Agree Realty Co. (NYSE:ADC) Receives $65.61 Consensus Price Target from Analysts

Shares of Agree Realty Co. (NYSE:ADC) have been given an average rating of “Moderate Buy” by the nine brokerages that are currently covering the company, Marketbeat reports. Three analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $65.61.

Several equities research analysts recently weighed in on ADC shares. Mizuho decreased their target price on Agree Realty from $65.00 to $60.00 and set a “neutral” rating for the company in a research note on Thursday, March 7th. Wells Fargo & Company decreased their price objective on shares of Agree Realty from $66.00 to $62.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 20th. Truist Financial dropped their price target on Agree Realty from $70.00 to $68.00 and set a “buy” rating for the company in a research note on Tuesday, February 27th. JMP Securities upgraded Agree Realty from a “market perform” rating to an “outperform” rating and set a $71.00 target price for the company in a research note on Monday, January 22nd. Finally, Royal Bank of Canada reduced their price objective on shares of Agree Realty from $67.00 to $63.00 and set an “outperform” rating on the stock in a research note on Thursday, February 15th.

Agree Realty Trading Down 1.4 %

NYSE ADC opened at $58.37 on Friday. The firm has a market cap of $5.87 billion, a price-to-earnings ratio of 34.34, a PEG ratio of 2.70 and a beta of 0.52. Agree Realty has a one year low of $52.69 and a one year high of $69.26. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.71 and a current ratio of 0.71. The firm has a 50 day simple moving average of $56.89 and a 200-day simple moving average of $58.46.

Agree Realty Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Tuesday, May 14th. Stockholders of record on Tuesday, April 30th will be issued a dividend of $0.25 per share. This represents a $3.00 annualized dividend and a dividend yield of 5.14%. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date of this dividend is Monday, April 29th. Agree Realty’s payout ratio is currently 176.47%.

Insider Buying and Selling

In related news, Director John Rakolta, Jr. acquired 20,430 shares of the company’s stock in a transaction dated Friday, February 16th. The shares were bought at an average price of $57.00 per share, for a total transaction of $1,164,510.00. Following the acquisition, the director now owns 392,549 shares in the company, valued at approximately $22,375,293. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, Director John Rakolta, Jr. purchased 20,430 shares of the business’s stock in a transaction on Friday, February 16th. The stock was purchased at an average price of $57.00 per share, with a total value of $1,164,510.00. Following the acquisition, the director now directly owns 392,549 shares in the company, valued at approximately $22,375,293. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Joey Agree acquired 2,000 shares of the firm’s stock in a transaction dated Thursday, February 15th. The shares were purchased at an average cost of $57.56 per share, for a total transaction of $115,120.00. Following the acquisition, the chief executive officer now directly owns 557,903 shares in the company, valued at approximately $32,112,896.68. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 42,482 shares of company stock valued at $2,397,572. Insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Agree Realty

Hedge funds and other institutional investors have recently made changes to their positions in the business. Applied Capital LLC FL grew its stake in shares of Agree Realty by 2.4% in the 4th quarter. Applied Capital LLC FL now owns 7,457 shares of the real estate investment trust’s stock valued at $469,000 after purchasing an additional 174 shares during the period. Cambridge Investment Research Advisors Inc. grew its position in Agree Realty by 2.3% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 13,078 shares of the real estate investment trust’s stock valued at $722,000 after acquiring an additional 289 shares during the period. State of Alaska Department of Revenue lifted its holdings 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. Sequoia Financial Advisors LLC grew its holdings in shares of Agree Realty by 4.4% in the 1st quarter. Sequoia Financial Advisors LLC now owns 7,012 shares of the real estate investment trust’s stock worth $401,000 after purchasing an additional 297 shares during the last quarter. Finally, Parallel Advisors LLC lifted 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 purchasing an additional 298 shares during the last quarter. 97.83% of the stock is owned by institutional investors.

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.