Agree Realty (NYSE:ADC) Price Target Cut to $79.00 by Analysts at Wells Fargo & Company

Agree Realty (NYSE:ADC) had its target price lowered by Wells Fargo & Company from $80.00 to $79.00 in a report issued on Monday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the real estate investment trust’s stock.

Several other equities research analysts also recently issued reports on ADC. BTIG Research raised their price target on Agree Realty from $65.00 to $74.00 and gave the company a “buy” rating in a report on Monday, August 12th. Truist Financial lifted their target price on shares of Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Raymond James increased their price target 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. Stifel Nicolaus boosted their price objective on Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Finally, KeyCorp increased their target price on Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, October 4th. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Agree Realty currently has a consensus rating of “Moderate Buy” and a consensus target price of $74.19.

Agree Realty Stock Down 1.2 %

Shares of ADC stock opened at $73.18 on Monday. Agree Realty has a 52-week low of $54.28 and a 52-week high of $77.47. The stock has a market cap of $7.58 billion, a price-to-earnings ratio of 40.43, a PEG ratio of 2.48 and a beta of 0.61. The firm’s 50-day moving average is $74.77 and its 200-day moving average is $67.67. 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 quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (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 the consensus estimate of $152.83 million. During the same quarter in the prior year, the company earned $1.00 EPS. Agree Realty’s quarterly revenue was up 12.8% on a year-over-year basis. Sell-side analysts predict that Agree Realty will post 4.11 EPS for the current year.

Agree Realty Increases Dividend

The business also recently disclosed 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 of this dividend is Thursday, October 31st. This is a boost from Agree Realty’s previous monthly dividend of $0.25. This represents a $3.04 annualized dividend and a yield of 4.15%. Agree Realty’s payout ratio is currently 167.96%.

Institutional Trading of Agree Realty

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in Agree Realty by 1.8% in the first quarter. Vanguard Group Inc. now owns 14,480,463 shares of the real estate investment trust’s stock valued at $827,124,000 after acquiring an additional 258,217 shares during the last quarter. Long Pond Capital LP raised its holdings in shares of Agree Realty by 489.8% during the 1st quarter. Long Pond Capital LP now owns 2,868,640 shares of the real estate investment trust’s stock worth $163,857,000 after buying an additional 2,382,252 shares in the last quarter. Daiwa Securities Group Inc. raised its holdings in shares of Agree Realty by 55.9% during the 2nd quarter. Daiwa Securities Group Inc. now owns 1,815,511 shares of the real estate investment trust’s stock worth $112,453,000 after buying an additional 650,921 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Agree Realty by 5.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,522,014 shares of the real estate investment trust’s stock worth $94,273,000 after buying an additional 76,818 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in Agree Realty by 3.5% in the second quarter. Bank of New York Mellon Corp now owns 1,284,143 shares of the real estate investment trust’s stock valued at $79,540,000 after buying an additional 43,768 shares in the last quarter. 97.83% of the stock is 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.