Agree Realty (NYSE:ADC) Price Target Raised to $81.00

Agree Realty (NYSE:ADC) had its price objective upped by Mizuho from $74.00 to $81.00 in a report published on Thursday,Benzinga reports. They currently have a neutral rating on the real estate investment trust’s stock.

ADC has been the topic of a number of other reports. Royal Bank of Canada cut their price target on shares of Agree Realty from $79.00 to $78.00 and set an “outperform” rating on the stock in a research report on Thursday, February 13th. StockNews.com upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a report on Sunday, February 16th. Deutsche Bank Aktiengesellschaft began coverage on shares of Agree Realty in a report on Wednesday, December 11th. They issued a “buy” rating and a $88.00 price target for the company. Stifel Nicolaus lowered their price objective on shares of 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, Wells Fargo & Company lifted their target price on Agree Realty from $78.00 to $81.00 and gave the stock an “overweight” rating in a report on Monday, March 10th. Five equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $80.38.

Agree Realty Price Performance

Shares of ADC stock opened at $74.34 on Thursday. The firm’s 50 day moving average price is $74.22 and its two-hundred day moving average price is $73.92. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.78 and a current ratio of 0.78. Agree Realty has a 52-week low of $54.78 and a 52-week high of $78.39. The stock has a market cap of $7.98 billion, a PE ratio of 41.76, a PEG ratio of 2.88 and a beta of 0.64.

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

Agree Realty Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Monday, April 14th. Stockholders of record on Monday, March 31st will be given a $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.08%. The ex-dividend date of this dividend is Monday, March 31st. Agree Realty’s dividend payout ratio is presently 170.22%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Versant Capital Management Inc lifted its position in Agree Realty by 230.7% during the 4th quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust’s stock worth $30,000 after buying an additional 293 shares in the last quarter. Bernard Wealth Management Corp. acquired a new stake in shares of Agree Realty in the fourth quarter valued at about $31,000. Headlands Technologies LLC raised its holdings 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 valued at approximately $44,000. Finally, Quarry LP bought a new position in Agree Realty in the fourth quarter valued at approximately $52,000. 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.