Agree Realty (NYSE:ADC) Price Target Lowered to $74.00 at Barclays

Agree Realty (NYSE:ADC) had its price target lowered by Barclays from $76.00 to $74.00 in a research report sent to investors on Tuesday,Benzinga reports. The firm currently has an underweight rating on the real estate investment trust’s stock.

Several other analysts have also commented on ADC. Royal Bank of Canada restated an “outperform” rating and issued a $79.00 price objective on shares of Agree Realty in a report on Tuesday, January 28th. StockNews.com lowered shares of Agree Realty from a “hold” rating to a “sell” rating in a report on Friday, January 31st. Wells Fargo & Company lowered their price objective on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a report on Monday, November 4th. UBS Group upgraded shares of Agree Realty from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $79.00 to $84.00 in a report on Monday, January 6th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Agree Realty in a report on Wednesday, December 11th. They issued a “buy” rating and a $88.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Agree Realty has an average rating of “Moderate Buy” and an average target price of $78.93.

Agree Realty Stock Performance

Agree Realty stock opened at $72.53 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 firm has a 50-day moving average of $72.29 and a 200-day moving average of $73.29. The firm has a market cap of $7.51 billion, a P/E ratio of 40.07, a P/E/G ratio of 2.56 and a beta of 0.65. Agree Realty has a 1-year low of $54.28 and a 1-year high of $78.39.

Agree Realty Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be given a dividend of $0.253 per share. This represents a $3.04 annualized dividend and a dividend yield of 4.19%. The ex-dividend date is Friday, January 31st. Agree Realty’s dividend payout ratio (DPR) is currently 167.96%.

Institutional Investors Weigh In On Agree Realty

Several institutional investors and hedge funds have recently made changes to their positions in ADC. FMR LLC increased its position in shares of Agree Realty by 729.3% during the third quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust’s stock valued at $168,648,000 after acquiring an additional 1,968,811 shares in the last quarter. Pathway Financial Advisers LLC increased its position in shares of Agree Realty by 9,118.1% during the third quarter. Pathway Financial Advisers LLC now owns 1,227,756 shares of the real estate investment trust’s stock valued at $92,487,000 after acquiring an additional 1,214,437 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Agree Realty by 37.3% during the third quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust’s stock valued at $274,693,000 after acquiring an additional 990,362 shares in the last quarter. Daiwa Securities Group Inc. increased its position in shares of Agree Realty by 29.4% during the third quarter. Daiwa Securities Group Inc. now owns 2,350,056 shares of the real estate investment trust’s stock valued at $177,030,000 after acquiring an additional 534,545 shares in the last quarter. Finally, Two Sigma Advisers LP boosted its holdings in Agree Realty by 92.6% in the third quarter. Two Sigma Advisers LP now owns 714,387 shares of the real estate investment trust’s stock worth $53,815,000 after purchasing an additional 343,400 shares during the last quarter. Institutional investors own 97.83% of the company’s stock.

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.