Agree Realty Co. (NYSE:ADC) Given Average Recommendation of “Moderate Buy” by Brokerages

Agree Realty Co. (NYSE:ADC) has been given an average rating of “Moderate Buy” by the twelve analysts that are presently covering the stock, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold recommendation, eight have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $73.88.

Several analysts have recently commented on ADC shares. Raymond James upped their price objective on shares of Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a report on Wednesday, August 21st. UBS Group upped their price target on shares of Agree Realty from $72.00 to $77.00 and gave the company a “neutral” rating in a report on Wednesday, October 16th. Stifel Nicolaus lifted their price objective on Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a research note on Wednesday, July 24th. BTIG Research boosted their price objective on Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a report on Monday, August 12th. Finally, Truist Financial lifted their price target on Agree Realty from $68.00 to $77.00 and gave the company a “buy” rating in a research report on Monday, August 5th.

Agree Realty Price Performance

NYSE ADC opened at $75.03 on Friday. The company has a market cap of $7.55 billion, a price-to-earnings ratio of 44.14, a PEG ratio of 2.47 and a beta of 0.61. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.79 and a quick ratio of 0.79. The stock’s fifty day moving average price is $74.53 and its 200 day moving average price is $66.60. Agree Realty has a 1 year low of $52.69 and a 1 year high of $77.47.

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 analysts’ consensus estimates of $1.03 by ($0.61). Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The firm had revenue of $154.33 million during the quarter, compared to analyst estimates of $152.83 million. During the same period in the prior year, the company posted $1.00 earnings per share. The firm’s revenue for the quarter was up 12.8% on a year-over-year basis. As a group, equities research analysts forecast that Agree Realty will post 4.11 earnings per share for the current year.

Agree Realty Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be given a dividend of $0.253 per share. 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. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.05%. Agree Realty’s dividend payout ratio (DPR) is 178.24%.

Hedge Funds Weigh In On Agree Realty

A number of large investors have recently added to or reduced their stakes in ADC. Wellington Management Group LLP purchased a new stake in shares of Agree Realty during the fourth quarter worth about $4,285,000. Park Avenue Securities LLC boosted its holdings in Agree Realty by 9.8% in the 1st quarter. Park Avenue Securities LLC now owns 6,061 shares of the real estate investment trust’s stock worth $346,000 after buying an additional 540 shares during the last quarter. Oak Thistle LLC purchased a new stake in Agree Realty during the 1st quarter worth approximately $307,000. Tributary Capital Management LLC raised its holdings in shares of Agree Realty by 39.1% during the first quarter. Tributary Capital Management LLC now owns 258,022 shares of the real estate investment trust’s stock valued at $14,738,000 after acquiring an additional 72,504 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of Agree Realty by 30.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 831,353 shares of the real estate investment trust’s stock valued at $47,487,000 after acquiring an additional 193,128 shares in the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

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.