Brokerages Set Agree Realty Co. (NYSE:ADC) Price Target at $79.85

Shares of Agree Realty Co. (NYSE:ADC) have been given an average rating of “Moderate Buy” by the fifteen ratings firms that are currently covering the company, MarketBeat.com reports. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $79.85.

A number of analysts have recently weighed in on ADC shares. Citizens Jmp cut shares of Agree Realty from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 17th. UBS Group upgraded Agree Realty from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $79.00 to $84.00 in a research note on Monday, January 6th. Deutsche Bank Aktiengesellschaft started coverage on Agree Realty in a research note on Wednesday, December 11th. They issued a “buy” rating and a $88.00 target price on the stock. Stifel Nicolaus reduced their price target on Agree Realty from $81.50 to $81.00 and set a “buy” rating for the company in a research report on Tuesday, January 7th. Finally, Mizuho lowered their price objective on Agree Realty from $80.00 to $74.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 8th.

Agree Realty Stock Up 0.2 %

Agree Realty stock opened at $76.01 on Tuesday. Agree Realty has a fifty-two week low of $54.78 and a fifty-two week high of $78.39. The company has a market cap of $8.16 billion, a PE ratio of 42.70, a PEG ratio of 2.88 and a beta of 0.64. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.78 and a current ratio of 0.78. The business’s 50-day simple moving average is $73.71 and its two-hundred day simple moving average is $73.94.

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

Agree Realty Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Monday, April 14th. Stockholders of record on Monday, March 31st will be paid a dividend of $0.253 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.99%. Agree Realty’s dividend payout ratio is currently 170.22%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Wellington Management Group LLP lifted its position in shares of Agree Realty by 664.6% in the fourth quarter. Wellington Management Group LLP now owns 590,845 shares of the real estate investment trust’s stock valued at $41,625,000 after acquiring an additional 513,571 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in Agree Realty by 15.3% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 11,105 shares of the real estate investment trust’s stock valued at $782,000 after purchasing an additional 1,470 shares during the last quarter. Total Wealth Planning & Management Inc. purchased a new position in Agree Realty in the 4th quarter valued at $378,000. Employees Retirement System of Texas grew its holdings in shares of Agree Realty by 177.9% during the fourth quarter. Employees Retirement System of Texas now owns 71,000 shares of the real estate investment trust’s stock worth $5,002,000 after buying an additional 45,450 shares in the last quarter. Finally, Bernard Wealth Management Corp. acquired a new stake in shares of Agree Realty in the fourth quarter valued at about $31,000. 97.83% of the stock is owned by hedge funds and other institutional investors.

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.