Analysts Set Agree Realty Co. (NYSE:ADC) Target Price at $79.85

Agree Realty Co. (NYSE:ADC) has received an average rating of “Moderate Buy” from the fifteen ratings firms that are presently covering the firm, Marketbeat.com reports. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $79.85.

A number of analysts recently weighed in on the stock. Royal Bank of Canada lowered their price target on shares of Agree Realty from $79.00 to $78.00 and set an “outperform” rating for the company in a report on Thursday, February 13th. Stifel Nicolaus lowered their target price on Agree Realty from $81.50 to $81.00 and set a “buy” rating for the company in a research note on Tuesday, January 7th. Evercore ISI began coverage on Agree Realty in a research note on Thursday, December 12th. They set an “outperform” rating and a $82.00 price target on the stock. StockNews.com upgraded Agree Realty from a “sell” rating to a “hold” rating in a research report on Sunday, February 16th. Finally, Barclays raised Agree Realty from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $74.00 to $75.00 in a report on Tuesday, March 4th.

Agree Realty Price Performance

Agree Realty stock opened at $76.56 on Tuesday. Agree Realty has a 52 week low of $54.78 and a 52 week high of $78.39. The firm has a market cap of $8.22 billion, a P/E ratio of 43.01, a P/E/G ratio of 2.88 and a beta of 0.64. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.78 and a current ratio of 0.78. The business’s fifty day moving average is $73.80 and its two-hundred day moving average is $73.92.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data on Tuesday, February 11th. The real estate investment trust reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.61. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. Equities research analysts forecast that Agree Realty will post 4.27 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Monday, April 14th. Shareholders of record on Monday, March 31st will be issued a $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 3.97%. The ex-dividend date of this dividend is Monday, March 31st. Agree Realty’s dividend payout ratio is presently 170.22%.

Institutional Trading of Agree Realty

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP lifted its position in shares of Agree Realty by 664.6% during the fourth quarter. Wellington Management Group LLP now owns 590,845 shares of the real estate investment trust’s stock worth $41,625,000 after purchasing an additional 513,571 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in Agree Realty by 15.3% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 11,105 shares of the real estate investment trust’s stock valued at $782,000 after buying an additional 1,470 shares in the last quarter. Total Wealth Planning & Management Inc. bought a new position in Agree Realty during the 4th quarter worth approximately $378,000. Employees Retirement System of Texas grew its position in shares of Agree Realty by 177.9% in the 4th quarter. Employees Retirement System of Texas now owns 71,000 shares of the real estate investment trust’s stock worth $5,002,000 after acquiring an additional 45,450 shares in the last quarter. Finally, Bernard Wealth Management Corp. bought a new stake in shares of Agree Realty in the 4th quarter valued at approximately $31,000. 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.