Agree Realty Co. (NYSE:ADC) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of Agree Realty Co. (NYSE:ADC) have been given a consensus recommendation of “Moderate Buy” by the sixteen research firms that are covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, four have given a hold recommendation, ten have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $78.03.

Several research firms recently weighed in on ADC. Deutsche Bank Aktiengesellschaft started coverage on shares of Agree Realty in a research report on Wednesday, December 11th. They issued a “buy” rating and a $88.00 price objective on the stock. Citizens Jmp lowered shares of Agree Realty from a “strong-buy” rating to a “hold” rating in a report on Tuesday. BTIG Research lifted their price objective on shares of Agree Realty from $74.00 to $78.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Evercore ISI assumed coverage on Agree Realty in a research note on Thursday, December 12th. They issued an “outperform” rating and a $82.00 target price on the stock. Finally, Royal Bank of Canada raised their price target on Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th.

Institutional Investors Weigh In On Agree Realty

A number of large investors have recently added to or reduced their stakes in the company. MCF Advisors LLC bought a new stake in shares of Agree Realty in the second quarter worth about $26,000. UMB Bank n.a. lifted its stake in Agree Realty by 44.5% in the third quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock worth $73,000 after acquiring an additional 299 shares during the period. Arcadia Investment Management Corp MI bought a new stake in Agree Realty in the third quarter valued at $75,000. Wilmington Savings Fund Society FSB purchased a new position in Agree Realty during the 3rd quarter valued at $77,000. Finally, Headlands Technologies LLC raised its holdings in Agree Realty by 232.0% in the 2nd quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock worth $71,000 after purchasing an additional 798 shares in the last quarter. Institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Performance

Agree Realty stock opened at $69.44 on Friday. The firm’s 50 day simple moving average is $75.10 and its 200 day simple moving average is $71.09. 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 has a 1-year low of $54.28 and a 1-year high of $78.39. The firm has a market capitalization of $7.19 billion, a PE ratio of 38.36, a price-to-earnings-growth ratio of 3.66 and a beta of 0.62.

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

Agree Realty Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.253 per share. The ex-dividend date is Tuesday, December 31st. This represents a $3.04 annualized dividend and a yield of 4.37%. Agree Realty’s payout ratio is currently 167.40%.

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.