Agree Realty (NYSE:ADC) Given New $80.00 Price Target at Mizuho

Agree Realty (NYSE:ADC) had its price objective hoisted by Mizuho from $75.00 to $80.00 in a report released on Thursday morning,Benzinga reports. The brokerage currently has a neutral rating on the real estate investment trust’s stock.

Other analysts also recently issued research reports about the company. Stifel Nicolaus boosted their price objective on Agree Realty from $67.50 to $71.50 and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Robert W. Baird boosted their price target on shares of Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. UBS Group raised their price objective on shares of Agree Realty from $72.00 to $77.00 and gave the company a “neutral” rating in a research report on Wednesday, October 16th. Wells Fargo & Company dropped their target price on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. Finally, KeyCorp increased their target price on shares of Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, October 4th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $75.73.

Agree Realty Stock Up 0.5 %

Agree Realty stock opened at $75.97 on Thursday. 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 $7.86 billion, a price-to-earnings ratio of 41.97, a PEG ratio of 3.08 and a beta of 0.61. The company’s 50-day moving average price is $75.03 and its two-hundred day moving average price is $68.55. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The company had revenue of $154.33 million for the quarter, compared to analyst estimates of $152.83 million. During the same quarter in the prior year, the business earned $1.00 EPS. Agree Realty’s revenue was up 12.8% compared to the same quarter last year. On average, analysts expect that Agree Realty will post 4.12 EPS for the current fiscal year.

Agree Realty Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be paid a $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 4.00%. The ex-dividend date of this dividend is Friday, November 29th. Agree Realty’s dividend payout ratio is 167.96%.

Institutional Trading of Agree Realty

Several hedge funds and other institutional investors have recently modified their holdings of the business. Long Pond Capital LP grew its position in Agree Realty by 489.8% during the first quarter. Long Pond Capital LP now owns 2,868,640 shares of the real estate investment trust’s stock valued at $163,857,000 after purchasing an additional 2,382,252 shares in the last quarter. FMR LLC grew its holdings in shares of Agree Realty by 729.3% during the 3rd quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust’s stock valued at $168,648,000 after acquiring an additional 1,968,811 shares in the last quarter. Pathway Financial Advisers LLC grew its holdings in shares of Agree Realty by 9,118.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 1,227,756 shares of the real estate investment trust’s stock valued at $92,487,000 after acquiring an additional 1,214,437 shares in the last quarter. PGGM Investments acquired a new position in shares of Agree Realty in the second quarter worth $70,225,000. Finally, Daiwa Securities Group Inc. raised its holdings in shares of Agree Realty by 55.9% during the second quarter. Daiwa Securities Group Inc. now owns 1,815,511 shares of the real estate investment trust’s stock worth $112,453,000 after acquiring an additional 650,921 shares in the last quarter. Institutional investors and hedge funds 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.