Analysts Set Agree Realty Co. (NYSE:ADC) Target Price at $79.85

Shares of Agree Realty Co. (NYSE:ADC - Get Free Report) have earned an average rating of "Moderate Buy" from the fifteen ratings firms that are covering the company, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $79.85.

A number of equities research analysts have commented on the stock. Barclays upgraded 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 research note on Tuesday, March 4th. Stifel Nicolaus dropped their target price on shares of Agree Realty from $81.50 to $81.00 and set a "buy" rating for the company in a report on Tuesday, January 7th. Royal Bank of Canada dropped their price target on Agree Realty from $79.00 to $78.00 and set an "outperform" rating for the company in a research note on Thursday, February 13th. Citizens Jmp cut Agree Realty from a "strong-buy" rating to a "hold" rating in a report on Tuesday, December 17th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Agree Realty in a research report on Wednesday, December 11th. They set a "buy" rating and a $88.00 target price for the company.

Institutional Investors Weigh In On Agree Realty

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Versant Capital Management Inc boosted its position in Agree Realty by 230.7% during the 4th quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust's stock valued at $30,000 after acquiring an additional 293 shares in the last quarter. Bernard Wealth Management Corp. acquired a new position in Agree Realty in the 4th quarter worth approximately $31,000. Headlands Technologies LLC raised its holdings in shares of Agree Realty by 72.8% during the fourth quarter. Headlands Technologies LLC now owns 558 shares of the real estate investment trust's stock worth $39,000 after purchasing an additional 235 shares during the last quarter. Financial Life Planners purchased a new position in shares of Agree Realty during the 4th quarter valued at about $44,000. Finally, Quarry LP acquired a new position in shares of Agree Realty in the 4th quarter valued at about $52,000. 97.83% of the stock is owned by institutional investors.

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Agree Realty Stock Performance

Agree Realty stock traded down $0.62 during midday trading on Tuesday, reaching $75.09. 660,223 shares of the company traded hands, compared to its average volume of 924,948. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78. Agree Realty has a 12 month low of $54.78 and a 12 month high of $78.39. The firm has a market capitalization of $8.05 billion, a price-to-earnings ratio of 42.19, a price-to-earnings-growth ratio of 2.88 and a beta of 0.64. The business has a 50 day moving average of $73.44 and a two-hundred day moving average of $73.91.

Agree Realty (NYSE:ADC - Get Free Report) last issued its quarterly earnings data on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.61. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. As a group, research analysts predict that Agree Realty will post 4.27 earnings per share for the current year.

Agree Realty Announces Dividend

The company 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 $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 4.04%. The ex-dividend date of this dividend is Monday, March 31st. Agree Realty's dividend payout ratio (DPR) is currently 170.22%.

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.