Agree Realty (NYSE:ADC) Price Target Raised to $78.00 at BTIG Research

Agree Realty (NYSE:ADC) had its price objective raised by BTIG Research from $74.00 to $78.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a buy rating on the real estate investment trust’s stock.

Other research analysts also recently issued research reports about the company. Robert W. Baird upped their price objective on Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. StockNews.com upgraded Agree Realty from a “sell” rating to a “hold” rating in a research note on Friday, November 22nd. Wells Fargo & Company cut their price target on Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a research note on Monday, November 4th. UBS Group increased their price target on Agree Realty from $77.00 to $79.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. Finally, Truist Financial increased their price target on Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $76.04.

Agree Realty Trading Up 0.9 %

Shares of Agree Realty stock opened at $77.65 on Wednesday. The company has a market capitalization of $8.04 billion, a P/E ratio of 42.90, a price-to-earnings-growth ratio of 3.10 and a beta of 0.61. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. The stock has a fifty day simple moving average of $75.11 and a 200 day simple moving average of $69.51. Agree Realty has a 12-month low of $54.28 and a 12-month high of $78.39.

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 analysts’ consensus estimates of $1.03 by ($0.61). The business had revenue of $154.33 million during the quarter, compared to the consensus estimate of $152.83 million. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The firm’s revenue for the quarter was up 12.8% compared to the same quarter last year. During the same quarter last year, the company earned $1.00 EPS. On average, sell-side analysts anticipate that Agree Realty will post 4.12 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be issued a dividend of $0.253 per share. The ex-dividend date is Friday, November 29th. This represents a $3.04 dividend on an annualized basis and a yield of 3.91%. Agree Realty’s dividend payout ratio (DPR) is 167.96%.

Institutional Trading of Agree Realty

Institutional investors have recently added to or reduced their stakes in the stock. MCF Advisors LLC purchased a new stake in Agree Realty during the 2nd quarter worth about $26,000. Massmutual Trust Co. FSB ADV raised its holdings in shares of 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 acquiring an additional 442 shares in the last quarter. UMB Bank n.a. raised its holdings in shares of Agree Realty by 44.5% in the 3rd quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock valued at $73,000 after acquiring an additional 299 shares in the last quarter. Arcadia Investment Management Corp MI purchased a new stake in shares of Agree Realty in the 3rd quarter valued at about $75,000. Finally, Wilmington Savings Fund Society FSB purchased a new stake in shares of Agree Realty in the 3rd quarter valued at about $77,000. 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.