Truist Financial Raises Agree Realty (NYSE:ADC) Price Target to $77.00

Agree Realty (NYSE:ADC) had its target price increased by Truist Financial from $68.00 to $77.00 in a report issued on Monday morning, Benzinga reports. Truist Financial currently has a buy rating on the real estate investment trust’s stock.

ADC has been the topic of a number of other research reports. UBS Group boosted their target price on shares of Agree Realty from $60.00 to $67.00 and gave the company a neutral rating in a research report on Thursday, July 18th. KeyCorp assumed coverage on shares of Agree Realty in a report on Wednesday, June 12th. They set an overweight rating and a $68.00 price objective on the stock. Mizuho lifted their target price on shares of Agree Realty from $60.00 to $62.00 and gave the company a neutral rating in a research report on Friday, May 10th. Royal Bank of Canada upped their price target on shares of Agree Realty from $63.00 to $70.00 and gave the company an outperform rating in a report on Thursday, July 25th. Finally, StockNews.com upgraded shares of Agree Realty from a sell rating to a hold rating in a research note on Tuesday, June 11th. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Agree Realty presently has an average rating of Moderate Buy and a consensus price target of $67.77.

Agree Realty Stock Performance

ADC stock traded up $1.17 during trading hours on Monday, reaching $72.24. The stock had a trading volume of 2,096,294 shares, compared to its average volume of 965,861. The stock has a market capitalization of $7.27 billion, a PE ratio of 42.42, a price-to-earnings-growth ratio of 2.80 and a beta of 0.58. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.79 and a quick ratio of 0.79. The stock has a 50-day simple moving average of $63.30 and a 200 day simple moving average of $59.73. Agree Realty has a fifty-two week low of $52.69 and a fifty-two week high of $73.20.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.51). The business had revenue of $152.58 million for the quarter, compared to the consensus estimate of $150.35 million. Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. Agree Realty’s revenue was up 17.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.98 earnings per share. Analysts predict that Agree Realty will post 4.11 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Wednesday, August 14th. Stockholders of record on Wednesday, July 31st will be given a dividend of $0.25 per share. The ex-dividend date is Wednesday, July 31st. This represents a $3.00 annualized dividend and a dividend yield of 4.15%. Agree Realty’s dividend payout ratio (DPR) is 176.47%.

Insider Transactions at Agree Realty

In other Agree Realty news, Director Greg Lehmkuhl bought 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, for a total transaction of $58,990.00. Following the completion of the transaction, the director now owns 23,036 shares in the company, valued at $1,358,893.64. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Agree Realty

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in 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 valued at $827,124,000 after acquiring an additional 258,217 shares during the period. Principal Financial Group Inc. increased its position in shares of Agree Realty by 12.1% during the fourth quarter. Principal Financial Group Inc. now owns 6,660,665 shares of the real estate investment trust’s stock worth $419,289,000 after purchasing an additional 719,430 shares in the last quarter. Long Pond Capital LP increased its position in shares of Agree Realty by 489.8% during the first 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 in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Agree Realty by 7.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,481,375 shares of the real estate investment trust’s stock valued at $93,253,000 after buying an additional 105,461 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Agree Realty by 4.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,409,253 shares of the real estate investment trust’s stock valued at $88,714,000 after purchasing an additional 61,020 shares during the last quarter. Hedge funds and other institutional investors 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.