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

Agree Realty (NYSE:ADC) had its price target lifted by KeyCorp from $80.00 to $82.00 in a research note issued to investors on Friday morning, MarketBeat reports. They currently have an overweight rating on the real estate investment trust’s stock.

Other analysts have also recently issued research reports about the stock. Morgan Stanley cut shares of Agree Realty from an “overweight” rating to an “equal weight” rating and set a $75.00 target price for the company. in a research report on Friday, July 11th. UBS Group upped their target price on shares of Agree Realty from $80.00 to $82.00 and gave the company a “buy” rating in a research report on Tuesday, August 12th. Evercore ISI upped their target price on shares of Agree Realty from $83.00 to $85.00 and gave the company an “outperform” rating in a research report on Monday, September 15th. Weiss Ratings reissued a “hold (c+)” rating on shares of Agree Realty in a report on Wednesday, October 8th. Finally, JMP Securities reissued a “market perform” rating on shares of Agree Realty in a report on Monday, June 30th. Nine equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $80.73.

Agree Realty Stock Performance

Shares of Agree Realty stock opened at $74.75 on Friday. The firm has a fifty day moving average of $72.45 and a two-hundred day moving average of $73.69. The stock has a market capitalization of $8.59 billion, a price-to-earnings ratio of 43.71, a PEG ratio of 2.43 and a beta of 0.55. Agree Realty has a 52 week low of $67.58 and a 52 week high of $79.65. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.68 and a current ratio of 0.68.

Agree Realty (NYSE:ADC) last issued its earnings results on Tuesday, October 21st. The real estate investment trust reported $1.10 EPS for the quarter, beating the consensus estimate of $1.08 by $0.02. The company had revenue of $183.22 million during the quarter, compared to analysts’ expectations of $181.87 million. Agree Realty had a net margin of 28.11% and a return on equity of 3.52%. The business’s revenue for the quarter was up 18.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.03 EPS. Agree Realty has set its FY 2025 guidance at 4.310-4.330 EPS. As a group, equities research analysts predict that Agree Realty will post 4.27 EPS for the current year.

Agree Realty Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Friday, November 14th. Stockholders of record on Friday, October 31st will be issued a $0.262 dividend. This is a positive change from Agree Realty’s previous monthly dividend of $0.26. The ex-dividend date of this dividend is Friday, October 31st. This represents a c) annualized dividend and a dividend yield of 4.2%. Agree Realty’s dividend payout ratio (DPR) is presently 179.53%.

Insider Activity at Agree Realty

In other news, CEO Joey Agree bought 4,108 shares of the stock in a transaction on Wednesday, August 13th. The stock was purchased at an average price of $72.15 per share, for a total transaction of $296,392.20. Following the acquisition, the chief executive officer owned 633,060 shares in the company, valued at approximately $45,675,279. This trade represents a 0.65% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director John Rakolta, Jr. bought 25,154 shares of the stock in a transaction on Tuesday, October 7th. The shares were purchased 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 approximately $38,986,017. This represents a 4.76% increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 36,742 shares of company stock valued at $2,601,704 in the last quarter. 1.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Agree Realty

Large investors have recently added to or reduced their stakes in the company. Cullen Frost Bankers Inc. bought a new position in Agree Realty during the 1st quarter worth about $27,000. Farther Finance Advisors LLC increased its holdings in Agree Realty by 408.0% during the 2nd 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 in the last quarter. SVB Wealth LLC bought a new position in Agree Realty during the 1st quarter worth about $33,000. Larson Financial Group LLC increased its holdings in Agree Realty by 415.1% during the 1st quarter. Larson Financial Group LLC now owns 546 shares of the real estate investment trust’s stock worth $42,000 after purchasing an additional 440 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in Agree Realty by 158.9% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 580 shares of the real estate investment trust’s stock worth $42,000 after purchasing an additional 356 shares in the last quarter. 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.