Agree Realty (NYSE:ADC) Receives Outperform Rating from Royal Bank of Canada

Royal Bank of Canada reissued their outperform rating on shares of Agree Realty (NYSE:ADC) in a research report sent to investors on Tuesday morning,Benzinga reports. Royal Bank of Canada currently has a $79.00 price objective on the real estate investment trust’s stock.

A number of other equities analysts have also recently issued reports on ADC. Robert W. Baird increased their price objective on shares of Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Evercore ISI assumed coverage on shares of Agree Realty in a research report on Thursday, December 12th. They set an “outperform” rating and a $82.00 price target for the company. BTIG Research raised their price target on shares of Agree Realty from $74.00 to $78.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Citizens Jmp downgraded Agree Realty from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Finally, Barclays assumed coverage on Agree Realty in a research report on Tuesday, December 17th. They set an “underweight” rating and a $76.00 price objective on the stock. One research analyst has rated the stock with a sell rating, four have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $79.07.

Agree Realty Stock Down 2.0 %

ADC stock opened at $72.94 on Tuesday. The business has a 50 day moving average of $72.71 and a 200 day moving average of $73.07. The firm has a market cap of $7.55 billion, a PE ratio of 40.30, a price-to-earnings-growth ratio of 2.52 and a beta of 0.64. Agree Realty has a twelve month low of $54.28 and a twelve month high of $78.39. 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 Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be paid a $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 4.16%. The ex-dividend date of this dividend is Friday, January 31st. Agree Realty’s dividend payout ratio (DPR) is presently 167.96%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Versant Capital Management Inc lifted 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 purchasing an additional 293 shares during the period. Financial Life Planners purchased a new stake in Agree Realty during the fourth quarter worth $44,000. MassMutual Private Wealth & Trust FSB lifted its holdings in Agree Realty by 34.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 898 shares of the real estate investment trust’s stock worth $63,000 after buying an additional 230 shares during the period. UMB Bank n.a. boosted its position in 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 valued at $73,000 after acquiring an additional 299 shares in the last quarter. Finally, Arcadia Investment Management Corp MI purchased a new position in shares of Agree Realty in the 3rd quarter valued at $75,000. 97.83% of the stock is currently owned by institutional investors.

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.