Analysts Set Agree Realty Corporation (NYSE:ADC) Price Target at $80.32

Shares of Agree Realty Corporation (NYSE:ADC) have earned a consensus rating of “Moderate Buy” from the sixteen brokerages that are covering the company, MarketBeat.com reports. Six analysts have rated the stock with a hold recommendation, nine have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $80.32.

A number of equities analysts have recently weighed in on ADC shares. JMP Securities reiterated a “market perform” rating on shares of Agree Realty in a report on Monday, June 30th. Robert W. Baird upped their target price on Agree Realty from $76.00 to $80.00 and gave the company an “outperform” rating in a report on Friday, April 25th. Stifel Nicolaus upped their target price on Agree Realty from $81.00 to $82.50 and gave the company a “buy” rating in a report on Wednesday, April 23rd. Mizuho dropped their target price on Agree Realty from $81.00 to $78.00 and set a “neutral” rating on the stock in a report on Monday, June 16th. Finally, Evercore ISI upped their target price on Agree Realty from $82.00 to $83.00 and gave the company an “outperform” rating in a report on Thursday, April 24th.

Hedge Funds Weigh In On Agree Realty

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ADC. Cullen Frost Bankers Inc. acquired a new position in Agree Realty during the first quarter valued at approximately $27,000. Farther Finance Advisors LLC grew its holdings in Agree Realty by 408.0% during the second quarter. Farther Finance Advisors LLC now owns 381 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 306 shares during the last quarter. Bernard Wealth Management Corp. acquired a new position in Agree Realty during the fourth quarter valued at approximately $31,000. SVB Wealth LLC acquired a new position in Agree Realty during the first quarter valued at approximately $33,000. Finally, Capital Advisors Ltd. LLC grew its holdings in Agree Realty by 137.8% during the first quarter. Capital Advisors Ltd. LLC now owns 466 shares of the real estate investment trust’s stock valued at $36,000 after purchasing an additional 270 shares during the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Agree Realty Price Performance

Shares of ADC opened at $72.96 on Monday. The company has a market capitalization of $8.03 billion, a price-to-earnings ratio of 41.22, a P/E/G ratio of 2.38 and a beta of 0.54. Agree Realty has a fifty-two week low of $67.58 and a fifty-two week high of $79.65. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.72 and a quick ratio of 0.72. The business’s 50-day moving average is $73.64 and its 200-day moving average is $74.13.

Agree Realty Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Thursday, August 14th. Investors of record on Thursday, July 31st will be issued a $0.256 dividend. The ex-dividend date of this dividend is Thursday, July 31st. This represents a $3.07 dividend on an annualized basis and a yield of 4.21%. Agree Realty’s dividend payout ratio 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.