Agree Realty (NYSE:ADC) Price Target Raised to $80.00

Agree Realty (NYSE:ADC) had its price objective lifted by Mizuho from $75.00 to $80.00 in a research note issued to investors on Thursday,Benzinga reports. They currently have a neutral rating on the real estate investment trust’s stock.

Several other research analysts also recently commented on ADC. Raymond James lifted their price target on shares of Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, August 21st. Royal Bank of Canada boosted their price target on shares of Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. Robert W. Baird raised their price objective on Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Wells Fargo & Company lowered their target price on Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a research note on Monday, November 4th. Finally, UBS Group raised their price target on Agree Realty from $72.00 to $77.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $75.73.

Agree Realty Stock Performance

Agree Realty stock opened at $75.97 on Thursday. Agree Realty has a fifty-two week low of $54.28 and a fifty-two week high of $77.47. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66. The stock has a market cap of $7.86 billion, a P/E ratio of 41.97, a price-to-earnings-growth ratio of 3.11 and a beta of 0.61. The firm’s fifty day moving average price is $75.03 and its 200-day moving average price is $68.55.

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 (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.61). The firm 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%. The company’s revenue for the quarter was up 12.8% on a year-over-year basis. During the same period last year, the firm earned $1.00 EPS. On average, equities research analysts expect 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. Stockholders of record on Friday, November 29th will be given a $0.253 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $3.04 annualized dividend and a dividend yield of 4.00%. Agree Realty’s dividend payout ratio is 167.40%.

Hedge Funds Weigh In On Agree Realty

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in Agree Realty by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 14,480,463 shares of the real estate investment trust’s stock valued at $827,124,000 after acquiring an additional 258,217 shares in the last quarter. Long Pond Capital LP boosted its position in shares of Agree Realty by 489.8% during the first 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 purchasing an additional 2,382,252 shares in the last quarter. Daiwa Securities Group Inc. grew its stake in Agree Realty by 29.4% in the third quarter. Daiwa Securities Group Inc. now owns 2,350,056 shares of the real estate investment trust’s stock worth $177,030,000 after purchasing an additional 534,545 shares during the period. FMR LLC raised its holdings in Agree Realty by 729.3% in the third quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust’s stock worth $168,648,000 after purchasing an additional 1,968,811 shares in the last quarter. Finally, Geode Capital Management LLC lifted 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 valued at $156,327,000 after buying an additional 30,377 shares during the period. Hedge funds and other institutional investors own 97.83% of the company’s stock.

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.