Agree Realty (NYSE:ADC) Price Target Raised to $79.00

Agree Realty (NYSE:ADC) had its target price upped by UBS Group from $77.00 to $79.00 in a research note released on Thursday,Benzinga reports. UBS Group currently has a neutral rating on the real estate investment trust’s stock.

Other equities analysts have also issued research reports about the company. Robert W. Baird raised their price target on Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. BTIG Research boosted their target price on Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a report on Monday, August 12th. Wells Fargo & Company decreased their price target on Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a report on Monday, November 4th. Stifel Nicolaus boosted their price objective on shares of Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Finally, 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. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $75.73.

Agree Realty Price Performance

Shares of NYSE ADC opened at $75.97 on Thursday. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. The stock has a market cap of $7.86 billion, a P/E ratio of 41.97, a P/E/G ratio of 3.11 and a beta of 0.61. The stock has a 50 day moving average of $75.03 and a two-hundred day moving average of $68.55. Agree Realty has a twelve month low of $54.28 and a twelve month high of $77.47.

Agree Realty (NYSE:ADC) last issued its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share 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 business had revenue of $154.33 million for the quarter, compared to analyst estimates of $152.83 million. During the same quarter in the prior year, the company earned $1.00 EPS. The firm’s revenue for the quarter was up 12.8% on a year-over-year basis. On average, research analysts forecast that Agree Realty will post 4.12 earnings per share for the current year.

Agree Realty Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be paid a $0.253 dividend. This represents a $3.04 annualized dividend and a yield of 4.00%. The ex-dividend date of this dividend is Friday, November 29th. Agree Realty’s payout ratio is currently 167.40%.

Institutional Trading of Agree Realty

Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Agree Realty by 1.8% in the first quarter. Vanguard Group Inc. now owns 14,480,463 shares of the real estate investment trust’s stock valued at $827,124,000 after buying an additional 258,217 shares in the last quarter. Long Pond Capital LP grew its stake in Agree Realty by 489.8% in the 1st quarter. Long Pond Capital LP now owns 2,868,640 shares of the real estate investment trust’s stock valued at $163,857,000 after acquiring an additional 2,382,252 shares during the last quarter. Daiwa Securities Group Inc. grew its stake in Agree Realty by 29.4% in the 3rd quarter. Daiwa Securities Group Inc. now owns 2,350,056 shares of the real estate investment trust’s stock valued at $177,030,000 after acquiring an additional 534,545 shares during the last quarter. FMR LLC increased its holdings in Agree Realty by 729.3% during the 3rd quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust’s stock valued at $168,648,000 after acquiring an additional 1,968,811 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in Agree Realty by 1.5% during the third quarter. Geode Capital Management LLC now owns 2,074,760 shares of the real estate investment trust’s stock worth $156,327,000 after acquiring an additional 30,377 shares during the last quarter. 97.83% of the stock is currently owned by hedge funds and other 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.