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

Agree Realty Co. (NYSE:ADC) has earned a consensus rating of “Moderate Buy” from the fifteen analysts that are covering the stock, Marketbeat.com reports. Four analysts have rated the stock with a hold recommendation, ten have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price objective among brokers that have covered the stock in the last year is $79.85.

A number of analysts have recently weighed in on ADC shares. Mizuho reduced their price objective on shares of Agree Realty from $80.00 to $74.00 and set a “neutral” rating for the company in a research note on Wednesday, January 8th. UBS Group upgraded shares of Agree Realty from a “neutral” rating to a “buy” rating and upped their price target for the company from $79.00 to $84.00 in a report on Monday, January 6th. JMP Securities downgraded Agree Realty from an “outperform” rating to a “market perform” rating in a research report on Tuesday, December 17th. Wells Fargo & Company boosted their price objective on Agree Realty from $78.00 to $81.00 and gave the stock an “overweight” rating in a research report on Monday, March 10th. Finally, Royal Bank of Canada lowered their target price on Agree Realty from $79.00 to $78.00 and set an “outperform” rating on the stock in a report on Thursday, February 13th.

Agree Realty Trading Up 0.7 %

Shares of NYSE:ADC opened at $76.56 on Tuesday. Agree Realty has a 1 year low of $54.78 and a 1 year high of $78.39. The firm has a fifty day moving average price of $73.80 and a 200 day moving average price of $73.92. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $8.22 billion, a PE ratio of 43.01, a P/E/G ratio of 2.88 and a beta of 0.64.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data on Tuesday, February 11th. The real estate investment trust reported $1.04 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.61. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. Analysts expect that Agree Realty will post 4.27 EPS for the current fiscal year.

Agree Realty Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Monday, April 14th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.253 per share. This represents a $3.04 dividend on an annualized basis and a yield of 3.97%. The ex-dividend date of this dividend is Monday, March 31st. Agree Realty’s dividend payout ratio is 170.22%.

Institutional Investors Weigh In On Agree Realty

Several large investors have recently modified their holdings of the stock. Wellington Management Group LLP boosted its stake in Agree Realty by 664.6% in the 4th quarter. Wellington Management Group LLP now owns 590,845 shares of the real estate investment trust’s stock valued at $41,625,000 after buying an additional 513,571 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Agree Realty by 15.3% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 11,105 shares of the real estate investment trust’s stock valued at $782,000 after acquiring an additional 1,470 shares during the period. Total Wealth Planning & Management Inc. acquired a new stake in shares of Agree Realty in the 4th quarter valued at $378,000. Employees Retirement System of Texas grew its holdings in shares of Agree Realty by 177.9% in the 4th quarter. Employees Retirement System of Texas now owns 71,000 shares of the real estate investment trust’s stock worth $5,002,000 after purchasing an additional 45,450 shares during the last quarter. Finally, Bernard Wealth Management Corp. bought a new stake in shares of Agree Realty in the 4th quarter worth about $31,000. 97.83% of the stock is currently owned by institutional investors.

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.