Agree Realty Corporation (NYSE:ADC) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Agree Realty Corporation (NYSE:ADC) have been assigned a consensus recommendation of “Moderate Buy” from the fourteen analysts that are presently covering the company, MarketBeat.com reports. Six investment analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $80.3182.

A number of equities analysts have recently weighed in on ADC shares. Royal Bank Of Canada upped their price target on shares of Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a research note on Thursday, October 23rd. KeyCorp boosted their price objective on shares of Agree Realty from $80.00 to $82.00 and gave the stock an “overweight” rating in a report on Friday, October 24th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Agree Realty in a research report on Wednesday, October 8th. Barclays boosted their price target on Agree Realty from $77.00 to $78.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 3rd. Finally, Truist Financial dropped their price objective on Agree Realty from $84.00 to $82.00 and set a “buy” rating for the company in a research note on Friday, October 24th.

Agree Realty Stock Up 0.5%

ADC opened at $72.40 on Thursday. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.68 and a quick ratio of 0.68. Agree Realty has a 12 month low of $67.58 and a 12 month high of $79.65. The stock has a market capitalization of $8.32 billion, a P/E ratio of 42.34, a P/E/G ratio of 2.34 and a beta of 0.54. The business has a 50 day simple moving average of $73.51 and a 200-day simple moving average of $72.97.

Agree Realty (NYSE:ADC) last announced its quarterly earnings data on Tuesday, October 21st. The real estate investment trust reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.02. The firm had revenue of $183.22 million for the quarter, compared to analyst estimates of $181.87 million. Agree Realty had a return on equity of 3.52% and a net margin of 28.11%.Agree Realty’s quarterly revenue was up 18.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.03 earnings per share. Agree Realty has set its FY 2025 guidance at 4.310-4.330 EPS. On average, equities analysts anticipate that Agree Realty will post 4.27 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st will be given a $0.262 dividend. The ex-dividend date is Wednesday, December 31st. This represents a c) dividend on an annualized basis and a dividend yield of 4.3%. Agree Realty’s dividend payout ratio (DPR) is currently 183.63%.

Insider Transactions at Agree Realty

In other news, CEO Joey Agree purchased 3,528 shares of the business’s stock in a transaction dated Thursday, October 2nd. The stock was acquired at an average price of $70.63 per share, with a total value of $249,182.64. Following the purchase, the chief executive officer directly owned 638,688 shares of the company’s stock, valued at $45,110,533.44. This represents a 0.56% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John Rakolta, Jr. acquired 25,154 shares of the stock in a transaction that occurred on Tuesday, October 7th. The stock was acquired at an average cost of $70.41 per share, for a total transaction of $1,771,093.14. Following the completion of the purchase, the director owned 553,700 shares in the company, valued at $38,986,017. The trade was a 4.76% increase in their position. The SEC filing for this purchase provides additional information. Insiders bought 29,042 shares of company stock valued at $2,045,778 in the last 90 days. 1.80% of the stock is currently owned by insiders.

Institutional Trading of Agree Realty

Large investors have recently modified their holdings of the business. Westwood Holdings Group Inc. acquired a new position in shares of Agree Realty during the 2nd quarter worth approximately $65,376,000. Norges Bank purchased a new position in Agree Realty during the second quarter worth $65,030,000. JPMorgan Chase & Co. raised its holdings in shares of Agree Realty by 65.6% in the third quarter. JPMorgan Chase & Co. now owns 2,016,722 shares of the real estate investment trust’s stock worth $143,268,000 after acquiring an additional 799,185 shares during the last quarter. Duff & Phelps Investment Management Co. lifted its position in shares of Agree Realty by 311.0% in the third quarter. Duff & Phelps Investment Management Co. now owns 838,570 shares of the real estate investment trust’s stock valued at $59,572,000 after acquiring an additional 634,520 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Agree Realty by 532.1% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 714,772 shares of the real estate investment trust’s stock valued at $50,777,000 after acquiring an additional 601,689 shares in the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

About Agree Realty

Agree Realty Corporation (NYSE: ADC) is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty’s primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.