Agree Realty (NYSE:ADC) Given New $74.00 Price Target at Mizuho

Agree Realty (NYSE:ADC) had its price target reduced by Mizuho from $80.00 to $74.00 in a research note published on Wednesday,Benzinga reports. They currently have a neutral rating on the real estate investment trust’s stock.

A number of other equities analysts have also weighed in on the stock. Citizens Jmp lowered shares of Agree Realty from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Truist Financial boosted 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. Evercore ISI initiated coverage on Agree Realty in a research report on Thursday, December 12th. They issued an “outperform” rating and a $82.00 price objective for the company. Robert W. Baird lifted their price target on Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. Finally, Stifel Nicolaus cut their price objective on shares of Agree Realty from $81.50 to $81.00 and set a “buy” rating on the stock in a report on Tuesday. Two research analysts have rated the stock with a sell rating, three have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $78.53.

Agree Realty Stock Performance

Shares of ADC stock opened at $69.65 on Wednesday. The stock’s 50-day moving average price is $73.87 and its 200 day moving average price is $72.08. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $7.21 billion, a PE ratio of 38.48, a price-to-earnings-growth ratio of 3.66 and a beta of 0.64. Agree Realty has a 52-week low of $54.28 and a 52-week 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 the consensus estimate of $1.03 by ($0.61). The firm had revenue of $154.33 million during the quarter, compared to analyst estimates of $152.83 million. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The business’s quarterly revenue was up 12.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.00 earnings per share. As a group, equities research analysts forecast that Agree Realty will post 4.12 EPS for the current year.

Agree Realty Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a $0.253 dividend. This represents a $3.04 annualized dividend and a dividend yield of 4.36%. The ex-dividend date is Tuesday, December 31st. Agree Realty’s dividend payout ratio (DPR) is 167.40%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Versant Capital Management Inc grew its position in shares of Agree Realty by 230.7% in the 4th quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust’s stock worth $30,000 after acquiring an additional 293 shares in the last quarter. Headlands Technologies LLC raised its stake in Agree Realty by 232.0% during the second quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock worth $71,000 after acquiring an additional 798 shares during the period. UMB Bank n.a. raised its position in shares of Agree Realty by 44.5% during the 3rd quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock worth $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 3rd quarter valued at approximately $75,000. Finally, Wilmington Savings Fund Society FSB acquired a new stake in Agree Realty in the third quarter worth $77,000. 97.83% of the stock is currently owned by institutional investors.

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.