Agree Realty (NYSE:ADC) Hits New 1-Year High – Still a Buy?

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

Analyst Ratings Changes

Several analysts recently commented on ADC shares. Wall Street Zen cut Agree Realty from a “hold” rating to a “sell” rating in a research report on Tuesday, January 27th. 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 note on Thursday, February 12th. Wells Fargo & Company lifted their price objective on shares of Agree Realty from $81.00 to $83.00 and gave the company an “overweight” rating in a research note on Tuesday, November 25th. Barclays upped their price objective on shares of Agree Realty from $77.00 to $78.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 3rd. Finally, Mizuho lowered their target price on shares of Agree Realty from $77.00 to $75.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 17th. Eight research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Agree Realty presently has an average rating of “Moderate Buy” and an average target price of $80.50.

Agree Realty Stock Performance

The company has a fifty day moving average price of $73.53 and a two-hundred day moving average price of $73.09. The firm has a market cap of $9.54 billion, a price-to-earnings ratio of 44.90, a price-to-earnings-growth ratio of 3.08 and a beta of 0.54. 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 firm also recently declared a monthly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 27th will be issued a $0.262 dividend. This represents a c) dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend is Friday, February 27th. Agree Realty’s dividend payout ratio is presently 177.40%.

Insider Activity

In other Agree Realty news, Chairman Richard Agree acquired 24,000 shares of the stock in a transaction dated Friday, January 9th. The shares were bought at an average price of $70.67 per share, with a total value of $1,696,080.00. Following the purchase, the chairman directly owned 159,855 shares of the company’s stock, valued at approximately $11,296,952.85. This trade represents a 17.67% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director John Rakolta, Jr. bought 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 24th. The stock was acquired at an average price of $72.18 per share, for a total transaction of $1,082,700.00. Following the completion of the acquisition, the director directly owned 562,606 shares in the company, valued at approximately $40,608,901.08. This represents a 2.74% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders acquired 39,500 shares of company stock worth $2,813,680. Corporate insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Agree Realty

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Clearstead Trust LLC boosted its stake in shares of Agree Realty by 192.1% during the 4th quarter. Clearstead Trust LLC now owns 368 shares of the real estate investment trust’s stock worth $27,000 after acquiring an additional 242 shares in 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 valued at $31,000 after purchasing an additional 215 shares during the last quarter. Wiser Advisor Group LLC acquired a new position in shares of Agree Realty in the 3rd quarter valued at $32,000. Creative Financial Designs Inc. ADV boosted its position in shares of Agree Realty by 71.1% in the 4th quarter. Creative Financial Designs Inc. ADV now owns 462 shares of the real estate investment trust’s stock valued at $33,000 after purchasing an additional 192 shares during the period. Finally, Clearstead Advisors LLC increased its stake 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 purchasing an additional 285 shares in the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Agree Realty Company Profile

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.