Agree Realty (NYSE:ADC) Stock Price Expected to Rise, Robert W. Baird Analyst Says

Agree Realty (NYSE:ADC) had its price objective raised by Robert W. Baird from $67.00 to $76.00 in a research note published on Tuesday, Benzinga reports. Robert W. Baird currently has an outperform rating on the real estate investment trust’s stock.

A number of other analysts also recently weighed in on the stock. Truist Financial increased their target price 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. UBS Group increased their price objective on shares of Agree Realty from $72.00 to $77.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 16th. Wells Fargo & Company reissued an “overweight” rating and set a $80.00 target price (up previously from $77.00) on shares of Agree Realty in a research note on Tuesday, October 1st. 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 research report on Monday, August 12th. Finally, KeyCorp lifted their price objective on Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Agree Realty presently has an average rating of “Moderate Buy” and a consensus price target of $74.27.

Agree Realty Trading Down 1.1 %

Shares of NYSE ADC opened at $74.25 on Tuesday. The firm has a 50 day moving average price of $74.66 and a two-hundred day moving average price of $67.03. The stock has a market cap of $7.69 billion, a P/E ratio of 41.02, a price-to-earnings-growth ratio of 2.47 and a beta of 0.61. Agree Realty has a 52-week low of $54.28 and a 52-week high of $77.47. 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 (NYSE:ADC) last announced its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) 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 the consensus estimate of $152.83 million. During the same period in the prior year, the business earned $1.00 earnings per share. The firm’s revenue for the quarter was up 12.8% on a year-over-year basis. As a group, equities analysts forecast that Agree Realty will post 4.11 EPS for the current year.

Agree Realty Increases Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be paid a $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.09%. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date is Thursday, October 31st. Agree Realty’s dividend payout ratio (DPR) is 167.40%.

Institutional Investors Weigh In On Agree Realty

Institutional investors and hedge funds have recently made changes to their positions in the business. Swiss National Bank increased 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 worth $11,332,000 after purchasing an additional 8,700 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its position in Agree Realty by 1.4% in the 1st 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 buying an additional 12,159 shares during the last quarter. FORA Capital LLC purchased a new stake in Agree Realty in the 1st quarter valued at $1,600,000. Quantbot Technologies LP purchased a new position in Agree Realty during the 1st quarter worth $2,280,000. Finally, Virtu Financial LLC bought a new stake in shares of Agree Realty in the 1st quarter worth $599,000. Institutional investors and hedge funds own 97.83% of the company’s stock.

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.