Agree Realty (NYSE:ADC) Stock Rating Reaffirmed by Wells Fargo & Company

Wells Fargo & Company restated their overweight rating on shares of Agree Realty (NYSE:ADC) in a research report report published on Tuesday, Benzinga reports. Wells Fargo & Company currently has a $80.00 price target on the real estate investment trust’s stock, up from their previous price target of $77.00.

Other research analysts also recently issued reports about the company. StockNews.com upgraded Agree Realty from a sell rating to a hold rating in a research note on Tuesday, June 11th. BTIG Research upped their target price on shares of Agree Realty from $65.00 to $74.00 and gave the stock a buy rating in a research report on Monday, August 12th. Stifel Nicolaus raised their target price on shares of Agree Realty from $67.50 to $71.50 and gave the company a buy rating in a research note on Wednesday, July 24th. UBS Group boosted their price target on shares of Agree Realty from $60.00 to $67.00 and gave the stock a neutral rating in a research note on Thursday, July 18th. Finally, Raymond James raised their price objective on Agree Realty from $70.00 to $81.00 and gave the company a strong-buy rating in a research report on Wednesday, August 21st. 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. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $71.21.

Agree Realty Stock Performance

Shares of NYSE ADC opened at $75.21 on Tuesday. The stock has a market cap of $7.57 billion, a PE ratio of 44.24, a price-to-earnings-growth ratio of 2.51 and a beta of 0.61. Agree Realty has a 1 year low of $52.69 and a 1 year high of $77.30. The firm has a fifty day moving average price of $73.19 and a 200-day moving average price of $64.49. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.79 and a quick ratio of 0.79.

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

Agree Realty Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $3.00 annualized dividend and a dividend yield of 3.99%. Agree Realty’s dividend payout ratio (DPR) is presently 176.47%.

Hedge Funds Weigh In On Agree Realty

A number of hedge funds and other institutional investors have recently made changes to their positions in ADC. SG Americas Securities LLC raised its holdings in shares of Agree Realty by 33.9% in the third quarter. SG Americas Securities LLC now owns 17,305 shares of the real estate investment trust’s stock valued at $1,304,000 after acquiring an additional 4,385 shares in the last quarter. Trust Co. of Toledo NA OH raised its holdings in shares of Agree Realty by 10.6% in the 3rd quarter. Trust Co. of Toledo NA OH now owns 5,863 shares of the real estate investment trust’s stock valued at $442,000 after purchasing an additional 563 shares in the last quarter. Sanctuary Advisors LLC purchased a new stake in shares of Agree Realty in the 2nd quarter worth approximately $1,235,000. Dana Investment Advisors Inc. boosted 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 purchasing an additional 170 shares in the last quarter. Finally, Pathway Financial Advisers LLC increased its holdings in Agree Realty by 3.2% during the second quarter. Pathway Financial Advisers LLC now owns 13,319 shares of the real estate investment trust’s stock valued at $824,000 after buying an additional 409 shares during the period. Institutional investors own 97.83% of the company’s stock.

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.