Agree Realty (NYSE:ADC) Price Target Raised to $77.00 at Truist Financial

Agree Realty (NYSE:ADC) had its price objective boosted by Truist Financial from $68.00 to $77.00 in a research report report published on Monday, Benzinga reports. They currently have a buy rating on the real estate investment trust’s stock.

Several other brokerages have also recently weighed in on ADC. KeyCorp assumed coverage on shares of Agree Realty in a research report on Wednesday, June 12th. They issued an overweight rating and a $68.00 price target for the company. StockNews.com raised shares of Agree Realty from a sell rating to a hold rating in a research report on Tuesday, June 11th. Stifel Nicolaus upped their price target on shares of Agree Realty from $67.50 to $71.50 and gave the stock a buy rating in a research report on Wednesday, July 24th. UBS Group increased their target price on shares of Agree Realty from $60.00 to $67.00 and gave the company a neutral rating in a research report on Thursday, July 18th. Finally, Royal Bank of Canada increased their target price on shares of Agree Realty from $63.00 to $70.00 and gave the company an outperform rating in a research report on Thursday, July 25th. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $67.77.

Agree Realty Stock Performance

Shares of Agree Realty stock traded up $1.17 on Monday, hitting $72.24. 2,096,294 shares of the company’s stock were exchanged, compared to its average volume of 965,861. The company has a 50-day simple moving average of $63.30 and a 200-day simple moving average of $59.73. The stock has a market capitalization of $7.27 billion, a PE ratio of 42.42, a PEG ratio of 2.80 and a beta of 0.58. Agree Realty has a 1 year low of $52.69 and a 1 year high of $73.20. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.79 and a current ratio of 0.79.

Agree Realty (NYSE:ADC) last issued its quarterly 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 business had revenue of $152.58 million for the quarter, compared to analysts’ expectations of $150.35 million. Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The company’s revenue was up 17.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.98 EPS. As a group, equities analysts anticipate that Agree Realty will post 4.11 EPS for the current year.

Agree Realty Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Wednesday, August 14th. Investors of record on Wednesday, July 31st will be given a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, July 31st. This represents a $3.00 annualized dividend and a yield of 4.15%. Agree Realty’s payout ratio is 176.47%.

Insider Buying and Selling

In other Agree Realty news, Director Greg Lehmkuhl acquired 1,000 shares of the stock in a transaction that occurred on Thursday, May 23rd. The stock was bought at an average cost of $58.99 per share, for a total transaction of $58,990.00. Following the completion of the transaction, the director now owns 23,036 shares of the company’s stock, valued at approximately $1,358,893.64. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.80% of the stock is currently owned by company insiders.

Institutional Trading of Agree Realty

A number of hedge funds and other institutional investors have recently bought and sold shares of ADC. MCF Advisors LLC purchased a new stake in shares of Agree Realty during the 2nd quarter worth approximately $26,000. HBC Financial Services PLLC acquired a new position in Agree Realty in the 4th quarter valued at $31,000. Lindbrook Capital LLC raised its position in shares of Agree Realty by 267.1% in the 4th quarter. Lindbrook Capital LLC now owns 591 shares of the real estate investment trust’s stock worth $37,000 after buying an additional 430 shares during the period. Massmutual Trust Co. FSB ADV raised its position in shares of Agree Realty by 248.3% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock worth $38,000 after buying an additional 442 shares during the period. Finally, UMB Bank n.a. raised its position in shares of Agree Realty by 247.3% in the 1st quarter. UMB Bank n.a. now owns 719 shares of the real estate investment trust’s stock worth $41,000 after buying an additional 512 shares during the period. 97.83% of the stock is currently owned by institutional investors and hedge funds.

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.