Agree Realty (NYSE:ADC) Given New $78.00 Price Target at Mizuho

Agree Realty (NYSE:ADC) had its target price cut by Mizuho from $81.00 to $78.00 in a research note published on Monday morning,Benzinga reports. They currently have a neutral rating on the real estate investment trust’s stock.

Other equities analysts also recently issued research reports about the company. Stifel Nicolaus lifted their price target on Agree Realty from $81.00 to $82.50 and gave the company a “buy” rating in a research note on Wednesday, April 23rd. Barclays set a $77.00 target price on Agree Realty and gave the company an “equal weight” rating in a report on Wednesday, May 21st. JMP Securities reiterated a “market perform” rating on shares of Agree Realty in a report on Friday, May 16th. Truist Financial increased their price target on Agree Realty from $77.00 to $82.00 and gave the company a “buy” rating in a research report on Monday, May 5th. Finally, Robert W. Baird raised their price objective on Agree Realty from $76.00 to $80.00 and gave the company an “outperform” rating in a research note on Friday, April 25th. Six analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Agree Realty presently has a consensus rating of “Moderate Buy” and an average target price of $80.96.

Agree Realty Price Performance

Shares of ADC opened at $73.70 on Monday. The business’s fifty day moving average is $75.46 and its 200 day moving average is $73.91. Agree Realty has a 12-month low of $60.42 and a 12-month high of $79.65. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.52. The stock has a market cap of $8.11 billion, a P/E ratio of 41.40, a P/E/G ratio of 2.88 and a beta of 0.56.

Agree Realty (NYSE:ADC) last released its quarterly earnings data on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.01. The firm had revenue of $169.16 million for the quarter, compared to the consensus estimate of $167.77 million. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. During the same quarter in the prior year, the company posted $0.43 earnings per share. Sell-side analysts anticipate that Agree Realty will post 4.27 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The firm also recently announced a jun 25 dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be paid a dividend of $0.256 per share. This represents a dividend yield of 4.1%. The ex-dividend date is Monday, June 30th. Agree Realty’s payout ratio is 173.45%.

Hedge Funds Weigh In On Agree Realty

Several institutional investors have recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. boosted its stake in Agree Realty by 3.6% in the fourth quarter. Envestnet Asset Management Inc. now owns 301,751 shares of the real estate investment trust’s stock valued at $21,258,000 after acquiring an additional 10,446 shares during the last quarter. Sage Investment Counsel LLC bought a new stake in shares of Agree Realty in the 4th quarter worth approximately $329,000. Oppenheimer Asset Management Inc. raised its holdings in shares of Agree Realty by 24.6% in the 4th quarter. Oppenheimer Asset Management Inc. now owns 19,129 shares of the real estate investment trust’s stock worth $1,348,000 after purchasing an additional 3,776 shares during the period. Wellington Management Group LLP lifted its stake in Agree Realty by 664.6% in the fourth quarter. Wellington Management Group LLP now owns 590,845 shares of the real estate investment trust’s stock valued at $41,625,000 after purchasing an additional 513,571 shares during the last quarter. Finally, Jump Financial LLC grew its holdings in Agree Realty by 42.1% during the fourth quarter. Jump Financial LLC now owns 79,777 shares of the real estate investment trust’s stock valued at $5,620,000 after purchasing an additional 23,616 shares during the period. 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.