Agree Realty (NYSE:ADC) Price Target Raised to $80.00 at KeyCorp

Agree Realty (NYSE:ADC) had its price objective boosted by KeyCorp from $68.00 to $80.00 in a report issued on Friday, MarketBeat Ratings reports. KeyCorp currently has an overweight rating on the real estate investment trust’s stock.

ADC has been the subject of several other reports. BTIG Research increased their price target on Agree Realty from $65.00 to $74.00 and gave the stock a buy rating in a report on Monday, August 12th. Truist Financial increased their price objective on shares of Agree Realty from $68.00 to $77.00 and gave the stock a buy rating in a research report on Monday, August 5th. Royal Bank of Canada upped their target price on shares of Agree Realty from $63.00 to $70.00 and gave the stock an outperform rating in a research note on Thursday, July 25th. UBS Group lifted their price target on Agree Realty from $60.00 to $67.00 and gave the company a neutral rating in a research note on Thursday, July 18th. Finally, Wells Fargo & Company reiterated an overweight rating and set a $80.00 price objective (up from $77.00) on shares of Agree Realty in a report on Tuesday. Four investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Agree Realty has an average rating of Moderate Buy and an average target price of $72.21.

Agree Realty Trading Down 1.7 %

Shares of Agree Realty stock traded down $1.31 during trading on Friday, hitting $73.88. 989,833 shares of the company were exchanged, compared to its average volume of 959,908. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.79 and a quick ratio of 0.79. The firm has a market capitalization of $7.43 billion, a P/E ratio of 43.46, a price-to-earnings-growth ratio of 2.51 and a beta of 0.61. The firm’s fifty day moving average price is $73.44 and its 200 day moving average price is $64.69. Agree Realty has a 1-year low of $52.69 and a 1-year high of $77.30.

Agree Realty (NYSE:ADC) last issued its earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 EPS for the quarter, missing the consensus estimate of $1.03 by ($0.51). The firm 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 firm’s revenue for the quarter was up 17.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.98 EPS. As a group, sell-side analysts expect that Agree Realty will post 4.11 earnings per share for the current fiscal year.

Agree Realty Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a $0.25 dividend. This represents a $3.00 annualized dividend and a dividend yield of 4.06%. The ex-dividend date is Monday, September 30th. Agree Realty’s payout ratio is 176.47%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in ADC. Long Pond Capital LP increased its position in shares of Agree Realty by 489.8% in the first quarter. Long Pond Capital LP now owns 2,868,640 shares of the real estate investment trust’s stock worth $163,857,000 after purchasing an additional 2,382,252 shares during the period. PGGM Investments acquired a new position in shares of Agree Realty during the 2nd quarter worth $70,225,000. Daiwa Securities Group Inc. lifted its position in shares of Agree Realty by 55.9% during the 2nd quarter. Daiwa Securities Group Inc. now owns 1,815,511 shares of the real estate investment trust’s stock worth $112,453,000 after buying an additional 650,921 shares during the last quarter. Leeward Investments LLC MA bought a new position in Agree Realty in the second quarter valued at about $30,306,000. Finally, Vanguard Group Inc. lifted its holdings in shares of Agree Realty by 3.4% in the fourth quarter. Vanguard Group Inc. now owns 14,222,246 shares of the real estate investment trust’s stock worth $895,290,000 after acquiring an additional 462,828 shares during the last quarter. 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.