Stifel Nicolaus Cuts Agree Realty (NYSE:ADC) Price Target to $81.00

Agree Realty (NYSE:ADC) had its price objective lowered by Stifel Nicolaus from $81.50 to $81.00 in a research note released on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the real estate investment trust’s stock.

ADC has been the subject of a number of other research reports. Citizens Jmp cut Agree Realty from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 17th. Robert W. Baird lifted their price objective on shares of Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Barclays started coverage on shares of Agree Realty in a report on Tuesday, December 17th. They issued an “underweight” rating and a $76.00 price objective on the stock. JMP Securities lowered Agree Realty from an “outperform” rating to a “market perform” rating in a research note on Tuesday, December 17th. Finally, Wells Fargo & Company dropped their price objective 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. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $78.53.

Agree Realty Price Performance

Shares of ADC stock opened at $69.65 on Tuesday. Agree Realty has a 12 month low of $54.28 and a 12 month high of $78.39. The stock has a 50-day moving average price of $73.76 and a 200 day moving average price of $72.06. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52. The firm has a market cap of $7.21 billion, a price-to-earnings ratio of 38.48, a PEG ratio of 3.66 and a beta of 0.64.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data 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). The firm had revenue of $154.33 million for 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%. The firm’s revenue for the quarter was up 12.8% compared to the same quarter last year. During the same quarter in the prior 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 announced 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. This represents a $3.04 dividend on an annualized basis and a yield of 4.36%. The ex-dividend date is Tuesday, December 31st. Agree Realty’s payout ratio is 167.40%.

Hedge Funds Weigh In On Agree Realty

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Versant Capital Management Inc raised its position in shares of Agree Realty by 230.7% in the 4th quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust’s stock worth $30,000 after acquiring an additional 293 shares in the last quarter. Headlands Technologies LLC lifted its holdings in shares of Agree Realty by 232.0% in the second quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock valued at $71,000 after purchasing an additional 798 shares in the last quarter. UMB Bank n.a. lifted its stake in Agree Realty by 44.5% during the 3rd quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock valued at $73,000 after acquiring an additional 299 shares in the last quarter. Arcadia Investment Management Corp MI bought a new position in shares of Agree Realty during the third quarter valued at about $75,000. Finally, Wilmington Savings Fund Society FSB purchased a new position in shares of Agree Realty in the 3rd quarter worth approximately $77,000. 97.83% of the stock is owned by institutional investors and hedge funds.

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.