Agree Realty (NYSE:ADC) Price Target Raised to $77.00 at UBS Group

Agree Realty (NYSE:ADC) had its target price boosted by UBS Group from $72.00 to $77.00 in a report issued on Wednesday morning, Benzinga reports. They currently have a neutral rating on the real estate investment trust’s stock.

Several other equities research analysts also recently weighed in on the stock. Truist Financial raised their price target on shares of Agree Realty from $68.00 to $77.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Stifel Nicolaus boosted their price target on shares of Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. KeyCorp boosted their target price on shares of Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, October 4th. BTIG Research upped their price target on shares of Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a report on Monday, August 12th. Finally, 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. Four investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $73.04.

Agree Realty Stock Down 0.4 %

ADC opened at $75.58 on Wednesday. The stock has a market cap of $7.61 billion, a PE ratio of 44.46, a P/E/G ratio of 2.47 and a beta of 0.61. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.54. Agree Realty has a 52 week low of $52.69 and a 52 week high of $77.30. The business’s fifty day simple moving average is $74.17 and its 200 day simple moving average is $66.01.

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

Agree Realty Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be given a dividend of $0.253 per share. This represents a $3.04 annualized dividend and a dividend yield of 4.02%. The ex-dividend date of this dividend is Thursday, October 31st. This is an increase from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s payout ratio is currently 178.24%.

Hedge Funds Weigh In On Agree Realty

Several institutional investors have recently bought and sold shares of the company. MCF Advisors LLC acquired a new stake in Agree Realty in the 2nd quarter valued at about $26,000. Massmutual Trust Co. FSB ADV boosted its position in 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 valued at $38,000 after buying an additional 442 shares during the last quarter. Headlands Technologies LLC boosted its position in Agree Realty by 232.0% in the 2nd quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock valued at $71,000 after buying an additional 798 shares during the last quarter. UMB Bank n.a. boosted its position in Agree Realty by 44.5% in the 3rd quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock valued at $73,000 after buying an additional 299 shares during the last quarter. Finally, GAMMA Investing LLC lifted its position in shares of Agree Realty by 125.9% during the second quarter. GAMMA Investing LLC now owns 1,403 shares of the real estate investment trust’s stock worth $87,000 after purchasing an additional 782 shares during the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.

Agree Realty Company Profile

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.