Analysts Set Agree Realty Co. (NYSE:ADC) Target Price at $67.77

Shares of Agree Realty Co. (NYSE:ADC) have earned an average recommendation of “Moderate Buy” from the twelve ratings firms that are covering the stock, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $68.29.

ADC has been the subject of a number of recent research reports. Truist Financial boosted their price target on shares of Agree Realty from $68.00 to $77.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Mizuho increased their price target on Agree Realty from $60.00 to $62.00 and gave the company a “neutral” rating in a research note on Friday, May 10th. Stifel Nicolaus raised their price target on Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. UBS Group upped their price objective on Agree Realty from $60.00 to $67.00 and gave the company a “neutral” rating in a report on Thursday, July 18th. Finally, Royal Bank of Canada raised their target price on Agree Realty from $63.00 to $70.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th.

Agree Realty Price Performance

Shares of ADC stock opened at $71.38 on Monday. The firm has a market capitalization of $7.18 billion, a price-to-earnings ratio of 41.99, a PEG ratio of 2.80 and a beta of 0.58. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.54. The firm’s 50 day moving average is $65.54 and its 200-day moving average is $60.54. Agree Realty has a 1 year low of $52.69 and a 1 year high of $73.20.

Agree Realty (NYSE:ADC) last issued 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). The firm had revenue of $152.58 million for the quarter, compared to analyst estimates of $150.35 million. Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The company’s revenue was up 17.5% compared to the same quarter last year. During the same period last year, the company earned $0.98 EPS. Sell-side analysts forecast that Agree Realty will post 4.11 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Monday, September 16th. Shareholders of record on Friday, August 30th will be paid a $0.25 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 4.20%. The ex-dividend date of this dividend is Friday, August 30th. Agree Realty’s payout ratio is currently 176.47%.

Insider Transactions at Agree Realty

In related news, Director Greg Lehmkuhl acquired 1,000 shares of the business’s stock in a transaction that occurred on Thursday, May 23rd. The shares were acquired at an average cost of $58.99 per share, with a total value of $58,990.00. Following the transaction, the director now owns 23,036 shares of the company’s stock, valued at approximately $1,358,893.64. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Agree Realty

Institutional investors have recently bought and sold shares of the company. MCF Advisors LLC acquired a new stake in shares of Agree Realty in the second quarter valued at approximately $26,000. Lindbrook Capital LLC grew its position in Agree Realty by 267.1% in the fourth 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 in the last quarter. Massmutual Trust Co. FSB ADV increased its stake 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 buying an additional 442 shares during the last quarter. UMB Bank n.a. lifted its position in 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 worth $41,000 after buying an additional 512 shares in the last quarter. Finally, GAMMA Investing LLC bought a new position in shares of Agree Realty in the 4th quarter valued at about $44,000. 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.