Agree Realty Co. (NYSE:ADC) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Agree Realty Co. (NYSE:ADC) have been given a consensus recommendation of “Moderate Buy” by the thirteen brokerages that are currently covering the company, Marketbeat.com reports. Three analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $75.73.

A number of equities research analysts recently weighed in on ADC shares. Stifel Nicolaus upped their price target on Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a report on Wednesday, July 24th. BTIG Research upped their price target on Agree Realty from $65.00 to $74.00 and gave the stock a “buy” rating in a report on Monday, August 12th. Robert W. Baird upped their price target on Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Wells Fargo & Company reduced their target price on Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. 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 note on Thursday, October 24th.

Agree Realty Stock Performance

NYSE ADC opened at $77.53 on Wednesday. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. The business’s 50 day moving average is $75.04 and its two-hundred day moving average is $68.76. Agree Realty has a 12-month low of $54.28 and a 12-month high of $77.58. The stock has a market capitalization of $8.03 billion, a price-to-earnings ratio of 42.83, a PEG ratio of 3.08 and a beta of 0.61.

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

Agree Realty Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be paid a dividend of $0.253 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.92%. The ex-dividend date is Friday, November 29th. Agree Realty’s dividend payout ratio is presently 167.96%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Geode Capital Management LLC lifted its stake in shares of Agree Realty by 1.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,074,760 shares of the real estate investment trust’s stock worth $156,327,000 after purchasing an additional 30,377 shares during the period. Vestcor Inc purchased a new position in shares of Agree Realty during the 3rd quarter worth $111,000. Barclays PLC lifted its stake in shares of Agree Realty by 129.4% during the 3rd quarter. Barclays PLC now owns 239,783 shares of the real estate investment trust’s stock worth $18,062,000 after purchasing an additional 135,274 shares during the period. Nomura Asset Management Co. Ltd. raised its position in shares of 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 buying an additional 2,930 shares during the period. Finally, XTX Topco Ltd purchased a new position in shares of Agree Realty in the 3rd quarter worth $901,000. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Company Profile

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.