Brokerages Set Agree Realty Co. (NYSE:ADC) Price Target at $65.50

Agree Realty Co. (NYSE:ADC) has earned an average recommendation of “Moderate Buy” from the eleven research firms that are covering the firm, MarketBeat reports. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 12-month price target among brokerages that have covered the stock in the last year is $65.50.

A number of analysts have recently issued reports on the stock. UBS Group assumed coverage on shares of Agree Realty in a report on Friday, May 31st. They set a “neutral” rating and a $60.00 price target for the company. Mizuho raised their price target on shares of Agree Realty from $60.00 to $62.00 and gave the stock a “neutral” rating in a report on Friday, May 10th. KeyCorp started coverage on shares of Agree Realty in a research report on Wednesday, June 12th. They set an “overweight” rating and a $68.00 price objective for the company. Finally, StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a research report on Tuesday, June 11th.

Insider Transactions at Agree Realty

In other news, Director Greg Lehmkuhl acquired 1,000 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The stock was acquired at an average cost of $58.99 per share, with a total value of $58,990.00. Following the transaction, the director now owns 23,036 shares in the company, valued at $1,358,893.64. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Agree Realty

Institutional investors have recently modified their holdings of the company. Envestnet Asset Management Inc. lifted its position in shares of Agree Realty by 59.2% during the 3rd quarter. Envestnet Asset Management Inc. now owns 231,730 shares of the real estate investment trust’s stock worth $12,801,000 after purchasing an additional 86,181 shares during the last quarter. Impax Asset Management Group plc acquired a new stake in Agree Realty during the 4th quarter worth $7,554,000. Norges Bank acquired a new stake in Agree Realty during the 4th quarter worth $71,409,000. Daiwa Securities Group Inc. raised its stake in Agree Realty by 1.8% during the 4th quarter. Daiwa Securities Group Inc. now owns 1,177,543 shares of the real estate investment trust’s stock worth $74,127,000 after acquiring an additional 21,254 shares in the last quarter. Finally, Scout Investments Inc. raised its stake in Agree Realty by 34.1% during the 4th quarter. Scout Investments Inc. now owns 844,367 shares of the real estate investment trust’s stock worth $53,153,000 after acquiring an additional 214,840 shares in the last quarter. 97.83% of the stock is owned by hedge funds and other institutional investors.

Agree Realty Stock Up 0.9 %

ADC stock opened at $61.94 on Friday. The firm has a 50-day moving average of $59.96 and a two-hundred day moving average of $59.20. The company has a market cap of $6.23 billion, a price-to-earnings ratio of 36.44, a PEG ratio of 2.43 and a beta of 0.56. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.50. Agree Realty has a 12 month low of $52.69 and a 12 month high of $69.26.

Agree Realty Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $3.00 annualized dividend and a dividend yield of 4.84%. Agree Realty’s dividend payout ratio (DPR) is currently 176.47%.

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.