Agree Realty Co. (NYSE:ADC) Receives $79.85 Consensus Target Price from Brokerages

Shares of Agree Realty Co. (NYSE:ADC) have been given a consensus recommendation of “Moderate Buy” by the fifteen brokerages that are presently covering the firm, MarketBeat reports. Four analysts have rated the stock with a hold recommendation, ten have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $79.85.

A number of analysts recently issued reports on ADC shares. Wells Fargo & Company boosted their price target on Agree Realty from $78.00 to $81.00 and gave the company an “overweight” rating in a report on Monday, March 10th. UBS Group raised Agree Realty from a “neutral” rating to a “buy” rating and lifted their target price for the company from $79.00 to $84.00 in a research report on Monday, January 6th. Evercore ISI initiated coverage on Agree Realty in a research report on Thursday, December 12th. They set an “outperform” rating and a $82.00 price target on the stock. Stifel Nicolaus decreased their price objective on Agree Realty from $81.50 to $81.00 and set a “buy” rating for the company in a report on Tuesday, January 7th. Finally, Barclays raised shares of Agree Realty from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $74.00 to $75.00 in a research note on Tuesday, March 4th.

Agree Realty Stock Performance

ADC stock opened at $76.01 on Tuesday. Agree Realty has a twelve month low of $54.78 and a twelve month high of $78.39. The firm has a market cap of $8.16 billion, a price-to-earnings ratio of 42.70, a PEG ratio of 2.88 and a beta of 0.64. The business’s fifty day simple moving average is $73.71 and its two-hundred day simple moving average is $73.94. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.52.

Agree Realty (NYSE:ADC) last posted its quarterly earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 EPS for the quarter, topping the consensus estimate of $0.43 by $0.61. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. Analysts predict that Agree Realty will post 4.27 earnings per share for the current year.

Agree Realty Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Monday, April 14th. Stockholders of record on Monday, March 31st will be given a dividend of $0.253 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.99%. The ex-dividend date of this dividend is Monday, March 31st. Agree Realty’s payout ratio is presently 170.22%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. CIBC Asset Management Inc boosted its holdings in Agree Realty by 5.2% in the fourth quarter. CIBC Asset Management Inc now owns 3,122 shares of the real estate investment trust’s stock worth $220,000 after acquiring an additional 153 shares in the last quarter. Carmel Capital Partners LLC raised its position in shares of Agree Realty by 2.5% in the 4th quarter. Carmel Capital Partners LLC now owns 6,894 shares of the real estate investment trust’s stock valued at $486,000 after purchasing an additional 167 shares during the last quarter. UMB Bank n.a. boosted its stake in Agree Realty by 17.3% in the 4th quarter. UMB Bank n.a. now owns 1,139 shares of the real estate investment trust’s stock worth $80,000 after purchasing an additional 168 shares in the last quarter. Sequoia Financial Advisors LLC grew its position in Agree Realty by 3.8% during the 4th quarter. Sequoia Financial Advisors LLC now owns 4,590 shares of the real estate investment trust’s stock worth $323,000 after purchasing an additional 169 shares during the last quarter. Finally, Private Advisor Group LLC increased its stake in Agree Realty by 3.6% during the 4th quarter. Private Advisor Group LLC now owns 4,909 shares of the real estate investment trust’s stock valued at $346,000 after purchasing an additional 170 shares in the last quarter. 97.83% of the stock is currently 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.