Analysts Set Agree Realty Co. (NYSE:ADC) Target Price at $78.18

Shares of Agree Realty Co. (NYSE:ADC) have received an average recommendation of “Moderate Buy” from the sixteen brokerages that are currently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, four have given a hold recommendation, ten have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among brokerages that have covered the stock in the last year is $78.03.

A number of equities analysts have recently weighed in on the stock. Wells Fargo & Company lowered their price target on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. Citizens Jmp cut shares of Agree Realty from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 17th. Royal Bank of Canada lifted their price target on shares of Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. StockNews.com upgraded Agree Realty from a “sell” rating to a “hold” rating in a report on Tuesday, December 17th. Finally, UBS Group lifted their price objective on Agree Realty from $77.00 to $79.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th.

Agree Realty Price Performance

Shares of NYSE:ADC opened at $70.17 on Friday. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52. The company has a 50-day moving average price of $75.03 and a 200 day moving average price of $71.22. Agree Realty has a 52 week low of $54.28 and a 52 week high of $78.39. The company has a market cap of $7.26 billion, a P/E ratio of 38.77, a PEG ratio of 3.66 and a beta of 0.62.

Agree Realty (NYSE:ADC) last posted its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS for the quarter, missing the consensus estimate of $1.03 by ($0.61). Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The business 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 business earned $1.00 earnings per share. The firm’s quarterly revenue was up 12.8% compared to the same quarter last year. Research analysts predict that Agree Realty will post 4.12 earnings per share for the current year.

Agree Realty Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a dividend of $0.253 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.33%. The ex-dividend date of this dividend is Tuesday, December 31st. Agree Realty’s dividend payout ratio is presently 167.40%.

Hedge Funds Weigh In On Agree Realty

Several institutional investors have recently added to or reduced their stakes in ADC. MCF Advisors LLC purchased a new stake in Agree Realty in the 2nd quarter valued at about $26,000. Headlands Technologies LLC grew its holdings in Agree Realty by 232.0% in the second quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock valued at $71,000 after purchasing an additional 798 shares during the period. UMB Bank n.a. grew its holdings in Agree Realty by 44.5% in the third quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock valued at $73,000 after purchasing an additional 299 shares during the period. Arcadia Investment Management Corp MI acquired a new position in Agree Realty during the third quarter worth approximately $75,000. Finally, Wilmington Savings Fund Society FSB purchased a new position in Agree Realty during the third quarter worth approximately $77,000. 97.83% of the stock is currently 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.