Brokerages Set Agree Realty Co. (NYSE:ADC) PT at $75.73

Agree Realty Co. (NYSE:ADC - Get Free Report) has received an average recommendation of "Moderate Buy" from the thirteen ratings firms that are presently covering the stock, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $75.73.

A number of equities analysts have recently commented on the stock. Royal Bank of Canada lifted their target price on shares of Agree Realty from $79.00 to $80.00 and gave the company an "outperform" rating in a report on Thursday, October 24th. BTIG Research boosted their target price on Agree Realty from $65.00 to $74.00 and gave the company a "buy" rating in a report on Monday, August 12th. StockNews.com downgraded shares of Agree Realty from a "hold" rating to a "sell" rating in a research report on Thursday, November 14th. Truist Financial lifted their price target on Agree Realty from $77.00 to $80.00 and gave the company a "buy" rating in a research note on Wednesday, October 30th. Finally, UBS Group increased their price objective on Agree Realty from $77.00 to $79.00 and gave the stock a "neutral" rating in a research report on Thursday, November 14th.

Agree Realty Stock Down 0.6 %

NYSE:ADC traded down $0.50 during mid-day trading on Wednesday, hitting $77.02. The stock had a trading volume of 701,131 shares, compared to its average volume of 966,921. The company has a market capitalization of $7.97 billion, a PE ratio of 42.62, a PEG ratio of 3.08 and a beta of 0.61. The stock has a 50-day simple moving average of $75.06 and a two-hundred day simple moving average of $68.90. 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 twelve month low of $54.28 and a twelve month high of $77.58.

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

Agree Realty Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be given a $0.253 dividend. This represents a $3.04 annualized dividend and a dividend yield of 3.94%. The ex-dividend date of this dividend is Friday, November 29th. Agree Realty's dividend payout ratio (DPR) is currently 167.96%.

Institutional Trading of Agree Realty

A number of institutional investors have recently modified their holdings of ADC. Dana Investment Advisors Inc. lifted its stake in shares of Agree Realty by 0.6% during the second quarter. Dana Investment Advisors Inc. now owns 29,274 shares of the real estate investment trust's stock worth $1,813,000 after purchasing an additional 170 shares in the last quarter. Capital Square LLC boosted its holdings in Agree Realty by 1.0% in the 2nd quarter. Capital Square LLC now owns 17,995 shares of the real estate investment trust's stock worth $1,193,000 after acquiring an additional 179 shares during the period. Blue Trust Inc. grew its position in Agree Realty by 8.8% in the second quarter. Blue Trust Inc. now owns 2,634 shares of the real estate investment trust's stock valued at $150,000 after acquiring an additional 213 shares in the last quarter. Commonwealth Equity Services LLC raised its stake in shares of Agree Realty by 3.2% during the second quarter. Commonwealth Equity Services LLC now owns 6,895 shares of the real estate investment trust's stock valued at $427,000 after purchasing an additional 216 shares during the period. Finally, State of Alaska Department of Revenue lifted its position in shares of Agree Realty by 0.4% during the third quarter. State of Alaska Department of Revenue now owns 58,934 shares of the real estate investment trust's stock worth $4,438,000 after purchasing an additional 224 shares in the last quarter. Hedge funds and other institutional investors own 97.83% of the company's stock.

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.