Agree Realty Co. (NYSE:ADC) Receives $70.96 Consensus PT from Brokerages

Shares of Agree Realty Co. (NYSE:ADC) have earned a consensus rating of “Moderate Buy” from the twelve brokerages that are covering the company, Marketbeat reports. Three equities research analysts have rated the stock with a hold recommendation, eight have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $72.21.

A number of research firms have issued reports on ADC. Truist Financial upped their price target on shares of Agree Realty from $68.00 to $77.00 and gave the company a “buy” rating in a report on Monday, August 5th. Stifel Nicolaus upped their price target on shares of Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a report on Wednesday, July 24th. Raymond James increased their target price on shares of Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research note on Wednesday, August 21st. StockNews.com upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a research note on Tuesday, June 11th. Finally, BTIG Research increased their target price on shares of Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a research note on Monday, August 12th.

Institutional Investors Weigh In On Agree Realty

Hedge funds have recently made changes to their positions in the business. MCF Advisors LLC bought a new stake in shares of Agree Realty in the 2nd quarter worth approximately $26,000. Massmutual Trust Co. FSB ADV raised its holdings in Agree Realty by 248.3% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock valued at $38,000 after buying an additional 442 shares during the last quarter. UMB Bank n.a. raised its holdings in Agree Realty by 247.3% during the 1st quarter. UMB Bank n.a. now owns 719 shares of the real estate investment trust’s stock valued at $41,000 after buying an additional 512 shares during the last quarter. Parallel Advisors LLC raised its holdings in Agree Realty by 35.9% during the 4th quarter. Parallel Advisors LLC now owns 1,129 shares of the real estate investment trust’s stock valued at $71,000 after buying an additional 298 shares during the last quarter. Finally, Headlands Technologies LLC raised its holdings in Agree Realty by 232.0% during the 2nd quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock valued at $71,000 after buying an additional 798 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors.

Agree Realty Trading Down 1.7 %

NYSE ADC opened at $73.88 on Tuesday. The company has a market capitalization of $7.43 billion, a PE ratio of 43.46, 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’s fifty day simple moving average is $73.44 and its 200-day simple moving average is $64.75. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.54.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data 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). The business had revenue of $152.58 million during 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%. The company’s revenue for the quarter was up 17.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.98 earnings per share. As a group, sell-side analysts anticipate that Agree Realty will post 4.11 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be given a dividend of $0.25 per share. The ex-dividend date is Monday, September 30th. This represents a $3.00 annualized dividend and a yield of 4.06%. Agree Realty’s payout ratio is presently 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.