Wells Fargo & Company Forecasts Strong Price Appreciation for Agree Realty (NYSE:ADC) Stock

Agree Realty (NYSE:ADC) had its price objective increased by Wells Fargo & Company from $78.00 to $81.00 in a report issued on Monday,Benzinga reports. They currently have an overweight rating on the real estate investment trust’s stock.

A number of other equities research analysts have also recently issued reports on ADC. Barclays raised Agree Realty from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $74.00 to $75.00 in a research report on Tuesday, March 4th. UBS Group upgraded Agree Realty from a “neutral” rating to a “buy” rating and upped their price target for the stock from $79.00 to $84.00 in a report on Monday, January 6th. JMP Securities lowered Agree Realty from an “outperform” rating to a “market perform” rating in a report on Tuesday, December 17th. StockNews.com upgraded Agree Realty from a “sell” rating to a “hold” rating in a report on Sunday, February 16th. Finally, Evercore ISI initiated coverage on Agree Realty in a report on Thursday, December 12th. They set an “outperform” rating and a $82.00 price target for the company. Five equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $79.85.

Agree Realty Stock Down 0.9 %

Shares of Agree Realty stock opened at $75.24 on Monday. The stock has a market capitalization of $8.07 billion, a P/E ratio of 42.27, a PEG ratio of 2.88 and a beta of 0.64. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.52. The stock has a 50 day moving average price of $72.39 and a two-hundred day moving average price of $73.74. Agree Realty has a 12-month low of $54.78 and a 12-month high of $78.39.

Agree Realty (NYSE:ADC) last announced its earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.61. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. Equities analysts expect that Agree Realty will post 4.27 earnings per share for the current year.

Agree Realty Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Monday, April 14th. Investors of record on Monday, March 31st will be paid a $0.253 dividend. The ex-dividend date is Monday, March 31st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.03%. Agree Realty’s payout ratio is 170.22%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ADC. Versant Capital Management Inc raised its stake in shares of Agree Realty by 230.7% in the fourth quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust’s stock valued at $30,000 after purchasing an additional 293 shares in the last quarter. Bernard Wealth Management Corp. acquired a new position in shares of Agree Realty in the fourth quarter valued at $31,000. Headlands Technologies LLC raised its stake in Agree Realty by 72.8% during the fourth quarter. Headlands Technologies LLC now owns 558 shares of the real estate investment trust’s stock worth $39,000 after acquiring an additional 235 shares in the last quarter. Financial Life Planners acquired a new position in Agree Realty during the fourth quarter worth $44,000. Finally, Quarry LP acquired a new position in Agree Realty during the fourth quarter worth $52,000. 97.83% of the stock is currently owned by institutional investors and hedge funds.

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.