Agree Realty (NYSE:ADC) Earns Underweight Rating from Analysts at Barclays

Barclays began coverage on shares of Agree Realty (NYSE:ADC) in a research note issued to investors on Tuesday, MarketBeat Ratings reports. The brokerage issued an underweight rating and a $76.00 price target on the real estate investment trust’s stock.

ADC has been the topic of a number of other research reports. Raymond James increased their target price on Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a report on Wednesday, August 21st. Mizuho lifted their price objective on shares of Agree Realty from $75.00 to $80.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. Truist Financial increased 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. StockNews.com upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a research report on Tuesday. Finally, Royal Bank of Canada boosted their price objective on shares of Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. One analyst has rated the stock with a sell rating, five have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Agree Realty presently has a consensus rating of “Moderate Buy” and a consensus target price of $78.03.

Agree Realty Stock Down 1.7 %

Shares of NYSE:ADC opened at $69.44 on Tuesday. Agree Realty has a 12-month low of $54.28 and a 12-month high of $78.39. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. The firm has a market cap 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. The company has a fifty day simple moving average of $75.10 and a 200 day simple moving average of $71.09.

Agree Realty (NYSE:ADC) last released its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.61). Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The company had revenue of $154.33 million during the quarter, compared to the consensus estimate of $152.83 million. During the same period in the previous year, the firm posted $1.00 EPS. Agree Realty’s revenue for the quarter was up 12.8% on a year-over-year basis. On average, equities research analysts anticipate that Agree Realty will post 4.12 EPS for the current fiscal year.

Agree Realty Dividend Announcement

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

Institutional Investors Weigh In On Agree Realty

Several institutional investors have recently bought and sold shares of the stock. Daiwa Securities Group Inc. raised its position in shares of Agree Realty by 29.4% during the 3rd quarter. Daiwa Securities Group Inc. now owns 2,350,056 shares of the real estate investment trust’s stock worth $177,030,000 after buying an additional 534,545 shares in the last quarter. FMR LLC increased its stake in shares of Agree Realty by 729.3% during the third 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 during the period. Geode Capital Management LLC increased its stake in shares of Agree Realty by 1.5% during the third quarter. Geode Capital Management LLC now owns 2,074,760 shares of the real estate investment trust’s stock valued at $156,327,000 after acquiring an additional 30,377 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Agree Realty by 3.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,588,355 shares of the real estate investment trust’s stock worth $119,651,000 after purchasing an additional 57,354 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Agree Realty by 5.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,522,014 shares of the real estate investment trust’s stock worth $94,273,000 after purchasing an additional 76,818 shares during the period. 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.