Brokerages Set Agree Realty Co. (NYSE:ADC) Target Price at $79.85

Shares of Agree Realty Co. (NYSE:ADC) have been given an average rating of “Moderate Buy” by the fifteen ratings firms that are currently covering the company, Marketbeat reports. Four analysts have rated the stock with a hold recommendation, ten have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $79.85.

A number of equities research analysts have issued reports on ADC shares. Barclays raised Agree Realty from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $74.00 to $75.00 in a research report on Tuesday, March 4th. Wells Fargo & Company raised their target price on shares of Agree Realty from $78.00 to $81.00 and gave the company an “overweight” rating in a research note on Monday, March 10th. JMP Securities lowered shares of Agree Realty from an “outperform” rating to a “market perform” rating in a research report on Tuesday, December 17th. Mizuho dropped their price objective on Agree Realty from $80.00 to $74.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 8th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Agree Realty in a research note on Wednesday, December 11th. They set a “buy” rating and a $88.00 target price for the company.

Institutional Trading of Agree Realty

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Versant Capital Management Inc boosted its holdings in Agree Realty by 230.7% during the fourth quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust’s stock valued at $30,000 after purchasing an additional 293 shares in the last quarter. Bernard Wealth Management Corp. acquired a new stake in Agree Realty in the 4th quarter valued at $31,000. Headlands Technologies LLC grew its position in Agree Realty by 72.8% in the fourth quarter. Headlands Technologies LLC now owns 558 shares of the real estate investment trust’s stock valued at $39,000 after acquiring an additional 235 shares during the period. Financial Life Planners acquired a new position in Agree Realty during the fourth quarter worth $44,000. Finally, Quarry LP bought a new position in shares of Agree Realty during the fourth quarter valued at $52,000. Institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Performance

Shares of ADC opened at $77.28 on Tuesday. 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 has a 12 month low of $54.78 and a 12 month high of $78.39. The company’s fifty day moving average is $73.89 and its 200-day moving average is $73.91. The firm has a market cap of $8.30 billion, a price-to-earnings ratio of 43.42, a price-to-earnings-growth ratio of 2.88 and a beta of 0.64.

Agree Realty (NYSE:ADC) last posted its earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.61. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. Equities analysts expect that Agree Realty will post 4.27 EPS for the current fiscal year.

Agree Realty Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Monday, April 14th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.253 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.93%. The ex-dividend date is Monday, March 31st. Agree Realty’s payout ratio is 170.22%.

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.