Agree Realty (NYSE:ADC) Price Target Raised to $81.00

Agree Realty (NYSE:ADC) had its price objective upped by Wells Fargo & Company from $78.00 to $81.00 in a report published on Monday morning,Benzinga reports. The brokerage currently has an overweight rating on the real estate investment trust’s stock.

Other research analysts have also issued reports about the stock. Barclays upgraded shares of Agree Realty from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $74.00 to $75.00 in a report on Tuesday, March 4th. StockNews.com upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a report on Sunday, February 16th. Mizuho dropped their target price on shares of Agree Realty from $80.00 to $74.00 and set a “neutral” rating for the company in a research report on Wednesday, January 8th. JMP Securities cut Agree Realty from an “outperform” rating to a “market perform” rating in a research note on Tuesday, December 17th. Finally, Stifel Nicolaus cut their target price on Agree Realty from $81.50 to $81.00 and set a “buy” rating on the stock in a research note on Tuesday, January 7th. Five analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $79.85.

Agree Realty Price Performance

Shares of NYSE ADC opened at $75.24 on Monday. The stock has a market cap of $8.07 billion, a price-to-earnings ratio of 42.27, a PEG ratio of 2.88 and a beta of 0.64. Agree Realty has a 52 week low of $54.78 and a 52 week high of $78.39. The company’s 50-day moving average price is $72.39 and its 200 day moving average price is $73.74. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data on Tuesday, February 11th. The real estate investment trust reported $1.04 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.61. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. As a group, research analysts forecast that Agree Realty will post 4.27 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, April 14th. Stockholders of record on Monday, March 31st will be issued a $0.253 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.03%. Agree Realty’s dividend payout ratio is 170.22%.

Hedge Funds Weigh In On Agree Realty

A number of large investors have recently made changes to their positions in the business. Versant Capital Management Inc grew its stake 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 valued at $30,000 after buying an additional 293 shares in the last quarter. Bernard Wealth Management Corp. bought a new stake in shares of Agree Realty in the 4th quarter valued at approximately $31,000. Headlands Technologies LLC grew its stake in shares of Agree Realty by 72.8% in the 4th quarter. Headlands Technologies LLC now owns 558 shares of the real estate investment trust’s stock valued at $39,000 after buying an additional 235 shares in the last quarter. Financial Life Planners bought a new stake in shares of Agree Realty in the 4th quarter valued at approximately $44,000. Finally, Quarry LP bought a new stake in shares of Agree Realty in the 4th quarter valued at approximately $52,000. Institutional investors and hedge funds own 97.83% of the company’s stock.

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.