Brokerages Set Agree Realty Co. (NYSE:ADC) PT at $71.94

Shares of Agree Realty Co. (NYSE:ADC) have been given an average recommendation of “Moderate Buy” by the nine ratings firms that are presently covering the stock, Marketbeat reports. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $71.94.

ADC has been the subject of several research reports. Citigroup decreased their target price on Agree Realty from $75.00 to $64.00 and set a “neutral” rating for the company in a research report on Friday, September 22nd. Stifel Nicolaus lifted their target price on Agree Realty from $76.00 to $76.50 and gave the stock a “buy” rating in a report on Wednesday, August 2nd. Mizuho reduced their target price on Agree Realty from $70.00 to $67.00 in a report on Thursday, August 10th. StockNews.com upgraded Agree Realty from a “sell” rating to a “hold” rating in a research note on Friday, October 13th. Finally, Royal Bank of Canada dropped their price target on Agree Realty from $74.00 to $63.00 and set an “outperform” rating on the stock in a research note on Thursday, October 26th.

Agree Realty Price Performance

ADC opened at $56.20 on Friday. The stock has a 50-day moving average price of $56.69 and a 200-day moving average price of $62.09. Agree Realty has a 12-month low of $52.69 and a 12-month high of $75.71. The company has a current ratio of 0.64, a quick ratio of 0.64 and a debt-to-equity ratio of 0.44. The stock has a market capitalization of $5.65 billion, a P/E ratio of 32.87, a PEG ratio of 3.00 and a beta of 0.52.

Agree Realty Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Thursday, December 14th. Stockholders of record on Thursday, November 30th will be given a $0.247 dividend. This represents a $2.96 dividend on an annualized basis and a dividend yield of 5.27%. The ex-dividend date is Wednesday, November 29th. Agree Realty’s dividend payout ratio is 173.10%.

Insider Activity

In other Agree Realty news, Director John Rakolta, Jr. purchased 30,000 shares of the company’s stock in a transaction that occurred on Thursday, September 21st. The shares were acquired at an average price of $57.48 per share, for a total transaction of $1,724,400.00. Following the purchase, the director now owns 360,056 shares in the company, valued at $20,696,018.88. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Agree Realty news, Director John Rakolta, Jr. bought 30,000 shares of the stock in a transaction on Thursday, September 21st. The stock was acquired at an average cost of $57.48 per share, for a total transaction of $1,724,400.00. Following the completion of the acquisition, the director now owns 360,056 shares in the company, valued at approximately $20,696,018.88. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John Rakolta, Jr. bought 20,000 shares of the stock in a transaction on Tuesday, September 26th. The stock was purchased at an average price of $55.73 per share, for a total transaction of $1,114,600.00. Following the completion of the purchase, the director now owns 380,056 shares of the company’s stock, valued at $21,180,520.88. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 65,800 shares of company stock worth $3,714,810. Corporate insiders own 1.60% of the company’s stock.

Institutional Trading of Agree Realty

Hedge funds have recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. grew its stake in shares of Agree Realty by 7,150.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 435 shares of the real estate investment trust’s stock valued at $31,000 after buying an additional 429 shares during the last quarter. Atticus Wealth Management LLC acquired a new stake in Agree Realty in the 2nd quarter worth about $33,000. Parallel Advisors LLC lifted its stake in Agree Realty by 133.2% in the 1st quarter. Parallel Advisors LLC now owns 506 shares of the real estate investment trust’s stock worth $35,000 after purchasing an additional 289 shares in the last quarter. CWM LLC raised its position in Agree Realty by 117.3% in the third quarter. CWM LLC now owns 728 shares of the real estate investment trust’s stock valued at $40,000 after purchasing an additional 393 shares during the period. Finally, Janiczek Wealth Management LLC grew its stake in shares of Agree Realty by 1,044.8% in the second quarter. Janiczek Wealth Management LLC now owns 664 shares of the real estate investment trust’s stock worth $43,000 after acquiring an additional 606 shares in 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 September 30, 2023, the Company owned and operated a portfolio of 2,084 properties, located in 49 states and containing approximately 43.2 million square feet of gross leasable area.