Agree Realty Co. (NYSE:ADC) Given Consensus Rating of "Moderate Buy" by Brokerages

Agree Realty Co. (NYSE:ADC - Get Free Report) has been assigned a consensus rating of "Moderate Buy" from the fifteen ratings firms that are covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, three have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $79.62.

ADC has been the topic of a number of recent research reports. Evercore ISI initiated coverage on shares of Agree Realty in a research note on Thursday, December 12th. They set an "outperform" rating and a $82.00 price target on the stock. JMP Securities downgraded shares of Agree Realty from an "outperform" rating to a "market perform" rating in a research report on Tuesday, December 17th. Citizens Jmp cut Agree Realty from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, December 17th. Stifel Nicolaus reduced 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. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Agree Realty in a report on Wednesday, December 11th. They issued a "buy" rating and a $88.00 target price on the stock.

Agree Realty Stock Performance

NYSE:ADC traded up $0.06 during mid-day trading on Friday, hitting $73.86. The company's stock had a trading volume of 586,478 shares, compared to its average volume of 911,937. 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 1 year low of $54.78 and a 1 year high of $78.39. The business's fifty day moving average is $71.62 and its two-hundred day moving average is $73.57. The stock has a market cap of $7.92 billion, a price-to-earnings ratio of 41.56, a PEG ratio of 2.88 and a beta of 0.65.

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 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%. Analysts anticipate that Agree Realty will post 4.27 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The business also recently announced a feb 25 dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 28th will be given a $0.253 dividend. This represents a dividend yield of 4.2%. The ex-dividend date of this dividend is Friday, February 28th. Agree Realty's payout ratio is currently 170.22%.

Hedge Funds Weigh In On Agree Realty

Hedge funds have recently bought and sold shares of the company. Citigroup Inc. grew its position in Agree Realty by 348.9% in the 3rd quarter. Citigroup Inc. now owns 347,496 shares of the real estate investment trust's stock worth $26,177,000 after purchasing an additional 270,093 shares during the last quarter. Spire Wealth Management acquired a new stake in Agree Realty during the 4th quarter worth about $411,000. abrdn plc grew its stake in Agree Realty by 33.7% during the 4th quarter. abrdn plc now owns 27,497 shares of the real estate investment trust's stock valued at $1,922,000 after acquiring an additional 6,924 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Agree Realty by 37.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust's stock valued at $274,693,000 after purchasing an additional 990,362 shares during the period. Finally, KBC Group NV lifted its position in shares of Agree Realty by 1,670.8% in the fourth quarter. KBC Group NV now owns 43,561 shares of the real estate investment trust's stock worth $3,069,000 after purchasing an additional 41,101 shares in the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

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.