Agree Realty (NYSE:ADC) Price Target Raised to $71.50

Agree Realty (NYSE:ADC) had its target price increased by Stifel Nicolaus from $67.50 to $71.50 in a research report released on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the real estate investment trust’s stock.

A number of other analysts also recently weighed in on the stock. Mizuho boosted their target price on shares of Agree Realty from $60.00 to $62.00 and gave the stock a neutral rating in a report on Friday, May 10th. UBS Group boosted their target price on shares of Agree Realty from $60.00 to $67.00 and gave the stock a neutral rating in a report on Thursday, July 18th. StockNews.com upgraded shares of Agree Realty from a sell rating to a hold rating in a report on Tuesday, June 11th. Finally, KeyCorp began coverage on shares of Agree Realty in a report on Wednesday, June 12th. They issued an overweight rating and a $68.00 target price on the stock. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Agree Realty has a consensus rating of Moderate Buy and an average price target of $66.95.

Agree Realty Stock Performance

Shares of NYSE ADC opened at $68.73 on Wednesday. The firm has a fifty day moving average price of $62.29 and a 200-day moving average price of $59.48. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.79 and a quick ratio of 0.71. The stock has a market cap of $6.92 billion, a PE ratio of 40.43, a price-to-earnings-growth ratio of 2.69 and a beta of 0.58. Agree Realty has a 1 year low of $52.69 and a 1 year high of $69.26.

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

Agree Realty Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Wednesday, August 14th. Shareholders of record on Wednesday, July 31st will be paid a dividend of $0.25 per share. The ex-dividend date is Wednesday, July 31st. This represents a $3.00 dividend on an annualized basis and a yield of 4.36%. Agree Realty’s payout ratio is 176.47%.

Insider Transactions at Agree Realty

In other Agree Realty news, Director Greg Lehmkuhl acquired 1,000 shares of the business’s stock in a transaction dated Thursday, May 23rd. The shares were purchased at an average price of $58.99 per share, for a total transaction of $58,990.00. Following the completion of the purchase, the director now directly owns 23,036 shares of the company’s stock, valued at $1,358,893.64. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Agree Realty

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ADC. Impax Asset Management Group plc acquired a new stake in shares of Agree Realty in the fourth quarter valued at about $7,554,000. Norges Bank acquired a new stake in shares of Agree Realty in the fourth quarter valued at about $71,409,000. Daiwa Securities Group Inc. raised its position in shares of Agree Realty by 1.8% in the fourth quarter. Daiwa Securities Group Inc. now owns 1,177,543 shares of the real estate investment trust’s stock valued at $74,127,000 after buying an additional 21,254 shares during the last quarter. Scout Investments Inc. raised its position in shares of Agree Realty by 34.1% in the fourth quarter. Scout Investments Inc. now owns 844,367 shares of the real estate investment trust’s stock valued at $53,153,000 after buying an additional 214,840 shares during the last quarter. Finally, Swiss National Bank raised its position in shares of 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 valued at $11,332,000 after buying an additional 8,700 shares during the last quarter. 97.83% of the stock is owned by hedge funds and other 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.