Brokerages Set Agree Realty Co. (NYSE:ADC) PT at $65.50

Shares of Agree Realty Co. (NYSE:ADC) have received an average rating of “Moderate Buy” from the eleven analysts that are covering the stock, Marketbeat.com reports. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $65.50.

Several analysts have recently weighed in on ADC shares. Mizuho lifted their target price on shares of Agree Realty from $60.00 to $62.00 and gave the company a “neutral” rating in a report on Friday, May 10th. StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a report on Tuesday, June 11th. Truist Financial decreased their price objective on shares of Agree Realty from $70.00 to $68.00 and set a “buy” rating on the stock in a report on Tuesday, February 27th. KeyCorp initiated coverage on shares of Agree Realty in a report on Wednesday, June 12th. They set an “overweight” rating and a $68.00 price objective on the stock. Finally, UBS Group initiated coverage on shares of Agree Realty in a report on Friday, May 31st. They set a “neutral” rating and a $60.00 price objective on the stock.

Insider Activity

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

Hedge Funds Weigh In On Agree Realty

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Applied Capital LLC FL increased its position in Agree Realty by 2.4% during the fourth quarter. Applied Capital LLC FL now owns 7,457 shares of the real estate investment trust’s stock worth $469,000 after purchasing an additional 174 shares during the last quarter. State of Alaska Department of Revenue increased its position in Agree Realty by 0.5% during the first quarter. State of Alaska Department of Revenue now owns 58,101 shares of the real estate investment trust’s stock worth $3,317,000 after purchasing an additional 297 shares during the last quarter. Sequoia Financial Advisors LLC increased its position in Agree Realty by 4.4% during the first quarter. Sequoia Financial Advisors LLC now owns 7,012 shares of the real estate investment trust’s stock worth $401,000 after purchasing an additional 297 shares during the last quarter. Parallel Advisors LLC increased its position in Agree Realty by 35.9% during the fourth quarter. Parallel Advisors LLC now owns 1,129 shares of the real estate investment trust’s stock worth $71,000 after purchasing an additional 298 shares during the last quarter. Finally, Fifth Third Bancorp increased its position in Agree Realty by 7.7% during the first quarter. Fifth Third Bancorp now owns 4,290 shares of the real estate investment trust’s stock worth $245,000 after purchasing an additional 305 shares during the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Agree Realty Stock Down 1.5 %

Shares of NYSE:ADC opened at $60.83 on Friday. The company has a market cap of $6.12 billion, a price-to-earnings ratio of 35.78, a PEG ratio of 2.42 and a beta of 0.56. The firm’s 50-day simple moving average is $59.62 and its 200-day simple moving average is $59.15. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.50. Agree Realty has a fifty-two week low of $52.69 and a fifty-two week high of $69.26.

Agree Realty Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be given a $0.25 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.93%. The ex-dividend date of this dividend is Friday, June 28th. Agree Realty’s dividend payout ratio is presently 176.47%.

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.