Brokerages Set Agree Realty Co. (NYSE:ADC) Target Price at $73.88

Agree Realty Co. (NYSE:ADC) has been given an average rating of “Moderate Buy” by the thirteen research firms that are covering the firm, MarketBeat.com reports. Three investment analysts have rated the stock with a hold recommendation, nine have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among analysts that have covered the stock in the last year is $74.27.

Several equities research analysts have commented on the stock. KeyCorp boosted their price target on shares of Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. Wells Fargo & Company reissued an “overweight” rating and set a $80.00 price target (up from $77.00) on shares of Agree Realty in a research report on Tuesday, October 1st. Royal Bank of Canada boosted their price target on Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Truist Financial raised their target price on shares of Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, BTIG Research boosted their target price on shares of Agree Realty from $65.00 to $74.00 and gave the stock a “buy” rating in a report on Monday, August 12th.

Agree Realty Stock Down 0.4 %

ADC stock opened at $73.93 on Friday. The business has a 50-day moving average of $74.69 and a 200-day moving average of $67.08. Agree Realty has a fifty-two week low of $54.28 and a fifty-two week high of $77.47. The stock has a market capitalization of $7.65 billion, a P/E ratio of 41.02, a P/E/G ratio of 2.51 and a beta of 0.61. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66.

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 the consensus estimate of $1.03 by ($0.61). The business had revenue of $154.33 million for the quarter, compared to the consensus estimate of $152.83 million. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. Agree Realty’s revenue was up 12.8% compared to the same quarter last year. During the same period in the prior year, the business earned $1.00 earnings per share. On average, sell-side analysts anticipate that Agree Realty will post 4.12 earnings per share for the current fiscal year.

Agree Realty Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be paid a dividend of $0.253 per share. 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 4.11%. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s dividend payout ratio (DPR) is 165.75%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Atria Investments Inc boosted its position in shares of Agree Realty by 9.7% in the third quarter. Atria Investments Inc now owns 12,928 shares of the real estate investment trust’s stock valued at $974,000 after acquiring an additional 1,142 shares during the period. Carmel Capital Partners LLC boosted its holdings in Agree Realty by 4.0% in the 3rd quarter. Carmel Capital Partners LLC now owns 6,727 shares of the real estate investment trust’s stock valued at $507,000 after purchasing an additional 257 shares during the period. Leeward Investments LLC MA boosted its holdings in Agree Realty by 2.4% in the 3rd quarter. Leeward Investments LLC MA now owns 501,171 shares of the real estate investment trust’s stock valued at $37,747,000 after purchasing an additional 11,894 shares during the period. Concurrent Investment Advisors LLC acquired a new position in shares of Agree Realty during the 3rd quarter worth approximately $508,000. Finally, Harvest Portfolios Group Inc. raised its position in shares of Agree Realty by 115.2% in the third quarter. Harvest Portfolios Group Inc. now owns 23,759 shares of the real estate investment trust’s stock valued at $1,790,000 after buying an additional 12,717 shares in the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.

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.