Agree Realty Co. (NYSE:ADC) Receives $70.42 Average PT from Brokerages

Shares of Agree Realty Co. (NYSE:ADC) have been given an average rating of “Moderate Buy” by the thirteen analysts that are presently covering the company, Marketbeat.com reports. Four analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $70.42.

A number of equities analysts recently commented on ADC shares. KeyCorp started coverage on Agree Realty in a research note on Wednesday, June 12th. They issued an “overweight” rating and a $68.00 price target for the company. StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a report on Tuesday, June 11th. Wells Fargo & Company raised their target price on shares of Agree Realty from $75.00 to $77.00 and gave the stock an “overweight” rating in a report on Monday, August 26th. UBS Group raised their target price on shares of Agree Realty from $60.00 to $67.00 and gave the stock a “neutral” rating in a report on Thursday, July 18th. Finally, BTIG Research raised their target price on shares of Agree Realty from $65.00 to $74.00 and gave the stock a “buy” rating in a report on Monday, August 12th.

Agree Realty Stock Down 0.1 %

Shares of NYSE ADC opened at $75.92 on Friday. Agree Realty has a 12-month low of $52.69 and a 12-month high of $77.14. The company has a market cap of $7.64 billion, a P/E ratio of 44.66, a P/E/G ratio of 2.51 and a beta of 0.61. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.54. The stock has a fifty day moving average price of $70.02 and a 200 day moving average price of $62.53.

Agree Realty (NYSE:ADC) last announced its earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.51). The business had revenue of $152.58 million for the quarter, compared to analyst estimates of $150.35 million. Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The firm’s revenue was up 17.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.98 earnings per share. Research analysts anticipate that Agree Realty will post 4.12 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be paid a dividend of $0.25 per share. The ex-dividend date is Monday, September 30th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 3.95%. Agree Realty’s dividend payout ratio is presently 176.47%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Dana Investment Advisors Inc. increased its stake in shares of Agree Realty by 0.6% during the second quarter. Dana Investment Advisors Inc. now owns 29,274 shares of the real estate investment trust’s stock valued at $1,813,000 after acquiring an additional 170 shares during the period. Capital Square LLC increased its stake in shares of Agree Realty by 1.0% during the second quarter. Capital Square LLC now owns 17,995 shares of the real estate investment trust’s stock valued at $1,193,000 after acquiring an additional 179 shares during the period. Blue Trust Inc. increased its stake in shares of Agree Realty by 8.8% during the second quarter. Blue Trust Inc. now owns 2,634 shares of the real estate investment trust’s stock valued at $150,000 after acquiring an additional 213 shares during the period. Commonwealth Equity Services LLC increased its stake in shares of Agree Realty by 3.2% during the second quarter. Commonwealth Equity Services LLC now owns 6,895 shares of the real estate investment trust’s stock valued at $427,000 after acquiring an additional 216 shares during the period. Finally, State of Alaska Department of Revenue increased its stake in shares of Agree Realty by 0.5% during the first quarter. State of Alaska Department of Revenue now owns 58,101 shares of the real estate investment trust’s stock valued at $3,317,000 after acquiring an additional 297 shares during the period. 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.