Agree Realty Co. (NYSE:ADC) Receives $75.73 Average Price Target from Analysts

Agree Realty Co. (NYSE:ADC) has been given a consensus rating of “Moderate Buy” by the thirteen brokerages that are currently covering the stock, MarketBeat.com reports. Three investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $75.73.

Several brokerages recently commented on ADC. KeyCorp increased their price objective on shares of Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, October 4th. Wells Fargo & Company dropped their price objective on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. Mizuho upped their target price on Agree Realty from $75.00 to $80.00 and gave the company a “neutral” rating in a research report on Thursday, November 14th. Raymond James lifted their price target on Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, August 21st. Finally, StockNews.com raised Agree Realty from a “sell” rating to a “hold” rating in a report on Friday, November 22nd.

Institutional Trading of Agree Realty

A number of hedge funds have recently added to or reduced their stakes in ADC. Vanguard Group Inc. raised its position in shares of Agree Realty by 1.8% in 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 grew its holdings in Agree Realty by 489.8% in the first quarter. Long Pond Capital LP now owns 2,868,640 shares of the real estate investment trust’s stock valued at $163,857,000 after purchasing an additional 2,382,252 shares during the period. Daiwa Securities Group Inc. increased its position 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 valued at $177,030,000 after buying an additional 534,545 shares in the last quarter. FMR LLC raised its stake in shares of Agree Realty by 729.3% during the 3rd 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 during the period. Finally, Geode Capital Management LLC lifted its position in shares of Agree Realty by 1.5% during the 3rd 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 in the last quarter. 97.83% of the stock is owned by hedge funds and other institutional investors.

Agree Realty Trading Up 0.7 %

NYSE:ADC opened at $76.97 on Wednesday. The firm has a 50 day moving average of $75.09 and a 200 day moving average of $69.40. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52. Agree Realty has a 52 week low of $54.28 and a 52 week high of $77.58. The stock has a market capitalization of $7.97 billion, a price-to-earnings ratio of 42.52, a PEG ratio of 3.10 and a beta of 0.61.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data 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). 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 business earned $1.00 EPS. The firm’s revenue for the quarter was up 12.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Agree Realty will post 4.12 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be issued a dividend of $0.253 per share. This represents a $3.04 annualized dividend and a dividend yield of 3.94%. The ex-dividend date is Friday, November 29th. Agree Realty’s dividend payout ratio (DPR) is 167.40%.

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.