Analysts Set Agree Realty Co. (NYSE:ADC) Target Price at $78.53

Shares of Agree Realty Co. (NYSE:ADC) have been given an average rating of “Moderate Buy” by the sixteen analysts that are covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $78.53.

Several research firms have recently commented on ADC. KeyCorp boosted their price objective on Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, October 4th. JMP Securities lowered shares of Agree Realty from an “outperform” rating to a “market perform” rating in a research note on Tuesday, December 17th. UBS Group upgraded shares of Agree Realty from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $79.00 to $84.00 in a report on Monday, January 6th. StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a research report on Wednesday. Finally, BTIG Research upped their target price on shares of Agree Realty from $74.00 to $78.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ADC. FMR LLC boosted its holdings in shares of Agree Realty by 729.3% in the 3rd quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust’s stock worth $168,648,000 after buying an additional 1,968,811 shares during the last quarter. Pathway Financial Advisers LLC raised its position in Agree Realty by 9,118.1% in the third quarter. Pathway Financial Advisers LLC now owns 1,227,756 shares of the real estate investment trust’s stock worth $92,487,000 after acquiring an additional 1,214,437 shares during the period. JPMorgan Chase & Co. boosted its stake in Agree Realty by 37.3% in the third quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust’s stock valued at $274,693,000 after acquiring an additional 990,362 shares during the last quarter. Daiwa Securities Group Inc. grew its position in shares of Agree Realty by 29.4% during 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 period. Finally, Lighthouse Investment Partners LLC bought a new position in shares of Agree Realty during the 2nd quarter valued at approximately $25,086,000. Institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Down 0.0 %

Shares of NYSE ADC opened at $70.62 on Thursday. Agree Realty has a 12-month low of $54.28 and a 12-month high of $78.39. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52. The firm has a market cap of $7.31 billion, a PE ratio of 39.02, a P/E/G ratio of 3.66 and a beta of 0.64. The company’s fifty day simple moving average is $73.35 and its 200 day simple moving average is $72.35.

Agree Realty (NYSE:ADC) last issued its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS for the quarter, missing the consensus estimate of $1.03 by ($0.61). Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The firm had revenue of $154.33 million during the quarter, compared to analyst estimates of $152.83 million. During the same quarter in the prior year, the business earned $1.00 earnings per share. The business’s quarterly revenue was up 12.8% on a year-over-year basis. As a group, sell-side analysts forecast that Agree Realty will post 4.12 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be issued a dividend of $0.253 per share. The ex-dividend date is Friday, January 31st. This represents a $3.04 dividend on an annualized basis and a yield of 4.30%. Agree Realty’s dividend payout ratio (DPR) is currently 167.40%.

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.