Truist Financial Increases Agree Realty (NYSE:ADC) Price Target to $80.00

Agree Realty (NYSE:ADC) had its target price raised by Truist Financial from $77.00 to $80.00 in a report released on Wednesday, Benzinga reports. They currently have a buy rating on the real estate investment trust’s stock.

A number of other brokerages also recently weighed in on ADC. Wells Fargo & Company reaffirmed an “overweight” rating and set a $80.00 price objective (up previously from $77.00) on shares of Agree Realty in a research report on Tuesday, October 1st. Stifel Nicolaus upped their target price on Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a report on Wednesday, July 24th. UBS Group raised their price target on Agree Realty from $72.00 to $77.00 and gave the stock a “neutral” rating in a report on Wednesday, October 16th. Robert W. Baird boosted their price objective on Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a research report on Tuesday. Finally, Royal Bank of Canada increased their target price on Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a research report on Thursday, October 24th. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Agree Realty has a consensus rating of “Moderate Buy” and an average target price of $74.27.

Agree Realty Trading Down 0.4 %

NYSE:ADC opened at $73.93 on Wednesday. The company has a market cap of $7.65 billion, a PE ratio of 41.02, a P/E/G ratio of 2.51 and a beta of 0.61. The business’s 50 day moving average is $74.69 and its two-hundred day moving average is $67.08. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52. Agree Realty has a 52 week low of $54.28 and a 52 week high of $77.47.

Agree Realty (NYSE:ADC) last announced its quarterly earnings data 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). Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The firm had revenue of $154.33 million for the quarter, compared to the consensus estimate of $152.83 million. During the same quarter last year, the business earned $1.00 earnings per share. The business’s revenue for the quarter was up 12.8% compared to the same quarter last year. On average, analysts predict that Agree Realty will post 4.12 EPS for the current year.

Agree Realty Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be paid a dividend of $0.253 per share. This is a boost from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date is Thursday, October 31st. This represents a $3.04 annualized dividend and a yield of 4.11%. Agree Realty’s dividend payout ratio (DPR) is presently 165.75%.

Institutional Trading of Agree Realty

A number of institutional investors have recently made changes to their positions in the stock. Atria Investments Inc boosted its stake in Agree Realty by 9.7% during the 3rd quarter. Atria Investments Inc now owns 12,928 shares of the real estate investment trust’s stock valued at $974,000 after purchasing an additional 1,142 shares in the last quarter. Carmel Capital Partners LLC boosted its stake in Agree Realty by 4.0% during the third quarter. Carmel Capital Partners LLC now owns 6,727 shares of the real estate investment trust’s stock valued at $507,000 after buying an additional 257 shares in the last quarter. Leeward Investments LLC MA grew its holdings in Agree Realty by 2.4% during the third quarter. Leeward Investments LLC MA now owns 501,171 shares of the real estate investment trust’s stock worth $37,747,000 after acquiring an additional 11,894 shares during the period. Concurrent Investment Advisors LLC bought a new stake in Agree Realty in the third quarter worth about $508,000. Finally, Harvest Portfolios Group Inc. lifted its holdings in Agree Realty by 115.2% in the 3rd quarter. Harvest Portfolios Group Inc. now owns 23,759 shares of the real estate investment trust’s stock valued at $1,790,000 after acquiring an additional 12,717 shares during the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.

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.