Agree Realty (NYSE:ADC) Coverage Initiated at KeyCorp

KeyCorp started coverage on shares of Agree Realty (NYSE:ADC) in a research note published on Wednesday morning, Marketbeat Ratings reports. The brokerage issued an overweight rating and a $68.00 price objective on the real estate investment trust’s stock. KeyCorp also issued estimates for Agree Realty’s Q2 2024 earnings at $1.03 EPS, Q3 2024 earnings at $1.03 EPS, Q4 2024 earnings at $1.04 EPS, FY2024 earnings at $4.12 EPS, Q1 2025 earnings at $1.05 EPS, Q2 2025 earnings at $1.07 EPS, Q3 2025 earnings at $1.08 EPS, Q4 2025 earnings at $1.09 EPS and FY2025 earnings at $4.28 EPS.

A number of other equities analysts have also recently commented on ADC. StockNews.com raised shares of Agree Realty from a sell rating to a hold rating in a research note on Tuesday, June 11th. UBS Group began coverage on Agree Realty in a report on Friday, May 31st. They issued a neutral rating and a $60.00 target price for the company. Mizuho lifted their price objective on shares of Agree Realty from $60.00 to $62.00 and gave the stock a neutral rating in a research note on Friday, May 10th. Truist Financial lowered their target price on shares of Agree Realty from $70.00 to $68.00 and set a buy rating for the company in a report on Tuesday, February 27th. Finally, Royal Bank of Canada cut their price target on shares of Agree Realty from $67.00 to $63.00 and set an outperform rating on the stock in a report on Thursday, February 15th. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Agree Realty currently has a consensus rating of Moderate Buy and an average price target of $65.50.

Agree Realty Price Performance

Shares of Agree Realty stock opened at $61.27 on Wednesday. The firm has a market cap of $6.17 billion, a PE ratio of 36.04, a PEG ratio of 2.40 and a beta of 0.56. The stock has a 50 day moving average of $58.93 and a 200 day moving average of $59.10. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.50. Agree Realty has a 12 month low of $52.69 and a 12 month high of $69.26.

Agree Realty Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be given a dividend of $0.25 per share. This represents a $3.00 annualized dividend and a yield of 4.90%. The ex-dividend date is Friday, June 28th. Agree Realty’s dividend payout ratio is currently 176.47%.

Insider Activity

In related news, Director Greg Lehmkuhl purchased 1,000 shares of the firm’s stock in a transaction on Thursday, May 23rd. The stock was bought at an average cost of $58.99 per share, with a total value of $58,990.00. Following the completion of the acquisition, the director now owns 23,036 shares of the company’s stock, valued at approximately $1,358,893.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in ADC. Vanguard Group Inc. raised its position in shares of 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 worth $827,124,000 after purchasing an additional 258,217 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Agree Realty by 12.1% in the fourth quarter. Principal Financial Group Inc. now owns 6,660,665 shares of the real estate investment trust’s stock worth $419,289,000 after acquiring an additional 719,430 shares during the last quarter. Long Pond Capital LP increased 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 worth $163,857,000 after purchasing an additional 2,382,252 shares in the last quarter. Invesco Ltd. raised its stake in Agree Realty by 11.1% in the 3rd quarter. Invesco Ltd. now owns 2,158,567 shares of the real estate investment trust’s stock valued at $119,239,000 after purchasing an additional 216,494 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Agree Realty by 7.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,481,375 shares of the real estate investment trust’s stock worth $93,253,000 after purchasing an additional 105,461 shares during the last quarter. Hedge funds and other institutional investors 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.