Royal Bank of Canada Has Lowered Expectations for Agree Realty (NYSE:ADC) Stock Price

Agree Realty (NYSE:ADC) had its target price decreased by Royal Bank of Canada from $80.00 to $79.00 in a report released on Tuesday,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the real estate investment trust’s stock.

Several other analysts have also weighed in on ADC. Wells Fargo & Company lowered their price objective on Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a report on Monday, November 4th. JMP Securities downgraded Agree Realty from an “outperform” rating to a “market perform” rating in a report on Tuesday, December 17th. Robert W. Baird raised their price objective on Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. StockNews.com upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a research note on Tuesday, December 17th. Finally, BTIG Research increased their target price on shares of Agree Realty from $74.00 to $78.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Two analysts have rated the stock with a sell rating, three have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $78.53.

Agree Realty Stock Performance

Shares of ADC opened at $69.65 on Tuesday. Agree Realty has a 52-week low of $54.28 and a 52-week high of $78.39. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52. The firm has a market cap of $7.21 billion, a price-to-earnings ratio of 38.48, a PEG ratio of 3.66 and a beta of 0.64. The business’s 50 day moving average is $73.76 and its two-hundred day moving average is $72.06.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). The company had revenue of $154.33 million for the quarter, compared to the consensus estimate of $152.83 million. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The company’s revenue was up 12.8% compared to the same quarter last year. During the same quarter last year, the company earned $1.00 earnings per share. Analysts forecast that Agree Realty will post 4.12 EPS for the current fiscal year.

Agree Realty Dividend Announcement

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

Institutional Trading of Agree Realty

A number of institutional investors have recently made changes to their positions in ADC. FMR LLC increased its stake in shares of Agree Realty by 729.3% during the third quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust’s stock valued at $168,648,000 after acquiring an additional 1,968,811 shares during the period. Pathway Financial Advisers LLC increased its position in shares of Agree Realty by 9,118.1% during the 3rd 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 purchasing an additional 1,214,437 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Agree Realty by 37.3% in the 3rd 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 in the last quarter. Daiwa Securities Group Inc. raised its stake in shares of Agree Realty by 55.9% in 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 in the last quarter. Finally, Lighthouse Investment Partners LLC acquired a new stake in shares of Agree Realty in the second quarter valued at $25,086,000. 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.