Stifel Nicolaus Raises Agree Realty (NYSE:ADC) Price Target to $71.50

Agree Realty (NYSE:ADC) had its price objective lifted by Stifel Nicolaus from $67.50 to $71.50 in a report published on Wednesday, Benzinga reports. Stifel Nicolaus currently has a buy rating on the real estate investment trust’s stock.

A number of other research analysts have also weighed in on ADC. UBS Group raised their price target on shares of Agree Realty from $60.00 to $67.00 and gave the company a neutral rating in a research report on Thursday, July 18th. Mizuho boosted their target price on Agree Realty from $60.00 to $62.00 and gave the stock a neutral rating in a research note on Friday, May 10th. KeyCorp began coverage on Agree Realty in a report on Wednesday, June 12th. They issued an overweight rating and a $68.00 target price for the company. Finally, StockNews.com upgraded Agree Realty from a sell rating to a hold rating in a report on Tuesday, June 11th. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Agree Realty presently has a consensus rating of Moderate Buy and an average price target of $66.95.

Agree Realty Stock Performance

Shares of ADC opened at $68.73 on Wednesday. The firm has a market capitalization of $6.92 billion, a P/E ratio of 40.43, a P/E/G ratio of 2.70 and a beta of 0.58. Agree Realty has a 52 week low of $52.69 and a 52 week high of $69.26. The stock has a 50 day moving average price of $62.29 and a two-hundred day moving average price of $59.51. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.71 and a current ratio of 0.79.

Agree Realty (NYSE:ADC) last announced its quarterly 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). Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The company had revenue of $152.58 million for the quarter, compared to the consensus estimate of $150.35 million. During the same quarter last year, the company posted $0.98 EPS. The company’s quarterly revenue was up 17.5% compared to the same quarter last year. Equities analysts forecast that Agree Realty will post 4.12 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

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 paid a $0.25 dividend. The ex-dividend date is Wednesday, July 31st. This represents a $3.00 annualized dividend and a dividend yield of 4.36%. Agree Realty’s payout ratio is presently 176.47%.

Insider Activity

In other Agree Realty news, Director Greg Lehmkuhl bought 1,000 shares of Agree Realty stock in a transaction dated Thursday, May 23rd. The stock was purchased at an average price of $58.99 per share, for a total transaction of $58,990.00. Following the completion of the purchase, the director now directly owns 23,036 shares of the company’s stock, valued at $1,358,893.64. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Agree Realty

Institutional investors have recently made changes to their positions in the stock. HBC Financial Services PLLC purchased a new stake in shares of Agree Realty in the fourth quarter worth about $31,000. Lindbrook Capital LLC boosted its holdings in Agree Realty by 267.1% in the 4th quarter. Lindbrook Capital LLC now owns 591 shares of the real estate investment trust’s stock valued at $37,000 after purchasing an additional 430 shares during the period. Massmutual Trust Co. FSB ADV boosted its holdings in Agree Realty by 248.3% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock valued at $38,000 after purchasing an additional 442 shares during the period. UMB Bank n.a. grew its position in shares of Agree Realty by 247.3% during the 1st quarter. UMB Bank n.a. now owns 719 shares of the real estate investment trust’s stock valued at $41,000 after purchasing an additional 512 shares in the last quarter. Finally, GAMMA Investing LLC bought a new position in shares of Agree Realty in the fourth quarter worth $44,000. 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.