Agree Realty (NYSE:ADC) Now Covered by Barclays

Barclays started coverage on shares of Agree Realty (NYSE:ADC) in a research note issued to investors on Tuesday morning, MarketBeat Ratings reports. The firm issued an underweight rating and a $76.00 price target on the real estate investment trust’s stock.

Several other brokerages have also commented on ADC. KeyCorp boosted their target price on shares of Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. Mizuho boosted their price objective on shares of Agree Realty from $75.00 to $80.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. Robert W. Baird increased their target price on shares of Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a report on Tuesday, October 29th. StockNews.com raised Agree Realty from a “sell” rating to a “hold” rating in a research note on Tuesday. Finally, JMP Securities downgraded Agree Realty from an “outperform” rating to a “market perform” rating in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $78.03.

Agree Realty Trading Down 1.0 %

Shares of Agree Realty stock opened at $73.29 on Tuesday. The firm has a market cap of $7.59 billion, a price-to-earnings ratio of 40.49, a price-to-earnings-growth ratio of 3.66 and a beta of 0.62. Agree Realty has a 52-week low of $54.28 and a 52-week high of $78.39. The company’s 50-day simple moving average is $75.25 and its 200-day simple moving average is $71.02. 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 (NYSE:ADC) last issued its earnings results 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). Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The business had revenue of $154.33 million for the quarter, compared to analysts’ expectations of $152.83 million. During the same period last year, the company posted $1.00 earnings per share. The business’s quarterly revenue was up 12.8% on a year-over-year basis. As a group, equities research analysts anticipate that Agree Realty will post 4.12 earnings per share for the current year.

Agree Realty Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a dividend of $0.253 per share. This represents a $3.04 annualized dividend and a dividend yield of 4.14%. The ex-dividend date of this dividend is Tuesday, December 31st. Agree Realty’s payout ratio is 167.40%.

Institutional Trading of Agree Realty

Several hedge funds and other institutional investors have recently bought and sold shares of ADC. MCF Advisors LLC purchased a new stake in shares of Agree Realty in the second quarter valued at $26,000. UMB Bank n.a. increased its stake 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 valued at $73,000 after acquiring an additional 299 shares during the last quarter. Arcadia Investment Management Corp MI purchased a new position in shares of Agree Realty during the 3rd quarter worth about $75,000. Wilmington Savings Fund Society FSB purchased a new stake in Agree Realty in the third quarter valued at approximately $77,000. Finally, Headlands Technologies LLC increased its position 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 purchasing an additional 798 shares during the last quarter. 97.83% of the stock is owned by hedge funds and other 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.