Brokerages Set Agree Realty Co. (NYSE:ADC) Target Price at $81.04

Shares of Agree Realty Co. (NYSE:ADC) have received an average recommendation of “Moderate Buy” from the fifteen ratings firms that are covering the firm, Marketbeat Ratings reports. Five analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $81.04.

ADC has been the topic of several research analyst reports. Mizuho upped their target price on Agree Realty from $74.00 to $81.00 and gave the company a “neutral” rating in a research report on Thursday, April 3rd. Evercore ISI boosted their price target on Agree Realty from $82.00 to $83.00 and gave the company an “outperform” rating in a research note on Thursday, April 24th. BTIG Research cut Agree Realty from a “buy” rating to a “neutral” rating in a report on Wednesday, May 7th. Robert W. Baird lifted their price objective on shares of Agree Realty from $76.00 to $80.00 and gave the company an “outperform” rating in a research note on Friday, April 25th. Finally, Wells Fargo & Company boosted their target price on shares of Agree Realty from $78.00 to $81.00 and gave the company an “overweight” rating in a research report on Monday, March 10th.

Hedge Funds Weigh In On Agree Realty

Several large investors have recently added to or reduced their stakes in ADC. Barclays PLC raised its stake in shares of Agree Realty by 129.4% in the third quarter. Barclays PLC now owns 239,783 shares of the real estate investment trust’s stock worth $18,062,000 after purchasing an additional 135,274 shares during the last quarter. Franklin Resources Inc. boosted its position in shares of Agree Realty by 8.2% during the third quarter. Franklin Resources Inc. now owns 66,153 shares of the real estate investment trust’s stock valued at $4,917,000 after buying an additional 5,039 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Agree Realty by 37.3% during the third quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust’s stock worth $274,693,000 after buying an additional 990,362 shares in the last quarter. Community Trust & Investment Co. raised its position in Agree Realty by 2.7% in the 4th quarter. Community Trust & Investment Co. now owns 48,992 shares of the real estate investment trust’s stock valued at $3,451,000 after buying an additional 1,275 shares during the last quarter. Finally, Rockland Trust Co. purchased a new stake in Agree Realty in the 4th quarter valued at $213,000. Institutional investors own 97.83% of the company’s stock.

Agree Realty Trading Up 1.3%

ADC opened at $74.89 on Wednesday. Agree Realty has a twelve month low of $58.52 and a twelve month high of $79.65. The company has a fifty day moving average of $75.69 and a 200-day moving average of $74.08. The stock has a market cap of $8.24 billion, a PE ratio of 42.07, a price-to-earnings-growth ratio of 2.88 and a beta of 0.57. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.52.

Agree Realty (NYSE:ADC) last issued its quarterly earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $1.05 by $0.01. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. The business had revenue of $169.16 million for the quarter, compared to analysts’ expectations of $167.77 million. During the same quarter in the prior year, the firm posted $0.43 earnings per share. On average, sell-side analysts predict that Agree Realty will post 4.27 EPS for the current year.

Agree Realty Increases Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Friday, June 13th. Stockholders of record on Friday, May 30th will be issued a dividend of $0.256 per share. This is a boost from Agree Realty’s previous monthly dividend of $0.25. This represents a $3.07 dividend on an annualized basis and a dividend yield of 4.10%. The ex-dividend date is Friday, May 30th. Agree Realty’s dividend payout ratio (DPR) is currently 173.45%.

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.