Agree Realty Co. (NYSE:ADC) Receives $80.38 Average PT from Brokerages

Agree Realty Co. (NYSE:ADC) has earned a consensus rating of “Moderate Buy” from the fifteen brokerages that are covering the stock, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $80.38.

A number of brokerages have weighed in on ADC. Mizuho raised their price objective on Agree Realty from $74.00 to $81.00 and gave the company a “neutral” rating in a research note on Thursday, April 3rd. Wells Fargo & Company increased their price objective on shares of Agree Realty from $78.00 to $81.00 and gave the company an “overweight” rating in a research note on Monday, March 10th. StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a research report on Sunday, February 16th. Stifel Nicolaus reduced their price target on shares of Agree Realty from $81.50 to $81.00 and set a “buy” rating on the stock in a research report on Tuesday, January 7th. Finally, Royal Bank of Canada lowered their price objective on Agree Realty from $79.00 to $78.00 and set an “outperform” rating for the company in a report on Thursday, February 13th.

Institutional Investors Weigh In On Agree Realty

Institutional investors have recently bought and sold shares of the stock. Barclays PLC lifted its stake in shares of Agree Realty by 129.4% in the 3rd quarter. Barclays PLC now owns 239,783 shares of the real estate investment trust’s stock worth $18,062,000 after acquiring an additional 135,274 shares during the period. World Investment Advisors LLC bought a new position in Agree Realty during the 3rd quarter valued at $211,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Agree Realty during the 3rd quarter valued at $77,000. Franklin Resources Inc. raised its stake in shares of Agree Realty by 8.2% in the 3rd quarter. Franklin Resources Inc. now owns 66,153 shares of the real estate investment trust’s stock worth $4,917,000 after buying an additional 5,039 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Agree Realty by 37.3% in the third quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust’s stock valued at $274,693,000 after buying an additional 990,362 shares during the period. Institutional investors and hedge funds own 97.83% of the company’s stock.

Agree Realty Stock Performance

Agree Realty stock opened at $78.73 on Friday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.78 and a current ratio of 0.78. Agree Realty has a one year low of $56.32 and a one year high of $79.61. The stock’s 50 day moving average price is $74.80 and its 200 day moving average price is $73.94. The firm has a market capitalization of $8.45 billion, a PE ratio of 44.23, a price-to-earnings-growth ratio of 2.88 and a beta of 0.55.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.61. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. As a group, sell-side analysts expect that Agree Realty will post 4.27 EPS for the current fiscal year.

Agree Realty Increases Dividend

The firm also recently declared a apr 25 dividend, which will be paid on Wednesday, May 14th. Stockholders of record on Wednesday, April 30th will be paid a $0.256 dividend. This is a boost from Agree Realty’s previous apr 25 dividend of $0.25. The ex-dividend date of this dividend is Wednesday, April 30th. This represents a dividend yield of 4.1%. Agree Realty’s dividend payout ratio is presently 172.47%.

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.