Agree Realty (NYSE:ADC) Price Target Lowered to $79.00 at Royal Bank of Canada

Agree Realty (NYSE:ADC) had its price target trimmed by Royal Bank of Canada from $80.00 to $79.00 in a research note issued to investors on Tuesday,Benzinga reports. They currently have an outperform rating on the real estate investment trust’s stock.

Several other research analysts also recently commented on ADC. Truist Financial lifted their price objective on Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Mizuho lifted their price target on Agree Realty from $75.00 to $80.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. Deutsche Bank Aktiengesellschaft assumed coverage on Agree Realty in a research note on Wednesday, December 11th. They set a “buy” rating and a $88.00 price objective for the company. StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a research note on Tuesday, December 17th. Finally, JMP Securities cut shares of Agree Realty from an “outperform” rating to a “market perform” rating in a research report on Tuesday, December 17th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $78.93.

Agree Realty Price Performance

ADC opened at $69.98 on Tuesday. 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 market capitalization of $7.24 billion, a P/E ratio of 38.66, a PEG ratio of 3.66 and a beta of 0.64. The stock has a 50-day moving average price of $73.87 and a 200-day moving average price of $72.08. Agree Realty has a 12-month low of $54.28 and a 12-month high of $78.39.

Agree Realty (NYSE:ADC) last issued its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). The business had revenue of $154.33 million for 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 was up 12.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.00 earnings per share. Equities analysts predict that Agree Realty will post 4.12 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a $0.253 dividend. This represents a $3.04 annualized dividend and a dividend yield of 4.34%. The ex-dividend date is Tuesday, December 31st. Agree Realty’s dividend payout ratio is currently 167.40%.

Institutional Investors Weigh In On Agree Realty

Several hedge funds have recently made changes to their positions in the company. Dana Investment Advisors Inc. lifted its position in Agree Realty by 0.6% during the second quarter. Dana Investment Advisors Inc. now owns 29,274 shares of the real estate investment trust’s stock valued at $1,813,000 after buying an additional 170 shares during the period. Commonwealth Equity Services LLC increased its stake in shares of Agree Realty by 3.2% in the 2nd quarter. Commonwealth Equity Services LLC now owns 6,895 shares of the real estate investment trust’s stock worth $427,000 after acquiring an additional 216 shares in the last quarter. State of Alaska Department of Revenue lifted its position in Agree Realty by 0.4% during the 3rd quarter. State of Alaska Department of Revenue now owns 58,934 shares of the real estate investment trust’s stock valued at $4,438,000 after acquiring an additional 224 shares during the period. US Bancorp DE boosted its stake in Agree Realty by 1.5% during the third quarter. US Bancorp DE now owns 17,130 shares of the real estate investment trust’s stock worth $1,290,000 after acquiring an additional 252 shares in the last quarter. Finally, Carmel Capital Partners LLC boosted its stake in Agree Realty by 4.0% during the third quarter. Carmel Capital Partners LLC now owns 6,727 shares of the real estate investment trust’s stock worth $507,000 after acquiring an additional 257 shares in the last quarter. 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.