Agree Realty (NYSE:ADC) Price Target Raised to $78.00

Agree Realty (NYSE:ADC) had its target price boosted by BTIG Research from $74.00 to $78.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a buy rating on the real estate investment trust’s stock.

A number of other research analysts have also recently commented on ADC. UBS Group boosted their price objective on Agree Realty from $77.00 to $79.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. Truist Financial boosted their price target on Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. StockNews.com upgraded Agree Realty from a “sell” rating to a “hold” rating in a report on Friday, November 22nd. Mizuho lifted their price objective on shares of Agree Realty from $75.00 to $80.00 and gave the company a “neutral” rating in a research note on Thursday, November 14th. Finally, Wells Fargo & Company decreased their target price on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a research note on Monday, November 4th. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Agree Realty presently has an average rating of “Moderate Buy” and a consensus target price of $76.04.

Agree Realty Price Performance

ADC opened at $76.80 on Wednesday. Agree Realty has a 1 year low of $54.28 and a 1 year high of $78.39. The company’s 50 day simple moving average is $75.27 and its 200 day simple moving average is $69.74. The stock has a market capitalization of $7.95 billion, a PE ratio of 42.43, a P/E/G ratio of 3.83 and a beta of 0.61. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66.

Agree Realty (NYSE:ADC) last issued its 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 firm had revenue of $154.33 million during the quarter, compared to analyst estimates of $152.83 million. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. Agree Realty’s revenue was up 12.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.00 EPS. As a group, sell-side analysts expect that Agree Realty will post 4.12 EPS for the current year.

Agree Realty Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be paid a $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.95%. The ex-dividend date of this dividend is Friday, November 29th. Agree Realty’s dividend payout ratio is currently 167.40%.

Institutional Trading of Agree Realty

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Price T Rowe Associates Inc. MD raised its holdings in shares of Agree Realty by 6.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 53,028 shares of the real estate investment trust’s stock worth $3,029,000 after purchasing an additional 3,080 shares in the last quarter. Bayesian Capital Management LP acquired a new stake in shares of Agree Realty during the 1st quarter valued at $304,000. Walleye Trading LLC bought a new stake in shares of Agree Realty during the 1st quarter worth $955,000. Virtu Financial LLC acquired a new position in shares of Agree Realty in the 1st quarter worth $599,000. Finally, Pathway Financial Advisers LLC acquired a new stake in shares of Agree Realty during the first quarter worth $737,000. Institutional investors own 97.83% of the company’s stock.

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.