty from $77.00 to $75.00 and set a “neutral” rating for the company in a report on Wednesday, December 17th. Royal Bank Of Canada increased their price target on Agree Realty from $79.00 to $81.00 and gave the stock an “outperform” rating in a research report on Thursday, February 12th. Wells Fargo & Company raised their price target on Agree Realty from $81.00 to $83.00 and gave the company an “overweight” rating in a research note on Tuesday, November 25th. Finally, Stifel Nicolaus upped their price objective on shares of Agree Realty from $83.50 to $84.50 and gave the stock a “buy” rating in a research note on Wednesday, February 11th. Eight equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, Agree Realty currently has a consensus rating of “Moderate Buy” and an average price target of $80.50.

Agree Realty Price Performance

The firm has a market capitalization of $9.67 billion, a P/E ratio of 45.52, a P/E/G ratio of 3.10 and a beta of 0.54. The stock’s fifty day simple moving average is $73.99 and its 200 day simple moving average is $73.23. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.81 and a quick ratio of 0.81.

Agree Realty Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 27th will be paid a $0.262 dividend. This represents a c) annualized dividend and a yield of 3.9%. The ex-dividend date is Friday, February 27th. Agree Realty’s dividend payout ratio (DPR) is 177.40%.

Insiders Place Their Bets

In other Agree Realty news, Director John Rakolta, Jr. acquired 15,000 shares of the stock in a transaction dated Wednesday, December 24th. The stock was purchased at an average price of $72.18 per share, with a total value of $1,082,700.00. Following the transaction, the director directly owned 562,606 shares of the company’s stock, valued at $40,608,901.08. This trade represents a 2.74% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Peter Coughenour bought 500 shares of the company’s stock in a transaction that occurred on Friday, January 9th. The shares were acquired at an average price of $69.80 per share, for a total transaction of $34,900.00. Following the completion of the purchase, the chief financial officer owned 18,544 shares in the company, valued at $1,294,371.20. The trade was a 2.77% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last three months, insiders have bought 39,500 shares of company stock valued at $2,813,680. 1.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Agree Realty

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Clearstead Trust LLC grew its stake in Agree Realty by 192.1% during the 4th quarter. Clearstead Trust LLC now owns 368 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 242 shares during the last quarter. Westside Investment Management Inc. lifted its holdings in shares of Agree Realty by 100.0% during the third quarter. Westside Investment Management Inc. now owns 430 shares of the real estate investment trust’s stock worth $31,000 after purchasing an additional 215 shares during the period. Wiser Advisor Group LLC purchased a new stake in Agree Realty in the third quarter valued at approximately $32,000. Creative Financial Designs Inc. ADV boosted its position in Agree Realty by 71.1% in the fourth quarter. Creative Financial Designs Inc. ADV now owns 462 shares of the real estate investment trust’s stock valued at $33,000 after buying an additional 192 shares during the last quarter. Finally, Clearstead Advisors LLC increased its holdings in Agree Realty by 163.8% in the 4th quarter. Clearstead Advisors LLC now owns 459 shares of the real estate investment trust’s stock worth $33,000 after buying an additional 285 shares during the period. Hedge funds and other institutional investors own 97.83% of the company’s stock.

About Agree Realty

Agree Realty Corporation (NYSE: ADC) is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty’s primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.