Mizuho Increases Agree Realty (NYSE:ADC) Price Target to $81.00

Agree Realty (NYSE:ADC) had its price target lifted by Mizuho from $74.00 to $81.00 in a report released on Thursday morning,Benzinga reports. Mizuho currently has a neutral rating on the real estate investment trust’s stock.

Several other research analysts have also recently commented on ADC. Barclays raised shares of Agree Realty from an “underweight” rating to an “equal weight” rating and raised their target price for the stock from $74.00 to $75.00 in a report on Tuesday, March 4th. Wells Fargo & Company raised their price objective on Agree Realty from $78.00 to $81.00 and gave the stock an “overweight” rating in a research note on Monday, March 10th. Citizens Jmp downgraded Agree Realty from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 17th. JMP Securities lowered Agree Realty from an “outperform” rating to a “market perform” rating in a report on Tuesday, December 17th. Finally, StockNews.com raised Agree Realty from a “sell” rating to a “hold” rating in a research note on Sunday, February 16th. Five equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $80.38.

Agree Realty Stock Down 3.2 %

ADC stock opened at $74.34 on Thursday. Agree Realty has a 1-year low of $54.78 and a 1-year high of $78.39. The firm has a market capitalization of $7.98 billion, a PE ratio of 41.76, a PEG ratio of 2.88 and a beta of 0.64. The business’s 50 day simple moving average is $74.22 and its 200 day simple moving average is $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.

Agree Realty (NYSE:ADC) last posted its earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 EPS for the quarter, beating the consensus estimate of $0.43 by $0.61. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. As a group, research analysts anticipate that Agree Realty will post 4.27 EPS for the current year.

Agree Realty Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Monday, April 14th. Investors of record on Monday, March 31st will be given a dividend of $0.253 per share. This represents a $3.04 dividend on an annualized basis and a yield of 4.08%. The ex-dividend date is Monday, March 31st. Agree Realty’s dividend payout ratio is 170.22%.

Institutional Trading of Agree Realty

A number of hedge funds have recently added to or reduced their stakes in ADC. Versant Capital Management Inc increased its holdings in shares of Agree Realty by 230.7% during the fourth quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust’s stock worth $30,000 after buying an additional 293 shares in the last quarter. Bernard Wealth Management Corp. acquired a new position in Agree Realty in the 4th quarter worth about $31,000. Headlands Technologies LLC raised its position in Agree Realty by 72.8% in the fourth quarter. Headlands Technologies LLC now owns 558 shares of the real estate investment trust’s stock valued at $39,000 after purchasing an additional 235 shares during the last quarter. Financial Life Planners acquired a new stake in shares of Agree Realty during the fourth quarter valued at about $44,000. Finally, Quarry LP bought a new stake in shares of Agree Realty during the fourth quarter worth about $52,000. Institutional investors and hedge funds own 97.83% of the company’s stock.

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.