Agree Realty Co. (NYSE:ADC) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Agree Realty Co. (NYSE:ADC) have earned a consensus recommendation of “Moderate Buy” from the nine research firms that are presently covering the firm, Marketbeat Ratings reports. Three analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $65.61.

A number of research analysts have commented on the stock. Truist Financial decreased their price target on shares of Agree Realty from $70.00 to $68.00 and set a “buy” rating on the stock in a research note on Tuesday, February 27th. StockNews.com lowered shares of Agree Realty from a “hold” rating to a “sell” rating in a research report on Friday. Stifel Nicolaus reduced their price objective on Agree Realty from $70.00 to $69.50 and set a “buy” rating on the stock in a research note on Wednesday, February 14th. Mizuho lowered their target price on Agree Realty from $65.00 to $60.00 and set a “neutral” rating for the company in a research note on Thursday, March 7th. Finally, Royal Bank of Canada reduced their price target on Agree Realty from $67.00 to $63.00 and set an “outperform” rating on the stock in a research report on Thursday, February 15th.

Agree Realty Trading Up 1.4 %

NYSE ADC opened at $58.79 on Friday. The company has a market capitalization of $5.92 billion, a price-to-earnings ratio of 34.58, a PEG ratio of 2.64 and a beta of 0.52. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.50. Agree Realty has a twelve month low of $52.69 and a twelve month high of $69.26. The stock’s 50-day simple moving average is $56.72 and its two-hundred day simple moving average is $58.37.

Agree Realty Increases Dividend

The firm also recently declared a monthly dividend, which will be paid on Tuesday, May 14th. Shareholders of record on Tuesday, April 30th will be given a dividend of $0.25 per share. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date of this dividend is Monday, April 29th. This represents a $3.00 dividend on an annualized basis and a yield of 5.10%. Agree Realty’s dividend payout ratio is presently 176.47%.

Insiders Place Their Bets

In other Agree Realty news, Director John Rakolta, Jr. bought 20,430 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The stock was bought at an average price of $57.00 per share, for a total transaction of $1,164,510.00. Following the completion of the acquisition, the director now directly owns 392,549 shares in the company, valued at $22,375,293. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Joey Agree acquired 3,500 shares of the stock in a transaction on Wednesday, February 21st. The stock was acquired at an average cost of $56.92 per share, for a total transaction of $199,220.00. Following the completion of the acquisition, the chief executive officer now directly owns 561,403 shares of the company’s stock, valued at approximately $31,955,058.76. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director John Rakolta, Jr. acquired 20,430 shares of the business’s stock in a transaction on Friday, February 16th. The shares were purchased at an average cost of $57.00 per share, for a total transaction of $1,164,510.00. Following the completion of the transaction, the director now owns 392,549 shares in the company, valued at approximately $22,375,293. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 42,482 shares of company stock worth $2,397,572. 1.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in ADC. Norges Bank bought a new position in Agree Realty in the fourth quarter worth $71,409,000. Principal Financial Group Inc. grew its position in shares of Agree Realty by 12.1% in the 4th quarter. Principal Financial Group Inc. now owns 6,660,665 shares of the real estate investment trust’s stock worth $419,289,000 after buying an additional 719,430 shares during the period. Vanguard Group Inc. increased its stake in shares of Agree Realty by 3.4% in the 4th quarter. Vanguard Group Inc. now owns 14,222,246 shares of the real estate investment trust’s stock worth $895,290,000 after acquiring an additional 462,828 shares in the last quarter. Jupiter Asset Management Ltd. lifted its position in Agree Realty by 2,442.7% during the 3rd quarter. Jupiter Asset Management Ltd. now owns 467,555 shares of the real estate investment trust’s stock valued at $25,828,000 after acquiring an additional 449,167 shares during the period. Finally, Cincinnati Insurance Co. boosted its stake in Agree Realty by 106.7% during the first quarter. Cincinnati Insurance Co. now owns 789,500 shares of the real estate investment trust’s stock worth $45,096,000 after acquiring an additional 407,500 shares in the last quarter. 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.