Agree Realty (NYSE:ADC) Price Target Raised to $80.00

Agree Realty (NYSE:ADC) had its price objective hoisted by Royal Bank of Canada from $79.00 to $80.00 in a report issued on Thursday, Benzinga reports. They currently have an outperform rating on the real estate investment trust’s stock.

Other analysts also recently issued reports about the stock. KeyCorp boosted their target price on shares of Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. Truist Financial upped their price objective on shares of Agree Realty from $68.00 to $77.00 and gave the stock a “buy” rating in a report on Monday, August 5th. UBS Group increased their target price on shares of Agree Realty from $72.00 to $77.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 16th. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $80.00 price target (up previously from $77.00) on shares of Agree Realty in a research report on Tuesday, October 1st. Finally, BTIG Research upped their price target on Agree Realty from $65.00 to $74.00 and gave the stock a “buy” rating in a research note on Monday, August 12th. Four equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $73.88.

Agree Realty Price Performance

Shares of NYSE:ADC opened at $75.03 on Thursday. The firm has a market cap of $7.55 billion, a price-to-earnings ratio of 44.14, a P/E/G ratio of 2.47 and a beta of 0.61. Agree Realty has a 1 year low of $52.69 and a 1 year high of $77.47. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.54. The business has a fifty day simple moving average of $74.53 and a 200 day simple moving average of $66.66.

Agree Realty (NYSE:ADC) last posted its quarterly earnings results 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). The firm had revenue of $154.33 million for the quarter, compared to analysts’ expectations of $152.83 million. Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The firm’s revenue for the quarter was up 12.8% on a year-over-year basis. During the same period last year, the business earned $1.00 earnings per share. As a group, sell-side analysts predict that Agree Realty will post 4.11 earnings per share for the current fiscal year.

Agree Realty Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be issued a $0.253 dividend. The ex-dividend date is Thursday, October 31st. This represents a $3.04 dividend on an annualized basis and a yield of 4.05%. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s dividend payout ratio (DPR) is 178.24%.

Hedge Funds Weigh In On Agree Realty

A number of institutional investors and hedge funds have recently bought and sold shares of ADC. Dana Investment Advisors Inc. increased its stake in Agree Realty by 0.6% during 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 increased its position in shares of Agree Realty by 1.0% during the second quarter. Capital Square LLC now owns 17,995 shares of the real estate investment trust’s stock valued at $1,193,000 after purchasing an additional 179 shares during the period. Blue Trust Inc. increased its position in shares of Agree Realty by 8.8% during the second quarter. Blue Trust Inc. now owns 2,634 shares of the real estate investment trust’s stock valued at $150,000 after purchasing an additional 213 shares during the period. Commonwealth Equity Services LLC raised its stake in shares of Agree Realty by 3.2% in the second quarter. Commonwealth Equity Services LLC now owns 6,895 shares of the real estate investment trust’s stock valued at $427,000 after purchasing an additional 216 shares in the last quarter. Finally, State of Alaska Department of Revenue lifted its position in Agree Realty by 0.4% in the third quarter. State of Alaska Department of Revenue now owns 58,934 shares of the real estate investment trust’s stock worth $4,438,000 after purchasing an additional 224 shares during the period. Institutional investors own 97.83% of the company’s stock.

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.