Agree Realty (NYSE:ADC) Price Target Raised to $78.00 at BTIG Research

Agree Realty (NYSE:ADC) had its price objective hoisted by BTIG Research from $74.00 to $78.00 in a report published on Wednesday,Benzinga reports. They currently have a buy rating on the real estate investment trust’s stock.

A number of other equities analysts also recently weighed in on the company. Mizuho upped their target price on Agree Realty from $75.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. Robert W. Baird upped their price objective on shares of Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, October 29th. Raymond James lifted their target price on shares of Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research note on Wednesday, August 21st. UBS Group lifted their price target on Agree Realty from $77.00 to $79.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. Finally, Wells Fargo & Company dropped their price objective on Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $76.04.

Agree Realty Trading Down 0.8 %

Agree Realty stock opened at $76.80 on Wednesday. Agree Realty has a 52 week low of $54.28 and a 52 week high of $78.39. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66. The firm has a market capitalization of $7.95 billion, a price-to-earnings ratio of 42.43, a P/E/G ratio of 3.83 and a beta of 0.61. The company has a 50 day moving average price of $75.27 and a 200 day moving average price of $69.74.

Agree Realty (NYSE:ADC) last issued 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). The business had revenue of $154.33 million during the quarter, compared to analyst estimates of $152.83 million. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The business’s quarterly revenue was up 12.8% on a year-over-year basis. During the same period last year, the business earned $1.00 EPS. Research analysts forecast that Agree Realty will post 4.12 EPS for the current year.

Agree Realty Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be given a dividend of $0.253 per share. This represents a $3.04 dividend on an annualized basis and a yield of 3.95%. The ex-dividend date is Friday, November 29th. Agree Realty’s dividend payout ratio is 167.40%.

Institutional Investors Weigh In On Agree Realty

Hedge funds have recently modified their holdings of the business. Dana Investment Advisors Inc. increased its stake in Agree Realty by 0.6% in the second quarter. Dana Investment Advisors Inc. now owns 29,274 shares of the real estate investment trust’s stock valued at $1,813,000 after acquiring an additional 170 shares during the period. Capital Square LLC raised its holdings in shares of Agree Realty by 1.0% in the 2nd quarter. Capital Square LLC now owns 17,995 shares of the real estate investment trust’s stock worth $1,193,000 after buying an additional 179 shares in the last quarter. Blue Trust Inc. lifted its position in shares of Agree Realty by 8.8% during the 2nd quarter. Blue Trust Inc. now owns 2,634 shares of the real estate investment trust’s stock worth $150,000 after buying an additional 213 shares during the period. Commonwealth Equity Services LLC boosted its stake in Agree Realty by 3.2% in the 2nd quarter. Commonwealth Equity Services LLC now owns 6,895 shares of the real estate investment trust’s stock valued at $427,000 after buying an additional 216 shares in the last quarter. Finally, State of Alaska Department of Revenue boosted its stake in Agree Realty by 0.4% in the 3rd quarter. State of Alaska Department of Revenue now owns 58,934 shares of the real estate investment trust’s stock valued at $4,438,000 after buying an additional 224 shares in the last quarter. 97.83% of the stock is owned by institutional investors.

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.