Agree Realty (NYSE:ADC) Price Target Raised to $79.00

Agree Realty (NYSE:ADC) had its price objective lifted by UBS Group from $77.00 to $79.00 in a research report report published on Thursday,Benzinga reports. UBS Group currently has a neutral rating on the real estate investment trust’s stock.

A number of other brokerages have also weighed in on ADC. Robert W. Baird raised their target price on Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Raymond James boosted their price objective on shares of Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, August 21st. Wells Fargo & Company decreased their price objective on Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. Stifel Nicolaus boosted their target price on Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. Finally, Mizuho raised their price target on Agree Realty from $75.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Agree Realty currently has a consensus rating of “Moderate Buy” and an average target price of $75.73.

Agree Realty Price Performance

NYSE:ADC opened at $75.97 on Thursday. 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 $7.86 billion, a PE ratio of 41.97, a price-to-earnings-growth ratio of 3.08 and a beta of 0.61. Agree Realty has a 12 month low of $54.28 and a 12 month high of $77.47. The company’s 50-day moving average price is $75.03 and its two-hundred day moving average price is $68.55.

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

Agree Realty Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be paid a $0.253 dividend. This represents a $3.04 annualized dividend and a yield of 4.00%. The ex-dividend date is Friday, November 29th. Agree Realty’s payout ratio is presently 167.96%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ADC. Vanguard Group Inc. raised its holdings in shares of Agree Realty by 1.8% during the first quarter. Vanguard Group Inc. now owns 14,480,463 shares of the real estate investment trust’s stock worth $827,124,000 after acquiring an additional 258,217 shares during the period. Long Pond Capital LP boosted its stake in Agree Realty by 489.8% in the 1st quarter. Long Pond Capital LP now owns 2,868,640 shares of the real estate investment trust’s stock worth $163,857,000 after purchasing an additional 2,382,252 shares during the period. Daiwa Securities Group Inc. increased its holdings in Agree Realty by 29.4% during the 3rd 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 in the last quarter. FMR LLC raised its stake in shares of Agree Realty by 729.3% in the 3rd quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust’s stock valued at $168,648,000 after purchasing an additional 1,968,811 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in shares of Agree Realty by 1.5% in 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 purchasing an additional 30,377 shares in the last quarter. 97.83% of the stock is currently owned by 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.