Analysts Set Agree Realty Corporation (NYSE:ADC) Target Price at $80.63

Agree Realty Corporation (NYSE:ADC) has been given an average rating of “Moderate Buy” by the fifteen analysts that are covering the stock, Marketbeat.com reports. Seven equities research analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $80.6250.

A number of brokerages have recently issued reports on ADC. Morgan Stanley cut Agree Realty from an “overweight” rating to an “equal weight” rating and set a $75.00 target price for the company. in a report on Friday, July 11th. UBS Group boosted their target price on Agree Realty from $80.00 to $82.00 and gave the stock a “buy” rating in a report on Tuesday, August 12th. Evercore ISI boosted their target price on Agree Realty from $83.00 to $85.00 and gave the stock an “outperform” rating in a report on Monday, September 15th. Barclays decreased their target price on Agree Realty from $78.00 to $77.00 and set an “equal weight” rating for the company in a report on Wednesday, August 20th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Agree Realty in a report on Wednesday, October 8th.

Insider Buying and Selling

In related news, insider Craig Erlich purchased 360 shares of the firm’s stock in a transaction on Friday, October 3rd. The stock was purchased at an average price of $70.84 per share, for a total transaction of $25,502.40. Following the acquisition, the insider directly owned 52,846 shares in the company, valued at $3,743,610.64. The trade was a 0.69% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John Rakolta, Jr. purchased 25,154 shares of the firm’s stock in a transaction on Tuesday, October 7th. The stock was bought at an average price of $70.41 per share, with a total value of $1,771,093.14. Following the acquisition, the director owned 553,700 shares in the company, valued at $38,986,017. This trade represents a 4.76% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 36,742 shares of company stock worth $2,601,704 in the last 90 days. 1.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Agree Realty

A number of institutional investors have recently made changes to their positions in ADC. Nuveen LLC acquired a new position in shares of Agree Realty in the 1st quarter valued at approximately $64,759,000. Westwood Holdings Group Inc. acquired a new position in shares of Agree Realty in the 2nd quarter valued at approximately $65,376,000. Norges Bank acquired a new position in shares of Agree Realty in the 2nd quarter valued at approximately $65,030,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Agree Realty in the 1st quarter valued at approximately $41,114,000. Finally, Burkehill Global Management LP raised its position in shares of Agree Realty by 450.0% in the 1st quarter. Burkehill Global Management LP now owns 550,000 shares of the real estate investment trust’s stock valued at $42,454,000 after purchasing an additional 450,000 shares in the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.

Agree Realty Stock Up 1.0%

ADC opened at $72.84 on Friday. 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 stock has a market capitalization of $8.06 billion, a price-to-earnings ratio of 43.36, a price-to-earnings-growth ratio of 2.34 and a beta of 0.55. The business has a 50-day moving average of $72.16 and a two-hundred day moving average of $73.65. Agree Realty has a 12 month low of $67.58 and a 12 month high of $79.65.

Agree Realty (NYSE:ADC) last posted its quarterly earnings results on Thursday, July 31st. The real estate investment trust reported $1.06 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 analysts’ expectations of $173.95 million. During the same quarter in the previous year, the business earned $1.04 EPS. The firm’s revenue was up 15.0% on a year-over-year basis. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. On average, research analysts expect that Agree Realty will post 4.27 earnings per share for the current year.

Agree Realty Dividend Announcement

The business also recently declared a sep 25 dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Tuesday, September 30th will be issued a $0.256 dividend. This represents a yield of 432.0%. The ex-dividend date is Tuesday, September 30th. Agree Realty’s dividend payout ratio is currently 182.74%.

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.