Agree Realty (NYSE:ADC) Price Target Raised to $82.00 at UBS Group

Agree Realty (NYSE:ADC) had its price target upped by UBS Group from $80.00 to $82.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the real estate investment trust’s stock.

ADC has been the subject of several other research reports. Evercore ISI upped their price objective on Agree Realty from $82.00 to $83.00 and gave the company an “outperform” rating in a research note on Thursday, April 24th. JMP Securities reaffirmed a “market perform” rating on shares of Agree Realty in a research note on Monday, June 30th. Morgan Stanley cut Agree Realty from an “overweight” rating to an “equal weight” rating and set a $75.00 target price on the stock. in a report on Friday, July 11th. Stifel Nicolaus upped their target price on Agree Realty from $81.00 to $82.50 and gave the company a “buy” rating in a report on Wednesday, April 23rd. Finally, Truist Financial set a $84.00 target price on Agree Realty in a report on Friday. One analyst has rated the stock with a sell rating, six have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $80.61.

Agree Realty Stock Performance

Agree Realty stock opened at $72.62 on Tuesday. The business has a 50 day moving average of $73.35 and a 200-day moving average of $74.27. Agree Realty has a 1 year low of $67.58 and a 1 year high of $79.65. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.71 and a quick ratio of 0.71. The company has a market capitalization of $8.04 billion, a P/E ratio of 43.23, a P/E/G ratio of 2.37 and a beta of 0.55.

Agree Realty (NYSE:ADC) last released its quarterly earnings data on Thursday, July 31st. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.01. Agree Realty had a return on equity of 3.47% and a net margin of 28.16%. The company had revenue of $175.53 million during the quarter, compared to the consensus estimate of $173.95 million. During the same quarter in the prior year, the firm posted $1.04 earnings per share. The firm’s revenue was up 15.0% compared to the same quarter last year. On average, equities research analysts predict that Agree Realty will post 4.27 earnings per share for the current year.

Agree Realty Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Thursday, August 14th. Shareholders of record on Thursday, July 31st will be issued a dividend of $0.256 per share. This represents a c) dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date is Thursday, July 31st. Agree Realty’s dividend payout ratio is presently 182.74%.

Hedge Funds Weigh In On Agree Realty

A number of institutional investors and hedge funds have recently modified their holdings of ADC. Cullen Frost Bankers Inc. acquired a new position in shares of Agree Realty during the first quarter worth approximately $27,000. Farther Finance Advisors LLC raised its position in shares of Agree Realty by 408.0% during the second quarter. Farther Finance Advisors LLC now owns 381 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 306 shares during the period. Bernard Wealth Management Corp. purchased a new stake in Agree Realty in the 4th quarter valued at $31,000. SVB Wealth LLC purchased a new stake in Agree Realty in the 1st quarter valued at $33,000. Finally, Capital Advisors Ltd. LLC raised its position in Agree Realty by 137.8% in the 1st quarter. Capital Advisors Ltd. LLC now owns 466 shares of the real estate investment trust’s stock valued at $36,000 after buying an additional 270 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors.

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.