Truist Financial Issues Positive Forecast for Agree Realty (NYSE:ADC) Stock Price

Agree Realty (NYSE:ADC) had its target price increased by Truist Financial from $77.00 to $80.00 in a report released on Wednesday morning, Benzinga reports. Truist Financial currently has a buy rating on the real estate investment trust’s stock.

ADC has been the subject of a number of other research reports. Stifel Nicolaus boosted their price target on Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a research note on Wednesday, July 24th. UBS Group raised their price objective on Agree Realty from $72.00 to $77.00 and gave the company a “neutral” rating in a report on Wednesday, October 16th. Wells Fargo & Company restated an “overweight” rating and issued a $80.00 price target (up from $77.00) on shares of Agree Realty in a research report on Tuesday, October 1st. Robert W. Baird raised their price target on shares of Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a report on Tuesday. Finally, KeyCorp boosted their price target on Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, October 4th. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Agree Realty has a consensus rating of “Moderate Buy” and an average target price of $74.27.

Agree Realty Stock Performance

Shares of ADC opened at $75.03 on Wednesday. The firm has a market cap of $7.55 billion, a P/E ratio of 44.05, a PEG ratio of 2.47 and a beta of 0.61. 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 has a twelve month low of $54.28 and a twelve month high of $77.47. The firm’s 50 day moving average price is $74.61 and its two-hundred day moving average price is $66.98.

Agree Realty (NYSE:ADC) last posted its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.61). Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The company had revenue of $154.33 million for the quarter, compared to analyst estimates of $152.83 million. During the same period last year, the firm earned $1.00 EPS. The firm’s revenue for the quarter was up 12.8% compared to the same quarter last year. On average, analysts forecast that Agree Realty will post 4.11 EPS for the current fiscal year.

Agree Realty Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be issued a $0.253 dividend. This is a boost from Agree Realty’s previous monthly dividend of $0.25. This represents a $3.04 dividend on an annualized basis and a yield of 4.05%. The ex-dividend date of this dividend is Thursday, October 31st. Agree Realty’s dividend payout ratio (DPR) is currently 178.24%.

Institutional Trading of Agree Realty

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Swiss National Bank grew its holdings in Agree Realty by 4.6% during the 1st 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 in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its stake in Agree Realty by 1.4% during the first 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 bought a new stake in Agree Realty in the 1st quarter valued at $1,600,000. Quantbot Technologies LP purchased a new stake in Agree Realty in the 1st quarter worth $2,280,000. Finally, Virtu Financial LLC bought a new position in shares of Agree Realty during the 1st quarter valued at about $599,000. Institutional investors 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.