Agree Realty (NYSE:ADC) Price Target Raised to $70.00 at Royal Bank of Canada

Agree Realty (NYSE:ADC) had its target price upped by Royal Bank of Canada from $63.00 to $70.00 in a research report report published on Thursday morning, Benzinga reports. They currently have an outperform rating on the real estate investment trust’s stock.

Several other research analysts also recently commented on the company. StockNews.com upgraded Agree Realty from a sell rating to a hold rating in a research note on Tuesday, June 11th. UBS Group boosted their price objective on shares of Agree Realty from $60.00 to $67.00 and gave the company a neutral rating in a research note on Thursday, July 18th. KeyCorp assumed coverage on shares of Agree Realty in a research note on Wednesday, June 12th. They issued an overweight rating and a $68.00 target price on the stock. Stifel Nicolaus boosted their price target on shares of Agree Realty from $67.50 to $71.50 and gave the company a buy rating in a research report on Wednesday, July 24th. Finally, Mizuho increased their price objective on Agree Realty from $60.00 to $62.00 and gave the stock a neutral rating in a research report on Friday, May 10th. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average target price of $66.95.

Agree Realty Price Performance

Shares of NYSE:ADC opened at $68.73 on Thursday. The company has a 50-day moving average price of $62.29 and a two-hundred day moving average price of $59.46. Agree Realty has a twelve month low of $52.69 and a twelve month high of $69.26. The company has a quick ratio of 0.71, a current ratio of 0.79 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $6.92 billion, a PE ratio of 40.43, a P/E/G ratio of 2.72 and a beta of 0.58.

Agree Realty (NYSE:ADC) last released its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.51). The business had revenue of $152.58 million during the quarter, compared to analysts’ expectations of $150.35 million. Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The firm’s quarterly revenue was up 17.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.98 earnings per share. Equities analysts forecast that Agree Realty will post 4.11 EPS for the current year.

Agree Realty Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Wednesday, August 14th. Investors of record on Wednesday, July 31st will be given a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, July 31st. This represents a $3.00 dividend on an annualized basis and a yield of 4.36%. Agree Realty’s payout ratio is 176.47%.

Insider Buying and Selling at Agree Realty

In other Agree Realty news, Director Greg Lehmkuhl acquired 1,000 shares of the business’s stock in a transaction dated Thursday, May 23rd. The stock was bought at an average price of $58.99 per share, with a total value of $58,990.00. Following the purchase, the director now owns 23,036 shares of the company’s stock, valued at $1,358,893.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.80% of the company’s stock.

Institutional Trading of Agree Realty

A number of institutional investors have recently made changes to their positions in ADC. HBC Financial Services PLLC bought a new stake in Agree Realty during the 4th quarter valued at $31,000. Lindbrook Capital LLC increased its holdings in Agree Realty by 267.1% during the 4th quarter. Lindbrook Capital LLC now owns 591 shares of the real estate investment trust’s stock valued at $37,000 after purchasing an additional 430 shares during the period. Massmutual Trust Co. FSB ADV raised its position in Agree Realty by 248.3% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock valued at $38,000 after purchasing an additional 442 shares during the last quarter. UMB Bank n.a. lifted its holdings in Agree Realty by 247.3% in the 1st quarter. UMB Bank n.a. now owns 719 shares of the real estate investment trust’s stock worth $41,000 after buying an additional 512 shares during the period. Finally, GAMMA Investing LLC bought a new stake in shares of Agree Realty in the 4th quarter worth approximately $44,000. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Company Profile

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.