Agree Realty (NYSE:ADC) Price Target Lowered to $74.00 at Mizuho

Agree Realty (NYSE:ADC) had its target price decreased by Mizuho from $80.00 to $74.00 in a research report sent to investors on Wednesday,Benzinga reports. Mizuho currently has a neutral rating on the real estate investment trust’s stock.

Several other brokerages have also weighed in on ADC. JMP Securities lowered shares of Agree Realty from an “outperform” rating to a “market perform” rating in a report on Tuesday, December 17th. Royal Bank of Canada cut their price target on shares of Agree Realty from $80.00 to $79.00 and set an “outperform” rating on the stock in a research note on Tuesday. Evercore ISI began coverage on shares of Agree Realty in a research note on Thursday, December 12th. They set an “outperform” rating and a $82.00 price objective for the company. BTIG Research increased their target price on Agree Realty from $74.00 to $78.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Finally, Wells Fargo & Company reduced their target price on Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. Two research analysts have rated the stock with a sell rating, three have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Agree Realty presently has an average rating of “Moderate Buy” and an average target price of $78.53.

Agree Realty Trading Down 1.9 %

Shares of ADC opened at $68.35 on Wednesday. Agree Realty has a fifty-two week low of $54.28 and a fifty-two week high of $78.39. The company has a market capitalization of $7.08 billion, a PE ratio of 37.76, a price-to-earnings-growth ratio of 3.66 and a beta of 0.64. The stock has a fifty day moving average of $73.67 and a two-hundred day moving average of $72.04. 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 released its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS 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 during the quarter, compared to analyst estimates of $152.83 million. During the same quarter in the previous year, the company posted $1.00 earnings per share. The business’s revenue for the quarter was up 12.8% compared to the same quarter last year. As a group, analysts forecast that Agree Realty will post 4.12 EPS for the current year.

Agree Realty Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 4.44%. The ex-dividend date is Tuesday, December 31st. Agree Realty’s dividend payout ratio is presently 167.40%.

Institutional Trading of Agree Realty

A number of hedge funds have recently made changes to their positions in the company. Citigroup Inc. increased its stake in Agree Realty by 348.9% during the 3rd quarter. Citigroup Inc. now owns 347,496 shares of the real estate investment trust’s stock worth $26,177,000 after buying an additional 270,093 shares during the period. AQR Capital Management LLC grew its stake in shares of Agree Realty by 67.4% during the second quarter. AQR Capital Management LLC now owns 462,868 shares of the real estate investment trust’s stock valued at $28,476,000 after acquiring an additional 186,285 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Agree Realty by 37.3% during 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 acquiring an additional 990,362 shares during the last quarter. Vanderbilt University increased its position in shares of Agree Realty by 148.9% during the third quarter. Vanderbilt University now owns 16,933 shares of the real estate investment trust’s stock worth $1,276,000 after acquiring an additional 10,129 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its holdings in Agree Realty by 40.2% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 118,306 shares of the real estate investment trust’s stock valued at $8,912,000 after purchasing an additional 33,914 shares during the last quarter. Hedge funds and other institutional investors 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.