Agree Realty (NYSE:ADC) Price Target Lowered to $79.00 at Wells Fargo & Company

Agree Realty (NYSE:ADC) had its price objective decreased by Wells Fargo & Company from $80.00 to $79.00 in a research report released on Monday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the real estate investment trust’s stock.

A number of other equities analysts have also weighed in on the stock. UBS Group increased their target price on shares of Agree Realty from $72.00 to $77.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 16th. Robert W. Baird lifted their price objective on shares of Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Raymond James increased their target price on Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, August 21st. Royal Bank of Canada lifted their price target on Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Finally, BTIG Research increased their price objective on Agree Realty from $65.00 to $74.00 and gave the stock a “buy” rating in a report on Monday, August 12th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $74.19.

Agree Realty Stock Up 0.7 %

Agree Realty stock opened at $73.68 on Monday. The firm has a 50 day moving average price of $74.78 and a 200-day moving average price of $67.71. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52. Agree Realty has a twelve month low of $54.28 and a twelve month high of $77.47. The company has a market capitalization of $7.63 billion, a P/E ratio of 40.71, a P/E/G ratio of 2.48 and a beta of 0.61.

Agree Realty (NYSE:ADC) last released its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The firm had revenue of $154.33 million during the quarter, compared to analysts’ expectations of $152.83 million. During the same period in the prior year, the business earned $1.00 earnings per share. The business’s quarterly revenue was up 12.8% compared to the same quarter last year. As a group, equities analysts predict that Agree Realty will post 4.11 EPS for the current year.

Agree Realty Increases Dividend

The business also recently declared 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 positive change from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.12%. Agree Realty’s dividend payout ratio is presently 167.96%.

Institutional Trading of Agree Realty

A number of hedge funds have recently made changes to their positions in ADC. Van ECK Associates Corp lifted its stake in Agree Realty by 22.6% during the first quarter. Van ECK Associates Corp now owns 38,612 shares of the real estate investment trust’s stock worth $2,206,000 after purchasing an additional 7,125 shares during the last quarter. Sequoia Financial Advisors LLC boosted its stake in Agree Realty by 4.4% in the first quarter. Sequoia Financial Advisors LLC now owns 7,012 shares of the real estate investment trust’s stock worth $401,000 after buying an additional 297 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Agree Realty in the first quarter worth approximately $2,532,000. BNP Paribas Financial Markets raised its stake in shares of Agree Realty by 16.9% during the first quarter. BNP Paribas Financial Markets now owns 77,408 shares of the real estate investment trust’s stock worth $4,422,000 after acquiring an additional 11,169 shares in the last quarter. Finally, Janney Montgomery Scott LLC boosted its stake in shares of Agree Realty by 126.8% in the 1st quarter. Janney Montgomery Scott LLC now owns 9,100 shares of the real estate investment trust’s stock valued at $520,000 after purchasing an additional 5,087 shares in the last quarter. 97.83% of the stock is owned by institutional investors.

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.