Agree Realty (NYSE:ADC) Now Covered by Analysts at Evercore ISI

Evercore ISI initiated coverage on shares of Agree Realty (NYSE:ADC) in a research note published on Thursday morning, MarketBeat Ratings reports. The brokerage issued an outperform rating and a $82.00 target price on the real estate investment trust’s stock.

A number of other analysts also recently weighed in on ADC. Wells Fargo & Company cut their price target on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a report on Monday, November 4th. Robert W. Baird raised their target price on Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Raymond James upped their price objective 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. UBS Group lifted their target price on Agree Realty from $77.00 to $79.00 and gave the company a “neutral” rating in a research report on Thursday, November 14th. Finally, Truist Financial increased their target price on shares of Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $77.23.

Agree Realty Trading Down 1.0 %

Shares of ADC stock opened at $73.61 on Thursday. The stock has a market cap of $7.62 billion, a P/E ratio of 40.67, a price-to-earnings-growth ratio of 3.68 and a beta of 0.62. Agree Realty has a 1 year low of $54.28 and a 1 year high of $78.39. 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 50 day simple moving average of $75.22 and a 200 day simple moving average of $70.65.

Agree Realty (NYSE:ADC) last released its 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). The company had revenue of $154.33 million for the quarter, compared to the consensus estimate of $152.83 million. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The business’s revenue was up 12.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.00 earnings per share. On average, research analysts predict that Agree Realty will post 4.12 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be issued a $0.253 dividend. This represents a $3.04 annualized dividend and a yield of 4.12%. The ex-dividend date of this dividend is Friday, November 29th. Agree Realty’s payout ratio is presently 167.40%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. MCF Advisors LLC acquired a new position in shares of Agree Realty in the 2nd quarter valued at about $26,000. Headlands Technologies LLC lifted its stake in Agree Realty by 232.0% in the second quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock valued at $71,000 after buying an additional 798 shares during the period. UMB Bank n.a. boosted its holdings in shares of Agree Realty by 44.5% during the 3rd quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock worth $73,000 after buying an additional 299 shares in the last quarter. Arcadia Investment Management Corp MI acquired a new stake in shares of Agree Realty during the 3rd quarter worth approximately $75,000. Finally, Wilmington Savings Fund Society FSB bought a new stake in shares of Agree Realty in the 3rd quarter valued at $77,000. Institutional investors and hedge funds own 97.83% of the company’s stock.

About Agree Realty

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.