Agree Realty Co. (NYSE:ADC) Receives Average Recommendation of “Moderate Buy” from Brokerages

Agree Realty Co. (NYSE:ADC) has been assigned an average rating of “Moderate Buy” from the twelve brokerages that are presently covering the company, Marketbeat Ratings reports. Three analysts have rated the stock with a hold recommendation, eight have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $70.96.

Several equities research analysts have commented on the stock. KeyCorp began coverage on shares of Agree Realty in a research report on Wednesday, June 12th. They set an “overweight” rating and a $68.00 target price on the stock. UBS Group upped their target price on shares of Agree Realty from $60.00 to $67.00 and gave the stock a “neutral” rating in a research report on Thursday, July 18th. Royal Bank of Canada lifted their price target on shares of Agree Realty from $63.00 to $70.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Truist Financial upped their price target on Agree Realty from $68.00 to $77.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Finally, Stifel Nicolaus lifted their price objective on Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a report on Wednesday, July 24th.

Institutional Investors Weigh In On Agree Realty

Institutional investors have recently bought and sold shares of the stock. Corient Private Wealth LLC grew its stake in shares of Agree Realty by 11.5% during the 4th quarter. Corient Private Wealth LLC now owns 7,645 shares of the real estate investment trust’s stock valued at $481,000 after buying an additional 787 shares during the period. Parallel Advisors LLC grew its position in Agree Realty by 35.9% during the fourth quarter. Parallel Advisors LLC now owns 1,129 shares of the real estate investment trust’s stock valued at $71,000 after acquiring an additional 298 shares during the period. Treasurer of the State of North Carolina increased its stake in Agree Realty by 8.9% during the fourth quarter. Treasurer of the State of North Carolina now owns 43,960 shares of the real estate investment trust’s stock worth $2,767,000 after acquiring an additional 3,600 shares during the last quarter. Eagle Asset Management Inc. raised its holdings in shares of Agree Realty by 1.5% in the 4th quarter. Eagle Asset Management Inc. now owns 112,982 shares of the real estate investment trust’s stock worth $7,112,000 after purchasing an additional 1,672 shares during the period. Finally, Campbell & CO Investment Adviser LLC acquired a new position in shares of Agree Realty in the 4th quarter valued at about $860,000. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

Agree Realty Trading Up 0.6 %

Shares of Agree Realty stock opened at $75.29 on Tuesday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.54. The firm has a market cap of $7.58 billion, a price-to-earnings ratio of 44.29, a price-to-earnings-growth ratio of 2.51 and a beta of 0.61. Agree Realty has a 52-week low of $52.69 and a 52-week high of $77.30. The company’s 50-day simple moving average is $72.69 and its 200-day simple moving average is $64.14.

Agree Realty (NYSE:ADC) last issued its earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.51). Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The business had revenue of $152.58 million for the quarter, compared to analysts’ expectations of $150.35 million. During the same period last year, the company posted $0.98 earnings per share. The business’s quarterly revenue was up 17.5% on a year-over-year basis. As a group, equities research analysts anticipate that Agree Realty will post 4.11 earnings per share for the current year.

Agree Realty Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.25 per share. The ex-dividend date is Monday, September 30th. This represents a $3.00 annualized dividend and a dividend yield of 3.98%. Agree Realty’s payout ratio is currently 176.47%.

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.