Analysts Set Agree Realty Co. (NYSE:ADC) Target Price at $78.53

Agree Realty Co. (NYSE:ADC) has been assigned a consensus recommendation of “Moderate Buy” from the sixteen research firms that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, three have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $78.53.

ADC has been the subject of several recent research reports. BTIG Research boosted their target price on shares of Agree Realty from $74.00 to $78.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Truist Financial upped their price objective on Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Citizens Jmp downgraded Agree Realty from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 17th. JMP Securities cut Agree Realty from an “outperform” rating to a “market perform” rating in a research report on Tuesday, December 17th. Finally, StockNews.com cut Agree Realty from a “hold” rating to a “sell” rating in a research report on Tuesday, January 7th.

Agree Realty Price Performance

NYSE ADC opened at $69.54 on Thursday. The stock has a market capitalization of $7.20 billion, a price-to-earnings ratio of 38.42, a PEG ratio of 3.66 and a beta of 0.64. Agree Realty has a 1-year low of $54.28 and a 1-year high of $78.39. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66. The business’s fifty day moving average price is $73.47 and its 200-day moving average price is $72.30.

Agree Realty (NYSE:ADC) last posted its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). The firm had revenue of $154.33 million during 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% compared to the same quarter last year. During the same period in the prior year, the company posted $1.00 EPS. On average, equities analysts predict that Agree Realty will post 4.12 earnings per share for the current 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 issued a $0.253 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $3.04 annualized dividend and a dividend yield of 4.37%. Agree Realty’s dividend payout ratio (DPR) is 167.40%.

Hedge Funds Weigh In On Agree Realty

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ADC. Versant Capital Management Inc increased its holdings 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 buying an additional 293 shares during the last quarter. UMB Bank n.a. grew its position 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 worth $73,000 after acquiring an additional 299 shares in the last quarter. Arcadia Investment Management Corp MI bought a new stake in Agree Realty during the third quarter worth approximately $75,000. Wilmington Savings Fund Society FSB purchased a new stake in Agree Realty during the third quarter valued at approximately $77,000. Finally, Headlands Technologies LLC lifted its stake in shares of Agree Realty by 232.0% in the 2nd 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 last quarter. 97.83% of the stock is 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.