Agree Realty (NYSE:ADC) Price Target Raised to $70.00 at Royal Bank of Canada

Agree Realty (NYSE:ADC) had its price objective upped by Royal Bank of Canada from $63.00 to $70.00 in a research note issued to investors on Thursday morning, Benzinga reports. The firm currently has an outperform rating on the real estate investment trust’s stock.

ADC has been the subject of several other research reports. StockNews.com upgraded Agree Realty from a sell rating to a hold rating in a research report on Tuesday, June 11th. Mizuho upped their target price on Agree Realty from $60.00 to $62.00 and gave the company a neutral rating in a report on Friday, May 10th. KeyCorp assumed coverage on Agree Realty in a report on Wednesday, June 12th. They set an overweight rating and a $68.00 target price for the company. UBS Group upped their price target on Agree Realty from $60.00 to $67.00 and gave the stock a neutral rating in a research note on Thursday, July 18th. Finally, Stifel Nicolaus upped their price target on Agree Realty from $67.50 to $71.50 and gave the stock a buy rating in a research note on Wednesday. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus price target of $66.95.

Agree Realty Price Performance

Shares of NYSE:ADC opened at $67.90 on Thursday. The company’s fifty day moving average price is $62.13 and its 200-day moving average price is $59.47. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.79 and a quick ratio of 0.71. The firm has a market capitalization of $6.83 billion, a price-to-earnings ratio of 39.95, a PEG ratio of 2.70 and a beta of 0.58. Agree Realty has a one year low of $52.69 and a one year high of $69.26.

Agree Realty (NYSE:ADC) last issued its earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.51). The firm had revenue of $152.58 million during the quarter, compared to analysts’ expectations of $150.35 million. Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The firm’s quarterly revenue was up 17.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.98 EPS. On average, equities research analysts anticipate that Agree Realty will post 4.12 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Wednesday, August 14th. Shareholders of record on Wednesday, July 31st will be given a dividend of $0.25 per share. This represents a $3.00 dividend on an annualized basis and a yield of 4.42%. The ex-dividend date is Wednesday, July 31st. Agree Realty’s dividend payout ratio (DPR) is presently 176.47%.

Insider Transactions at Agree Realty

In other Agree Realty news, Director Greg Lehmkuhl bought 1,000 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The shares were purchased at an average cost of $58.99 per share, for a total transaction of $58,990.00. Following the purchase, the director now directly owns 23,036 shares in the company, valued at $1,358,893.64. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.80% of the company’s stock.

Institutional Trading of Agree Realty

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in Agree Realty by 1.8% in 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 period. Principal Financial Group Inc. raised its holdings in Agree Realty by 12.1% in the 4th quarter. Principal Financial Group Inc. now owns 6,660,665 shares of the real estate investment trust’s stock worth $419,289,000 after purchasing an additional 719,430 shares during the period. Long Pond Capital LP raised its holdings in Agree Realty by 489.8% in the 1st 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 during the period. Charles Schwab Investment Management Inc. raised its holdings in Agree Realty by 7.7% in 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 period. Finally, Dimensional Fund Advisors LP raised its holdings in Agree Realty by 4.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,409,253 shares of the real estate investment trust’s stock worth $88,714,000 after purchasing an additional 61,020 shares during the period. 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.