Agree Realty (NYSE:ADC) Price Target Raised to $80.00 at Mizuho

Agree Realty (NYSE:ADC) had its price objective hoisted by Mizuho from $75.00 to $80.00 in a research report report published on Thursday morning,Benzinga reports. They currently have a neutral rating on the real estate investment trust’s stock.

Several other equities research analysts also recently issued reports on ADC. Robert W. Baird lifted their price target on shares of Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Truist Financial lifted their target price on Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Wells Fargo & Company reduced their price target on Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a report on Monday, November 4th. BTIG Research raised their price objective on Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a research note on Monday, August 12th. Finally, Royal Bank of Canada upped their target price on Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. One analyst has rated the stock with a sell rating, three have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $75.73.

Agree Realty Trading Up 0.5 %

NYSE:ADC opened at $75.97 on Thursday. The business’s 50-day moving average is $75.03 and its two-hundred day moving average is $68.55. The firm has a market capitalization of $7.86 billion, a PE ratio of 41.97, a price-to-earnings-growth ratio of 3.08 and a beta of 0.61. Agree Realty has a 12 month low of $54.28 and a 12 month high of $77.47. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). The company had revenue of $154.33 million during the quarter, compared to analysts’ expectations of $152.83 million. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The firm’s revenue was up 12.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.00 EPS. Research analysts predict that Agree Realty will post 4.12 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be issued a dividend of $0.253 per share. The ex-dividend date is Friday, November 29th. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.00%. Agree Realty’s dividend payout ratio (DPR) is 167.96%.

Hedge Funds Weigh In On Agree Realty

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Geode Capital Management LLC boosted its holdings in shares of Agree Realty by 1.5% during the third quarter. Geode Capital Management LLC now owns 2,074,760 shares of the real estate investment trust’s stock valued at $156,327,000 after acquiring an additional 30,377 shares during the period. Vestcor Inc bought a new stake in Agree Realty in the 3rd quarter valued at about $111,000. Barclays PLC boosted its stake in Agree Realty by 129.4% during the 3rd quarter. Barclays PLC now owns 239,783 shares of the real estate investment trust’s stock valued at $18,062,000 after purchasing an additional 135,274 shares during the period. Nomura Asset Management Co. Ltd. grew its position in Agree Realty by 2.3% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 132,880 shares of the real estate investment trust’s stock worth $10,010,000 after purchasing an additional 2,930 shares during the last quarter. Finally, XTX Topco Ltd acquired a new stake in shares of Agree Realty in the third quarter valued at approximately $901,000. 97.83% of the stock is currently owned by institutional investors and hedge funds.

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.