Agree Realty Co. (NYSE:ADC) Given Average Rating of “Moderate Buy” by Brokerages

Agree Realty Co. (NYSE:ADC) has been assigned a consensus recommendation of “Moderate Buy” from the fifteen brokerages that are currently covering the company, Marketbeat Ratings reports. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $79.85.

A number of brokerages have recently issued reports on ADC. Citizens Jmp cut shares of Agree Realty from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 17th. JMP Securities lowered shares of Agree Realty from an “outperform” rating to a “market perform” rating in a research report on Tuesday, December 17th. Deutsche Bank Aktiengesellschaft began coverage on shares of Agree Realty in a report on Wednesday, December 11th. They set a “buy” rating and a $88.00 target price on the stock. Royal Bank of Canada reduced their price target on Agree Realty from $79.00 to $78.00 and set an “outperform” rating on the stock in a research report on Thursday, February 13th. Finally, UBS Group upgraded 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 research note on Monday, January 6th.

Agree Realty Trading Up 0.3 %

Shares of ADC stock opened at $75.72 on Tuesday. Agree Realty has a 12-month low of $54.78 and a 12-month high of $78.39. The company has a market capitalization of $8.12 billion, a PE ratio of 42.54, a price-to-earnings-growth ratio of 2.88 and a beta of 0.64. The firm has a 50 day moving average price of $73.44 and a two-hundred day moving average price of $73.91. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.52.

Agree Realty (NYSE:ADC) last announced its earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.61. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. As a group, analysts predict that Agree Realty will post 4.27 earnings per share for the current year.

Agree Realty Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Monday, April 14th. Investors of record on Monday, March 31st will be given a dividend of $0.253 per share. This represents a $3.04 dividend on an annualized basis and a yield of 4.01%. The ex-dividend date of this dividend is Monday, March 31st. Agree Realty’s dividend payout ratio is 170.22%.

Institutional Trading of Agree Realty

A number of hedge funds have recently added to or reduced their stakes in ADC. Citigroup Inc. lifted its stake in shares of Agree Realty by 348.9% in the 3rd quarter. Citigroup Inc. now owns 347,496 shares of the real estate investment trust’s stock valued at $26,177,000 after acquiring an additional 270,093 shares during the last quarter. Spire Wealth Management bought a new position in Agree Realty in the fourth quarter valued at about $411,000. abrdn plc boosted its stake in shares of Agree Realty by 33.7% during the fourth quarter. abrdn plc now owns 27,497 shares of the real estate investment trust’s stock valued at $1,922,000 after purchasing an additional 6,924 shares in the last quarter. JPMorgan Chase & Co. grew its holdings 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 worth $274,693,000 after purchasing an additional 990,362 shares during the last quarter. Finally, Sage Investment Counsel LLC acquired a new position in shares of Agree Realty in the fourth quarter valued at approximately $329,000. Institutional investors and hedge funds 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.