Agree Realty (NYSE:ADC) Upgraded by UBS Group to “Buy” Rating

UBS Group upgraded shares of Agree Realty (NYSE:ADC) from a neutral rating to a buy rating in a report published on Monday morning,Benzinga reports. They currently have $84.00 target price on the real estate investment trust’s stock, up from their previous target price of $79.00.

A number of other equities research analysts have also weighed in on the stock. StockNews.com upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a research note on Tuesday, December 17th. Wells Fargo & Company reduced their price objective on Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. Barclays assumed coverage on Agree Realty in a research report on Tuesday, December 17th. They issued an “underweight” rating and a $76.00 target price on the stock. Mizuho upped their price target on shares of Agree Realty from $75.00 to $80.00 and gave the company a “neutral” rating in a research report on Thursday, November 14th. Finally, Royal Bank of Canada increased their price objective on shares of Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Agree Realty currently has a consensus rating of “Moderate Buy” and a consensus target price of $78.37.

Agree Realty Trading Up 0.2 %

Agree Realty stock opened at $70.45 on Monday. Agree Realty has a one year low of $54.28 and a one year high of $78.39. The business’s fifty day moving average is $73.94 and its 200 day moving average is $72.02. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66. The stock has a market capitalization of $7.29 billion, a PE ratio of 38.92, a price-to-earnings-growth ratio of 3.66 and a beta of 0.64.

Agree Realty (NYSE:ADC) last announced its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The company had revenue of $154.33 million for the quarter, compared to analysts’ expectations of $152.83 million. During the same period in the previous year, the business earned $1.00 EPS. The business’s revenue was up 12.8% compared to the same quarter last year. On average, sell-side analysts predict 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 Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.253 per share. The ex-dividend date is Tuesday, December 31st. This represents a $3.04 dividend on an annualized basis and a yield of 4.31%. Agree Realty’s dividend payout ratio is presently 167.40%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in ADC. JPMorgan Chase & Co. lifted its stake in Agree Realty by 37.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust’s stock worth $274,693,000 after purchasing an additional 990,362 shares in the last quarter. Daiwa Securities Group Inc. increased its holdings in shares of Agree Realty by 29.4% in the third quarter. Daiwa Securities Group Inc. now owns 2,350,056 shares of the real estate investment trust’s stock worth $177,030,000 after purchasing an additional 534,545 shares during the last quarter. FMR LLC lifted its position in shares of Agree Realty by 729.3% in the third quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust’s stock worth $168,648,000 after buying an additional 1,968,811 shares in the last quarter. Geode Capital Management LLC boosted its stake in 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 buying an additional 30,377 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in Agree Realty by 3.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,588,355 shares of the real estate investment trust’s stock valued at $119,651,000 after buying an additional 57,354 shares in the last quarter. 97.83% of the stock is owned by hedge funds and other institutional investors.

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.