Agree Realty (NYSE:ADC) Given New $77.00 Price Target at UBS Group

Agree Realty (NYSE:ADC) had its price target increased by UBS Group from $72.00 to $77.00 in a research note published on Wednesday, Benzinga reports. The brokerage currently has a neutral rating on the real estate investment trust’s stock.

Several other research analysts also recently commented on ADC. Stifel Nicolaus lifted their target price on shares of Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. BTIG Research upped their price objective on shares of Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a research note on Monday, August 12th. Wells Fargo & Company reiterated an “overweight” rating and set a $80.00 target price (up from $77.00) on shares of Agree Realty in a report on Tuesday, October 1st. KeyCorp boosted their price target on Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, October 4th. Finally, Royal Bank of Canada increased their price objective on Agree Realty from $63.00 to $70.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Four equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Agree Realty currently has an average rating of “Moderate Buy” and an average price target of $73.04.

Agree Realty Stock Performance

Agree Realty stock opened at $76.69 on Wednesday. The firm has a fifty day simple moving average of $74.02 and a two-hundred day simple moving average of $65.75. Agree Realty has a twelve month low of $52.69 and a twelve month high of $77.30. The company has a market capitalization of $7.72 billion, a PE ratio of 45.11, a P/E/G ratio of 2.47 and a beta of 0.61. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.54.

Agree Realty (NYSE:ADC) last issued its earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.51). The company had revenue of $152.58 million for the quarter, compared to analysts’ expectations of $150.35 million. Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The company’s revenue was up 17.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.98 earnings per share. Research analysts expect that Agree Realty will post 4.11 EPS for the current year.

Agree Realty Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be issued a $0.253 dividend. This represents a $3.04 annualized dividend and a yield of 3.96%. This is an increase from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date is Thursday, October 31st. Agree Realty’s payout ratio is 178.24%.

Hedge Funds Weigh In On Agree Realty

Several institutional investors and hedge funds have recently modified their holdings of ADC. Swiss National Bank raised its holdings in Agree Realty by 4.6% in the first quarter. Swiss National Bank now owns 198,382 shares of the real estate investment trust’s stock worth $11,332,000 after buying an additional 8,700 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its position in Agree Realty by 1.4% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 886,527 shares of the real estate investment trust’s stock valued at $50,638,000 after acquiring an additional 12,159 shares in the last quarter. FORA Capital LLC purchased a new stake in Agree Realty during the 1st quarter valued at $1,600,000. Quantbot Technologies LP bought a new stake in shares of Agree Realty in the 1st quarter worth $2,280,000. Finally, Virtu Financial LLC purchased a new position in shares of Agree Realty in the first quarter worth $599,000. 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.