UBS Group Boosts Agree Realty (NYSE:ADC) Price Target to $79.00

Agree Realty (NYSE:ADC) had its price objective boosted by UBS Group from $77.00 to $79.00 in a research note published on Thursday morning,Benzinga reports. They currently have a neutral rating on the real estate investment trust’s stock.

A number of other analysts have also issued reports on ADC. Robert W. Baird boosted their price objective on Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Raymond James upped their target price on Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, August 21st. Stifel Nicolaus upped their target price on Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. BTIG Research upped their target price on Agree Realty from $65.00 to $74.00 and gave the stock a “buy” rating in a research note on Monday, August 12th. Finally, Royal Bank of Canada upped their target price on Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Agree Realty has a consensus rating of “Moderate Buy” and an average target price of $75.73.

Agree Realty Stock Performance

Shares of ADC traded up $0.55 during mid-day trading on Thursday, hitting $76.14. The stock had a trading volume of 213,689 shares, compared to its average volume of 968,459. The firm has a market cap of $7.88 billion, a P/E ratio of 41.75, a PEG ratio of 3.11 and a beta of 0.61. The business has a fifty day moving average price of $75.00 and a 200-day moving average price of $68.30. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66. Agree Realty has a 52 week low of $54.28 and a 52 week high of $77.47.

Agree Realty (NYSE:ADC) last released its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The company had revenue of $154.33 million for the quarter, compared to the consensus estimate of $152.83 million. During the same quarter in the previous year, the firm posted $1.00 earnings per share. The business’s revenue for the quarter was up 12.8% compared to the same quarter last year. On average, equities research analysts expect that Agree Realty will post 4.12 EPS for the current year.

Agree Realty Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be issued a dividend of $0.253 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $3.04 dividend on an annualized basis and a yield of 3.99%. Agree Realty’s dividend payout ratio is presently 167.96%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Janney Montgomery Scott LLC grew its stake in shares of Agree Realty by 126.8% during the first quarter. Janney Montgomery Scott LLC now owns 9,100 shares of the real estate investment trust’s stock valued at $520,000 after buying an additional 5,087 shares during the last quarter. Envestnet Portfolio Solutions Inc. grew its stake in shares of Agree Realty by 32.2% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 9,547 shares of the real estate investment trust’s stock valued at $545,000 after buying an additional 2,324 shares during the last quarter. Swiss National Bank grew its stake in Agree Realty by 4.6% in the first quarter. Swiss National Bank now owns 198,382 shares of the real estate investment trust’s stock worth $11,332,000 after purchasing an additional 8,700 shares in the last quarter. US Bancorp DE grew its stake in Agree Realty by 4.8% in the first quarter. US Bancorp DE now owns 16,265 shares of the real estate investment trust’s stock worth $929,000 after purchasing an additional 749 shares in the last quarter. Finally, Koshinski Asset Management Inc. bought a new position in Agree Realty in the first quarter worth approximately $385,000. Hedge funds and other 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.