Agree Realty Co. (NYSE:ADC) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Agree Realty Co. (NYSE:ADC) have received a consensus recommendation of “Moderate Buy” from the sixteen research firms that are covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, three have given a hold recommendation, eleven have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $78.53.

Several research analysts have issued reports on ADC shares. UBS Group upgraded shares of Agree Realty from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $79.00 to $84.00 in a research report on Monday. Robert W. Baird boosted their target price on Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Deutsche Bank Aktiengesellschaft initiated coverage on Agree Realty in a research report on Wednesday, December 11th. They issued a “buy” rating and a $88.00 price target for the company. JMP Securities cut Agree Realty from an “outperform” rating to a “market perform” rating in a research note on Tuesday, December 17th. Finally, Wells Fargo & Company decreased their target price on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a report on Monday, November 4th.

Agree Realty Stock Down 0.6 %

ADC opened at $69.65 on Thursday. The stock’s fifty day moving average is $73.87 and its 200-day moving average is $72.08. Agree Realty has a one year low of $54.28 and a one year high of $78.39. The company has a market capitalization of $7.21 billion, a PE ratio of 38.48, a P/E/G ratio of 3.66 and a beta of 0.64. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66.

Agree Realty (NYSE:ADC) last posted 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). Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The business had revenue of $154.33 million for the quarter, compared to the consensus estimate of $152.83 million. During the same quarter last year, the business posted $1.00 EPS. The business’s revenue for the quarter was up 12.8% on a year-over-year basis. On average, equities analysts predict that Agree Realty will post 4.12 EPS for the current fiscal year.

Agree Realty Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $0.253 per share. The ex-dividend date is Tuesday, December 31st. This represents a $3.04 annualized dividend and a dividend yield of 4.36%. Agree Realty’s dividend payout ratio is 167.40%.

Hedge Funds Weigh In On Agree Realty

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. FMR LLC lifted its stake in shares of Agree Realty by 729.3% in the 3rd quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust’s stock valued at $168,648,000 after purchasing an additional 1,968,811 shares during the last quarter. Pathway Financial Advisers LLC raised its holdings in Agree Realty by 9,118.1% during the third quarter. Pathway Financial Advisers LLC now owns 1,227,756 shares of the real estate investment trust’s stock valued at $92,487,000 after buying an additional 1,214,437 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Agree Realty by 37.3% in the third quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust’s stock worth $274,693,000 after buying an additional 990,362 shares during the last quarter. Daiwa Securities Group Inc. boosted its stake in shares of Agree Realty by 29.4% during the 3rd quarter. Daiwa Securities Group Inc. now owns 2,350,056 shares of the real estate investment trust’s stock worth $177,030,000 after acquiring an additional 534,545 shares in the last quarter. Finally, Lighthouse Investment Partners LLC bought a new stake in shares of Agree Realty during the 2nd quarter worth about $25,086,000. Institutional investors 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.