UBS Group Raises Agree Realty (NYSE:ADC) Price Target to $77.00

Agree Realty (NYSE:ADC) had its target price hoisted by UBS Group from $72.00 to $77.00 in a research note published on Wednesday, Benzinga reports. They currently have a neutral rating on the real estate investment trust’s stock.

A number of other research firms have also recently commented on ADC. KeyCorp raised their target price on shares of Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, October 4th. Wells Fargo & Company restated an “overweight” rating and set a $80.00 price objective (up from $77.00) on shares of Agree Realty in a research report on Tuesday, October 1st. Royal Bank of Canada upped their target price on shares of Agree Realty from $63.00 to $70.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Truist Financial raised their price target on Agree Realty from $68.00 to $77.00 and gave the company a “buy” rating in a report on Monday, August 5th. Finally, Raymond James boosted their price objective on Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research report on Wednesday, August 21st. Four research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $73.04.

Agree Realty Trading Up 1.8 %

NYSE:ADC opened at $76.69 on Wednesday. The company has a market cap of $7.72 billion, a PE ratio of 45.11, a price-to-earnings-growth ratio of 2.47 and a beta of 0.61. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.54. The company has a 50 day simple moving average of $74.02 and a two-hundred day simple moving average of $65.75. Agree Realty has a 12 month low of $52.69 and a 12 month high of $77.30.

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

Agree Realty Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be issued a $0.253 dividend. This is a boost from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date is Thursday, October 31st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.96%. Agree Realty’s payout ratio is 178.24%.

Institutional Trading of Agree Realty

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Wellington Management Group LLP purchased a new stake in shares of Agree Realty in the fourth quarter valued at $4,285,000. Vanguard Group Inc. lifted its stake in Agree Realty by 3.4% in the fourth quarter. Vanguard Group Inc. now owns 14,222,246 shares of the real estate investment trust’s stock worth $895,290,000 after purchasing an additional 462,828 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Agree Realty by 15.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 9,905 shares of the real estate investment trust’s stock valued at $624,000 after buying an additional 1,338 shares during the period. Park Avenue Securities LLC grew its stake in shares of Agree Realty by 9.8% during the first quarter. Park Avenue Securities LLC now owns 6,061 shares of the real estate investment trust’s stock valued at $346,000 after buying an additional 540 shares during the last quarter. Finally, Gilman Hill Asset Management LLC raised its holdings in shares of Agree Realty by 47.2% in the first quarter. Gilman Hill Asset Management LLC now owns 7,848 shares of the real estate investment trust’s stock worth $448,000 after buying an additional 2,515 shares during the period. 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.