Agree Realty Corporation (NYSE:ADC) Receives $80.96 Consensus PT from Analysts

Agree Realty Corporation (NYSE:ADC) has earned a consensus recommendation of “Moderate Buy” from the fifteen ratings firms that are presently covering the firm, Marketbeat.com reports. Five research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $80.96.

ADC has been the subject of a number of recent analyst reports. UBS Group lowered their target price on shares of Agree Realty from $86.00 to $84.00 and set a “buy” rating for the company in a report on Tuesday, May 13th. Wall Street Zen upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a report on Saturday. Evercore ISI boosted their target price on shares of Agree Realty from $82.00 to $83.00 and gave the company an “outperform” rating in a report on Thursday, April 24th. Robert W. Baird lifted their price target on shares of Agree Realty from $76.00 to $80.00 and gave the company an “outperform” rating in a research report on Friday, April 25th. Finally, Truist Financial boosted their price objective on shares of Agree Realty from $77.00 to $82.00 and gave the stock a “buy” rating in a research note on Monday, May 5th.

Agree Realty Stock Performance

NYSE:ADC opened at $73.90 on Thursday. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.54. The firm has a 50-day moving average price of $74.75 and a two-hundred day moving average price of $73.88. Agree Realty has a twelve month low of $61.34 and a twelve month high of $79.65. The company has a market capitalization of $8.13 billion, a P/E ratio of 41.75, a price-to-earnings-growth ratio of 2.29 and a beta of 0.54.

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, topping analysts’ consensus estimates of $1.05 by $0.01. The business had revenue of $169.16 million during the quarter, compared to the consensus estimate of $167.77 million. Agree Realty had a net margin of 30.05% and a return on equity of 3.66%. During the same period in the previous year, the firm posted $0.43 earnings per share. As a group, research analysts expect that Agree Realty will post 4.27 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The firm also recently disclosed a jun 25 dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be given a dividend of $0.256 per share. This represents a yield of 4.1%. The ex-dividend date is Monday, June 30th. Agree Realty’s payout ratio is presently 173.45%.

Hedge Funds Weigh In On Agree Realty

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Sequoia Financial Advisors LLC raised its position in shares of Agree Realty by 3.0% in the first quarter. Sequoia Financial Advisors LLC now owns 4,729 shares of the real estate investment trust’s stock valued at $365,000 after purchasing an additional 139 shares during the period. Janney Montgomery Scott LLC raised its stake in Agree Realty by 61.2% during the 1st quarter. Janney Montgomery Scott LLC now owns 11,982 shares of the real estate investment trust’s stock valued at $925,000 after purchasing an additional 4,551 shares during the last quarter. Envestnet Asset Management Inc. raised its stake in Agree Realty by 3.6% during the 4th quarter. Envestnet Asset Management Inc. now owns 301,751 shares of the real estate investment trust’s stock valued at $21,258,000 after purchasing an additional 10,446 shares during the last quarter. Wellington Management Group LLP raised its stake in Agree Realty by 664.6% during the 4th quarter. Wellington Management Group LLP now owns 590,845 shares of the real estate investment trust’s stock valued at $41,625,000 after purchasing an additional 513,571 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. raised its stake in Agree Realty by 10.1% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 21,070 shares of the real estate investment trust’s stock valued at $1,626,000 after purchasing an additional 1,941 shares during the last quarter. 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.