UBS Group Raises Agree Realty (NYSE:ADC) Price Target to $79.00

Agree Realty (NYSE:ADC) had its price objective upped by UBS Group from $77.00 to $79.00 in a report released on Thursday morning,Benzinga reports. UBS Group currently has a neutral rating on the real estate investment trust’s stock.

Several other equities research analysts have also recently issued reports on the company. Mizuho raised their price objective on Agree Realty from $75.00 to $80.00 and gave the stock a “neutral” rating in a report on Thursday. Truist Financial lifted their price target on Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. KeyCorp increased their price objective on shares of Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, October 4th. Wells Fargo & Company lowered their target price on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a report on Monday, November 4th. Finally, Royal Bank of Canada increased their price target on shares of Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a research note on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $75.73.

Agree Realty Price Performance

NYSE:ADC opened at $75.97 on Thursday. Agree Realty has a 12-month low of $54.28 and a 12-month high of $77.47. The firm has a market cap of $7.86 billion, a price-to-earnings ratio of 41.97, a price-to-earnings-growth ratio of 3.11 and a beta of 0.61. The company’s 50-day moving average is $75.03 and its two-hundred day moving average is $68.55. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The firm had revenue of $154.33 million during the quarter, compared to analyst estimates of $152.83 million. During the same period in the prior year, the firm earned $1.00 EPS. The business’s quarterly revenue was up 12.8% on a year-over-year basis. Research analysts expect that Agree Realty will post 4.12 EPS for the current year.

Agree Realty Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be paid a $0.253 dividend. The ex-dividend date is Friday, November 29th. This represents a $3.04 annualized dividend and a dividend yield of 4.00%. Agree Realty’s dividend payout ratio (DPR) is presently 167.40%.

Institutional Investors Weigh In On Agree Realty

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC increased its position in shares of Agree Realty by 126.8% during the first quarter. Janney Montgomery Scott LLC now owns 9,100 shares of the real estate investment trust’s stock worth $520,000 after acquiring an additional 5,087 shares during the last quarter. Envestnet Portfolio Solutions Inc. boosted its stake in shares of Agree Realty by 32.2% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 9,547 shares of the real estate investment trust’s stock valued at $545,000 after buying an additional 2,324 shares during the last quarter. Swiss National Bank grew its position in shares of Agree Realty by 4.6% during the first quarter. Swiss National Bank now owns 198,382 shares of the real estate investment trust’s stock worth $11,332,000 after buying an additional 8,700 shares in the last quarter. US Bancorp DE increased its stake in shares of Agree Realty by 4.8% in the first quarter. US Bancorp DE now owns 16,265 shares of the real estate investment trust’s stock worth $929,000 after buying an additional 749 shares during the last quarter. Finally, Koshinski Asset Management Inc. acquired a new stake in Agree Realty in the first quarter valued at $385,000. Hedge funds and other 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.