Wells Fargo & Company Cuts Agree Realty (NYSE:ADC) Price Target to $79.00

Agree Realty (NYSE:ADC) had its target price trimmed by Wells Fargo & Company from $80.00 to $79.00 in a report released on Monday morning, Benzinga reports. The brokerage currently has an overweight rating on the real estate investment trust’s stock.

Several other analysts have also recently commented on the stock. BTIG Research upped their target price 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. Truist Financial increased their target price on Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Raymond James boosted their target price on Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, August 21st. UBS Group increased their price target on shares of Agree Realty from $72.00 to $77.00 and gave the company a “neutral” rating in a research report on Wednesday, October 16th. Finally, Royal Bank of Canada boosted their price objective on shares of Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $74.19.

Agree Realty Trading Down 1.2 %

ADC stock opened at $73.18 on Monday. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52. Agree Realty has a twelve month low of $54.28 and a twelve month high of $77.47. The company has a market cap of $7.58 billion, a P/E ratio of 40.43, a PEG ratio of 2.48 and a beta of 0.61. The business has a fifty day moving average of $74.77 and a 200-day moving average of $67.67.

Agree Realty (NYSE:ADC) last announced its quarterly earnings data 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). The firm had revenue of $154.33 million for the quarter, compared to the consensus estimate of $152.83 million. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The business’s revenue for the quarter was up 12.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.00 earnings per share. As a group, equities research analysts expect that Agree Realty will post 4.11 EPS for the current year.

Agree Realty Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be issued a $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.15%. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date of this dividend is Thursday, October 31st. Agree Realty’s payout ratio is 167.96%.

Hedge Funds Weigh In On Agree Realty

A number of large investors have recently bought and sold shares of the company. Swiss National Bank lifted its position in shares of Agree Realty by 4.6% in the first 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. Quantbot Technologies LP bought a new position in shares of Agree Realty in the 1st quarter valued at about $2,280,000. Virtu Financial LLC acquired a new stake in shares of Agree Realty in the first quarter valued at about $599,000. PGGM Investments bought a new stake in Agree Realty during the second quarter worth about $70,225,000. Finally, Ontario Teachers Pension Plan Board acquired a new position in Agree Realty during the first quarter valued at approximately $828,000. Institutional investors and hedge funds 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.