Agree Realty Co. (NYSE:ADC) Receives Average Rating of "Moderate Buy" from Analysts

Agree Realty Co. (NYSE:ADC - Get Free Report) has been assigned a consensus recommendation of "Moderate Buy" from the fifteen analysts that are presently covering the firm, Marketbeat reports. Four investment analysts have rated the stock with a hold recommendation, ten have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokers that have covered the stock in the last year is $80.58.

A number of equities analysts have recently issued reports on ADC shares. StockNews.com raised Agree Realty from a "sell" rating to a "hold" rating in a research note on Sunday, February 16th. Mizuho lifted their price target on shares of Agree Realty from $74.00 to $81.00 and gave the stock a "neutral" rating in a report on Thursday, April 3rd. UBS Group upgraded shares of Agree Realty from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $79.00 to $84.00 in a report on Monday, January 6th. Stifel Nicolaus lifted their price target on shares of Agree Realty from $81.00 to $82.50 and gave the company a "buy" rating in a report on Wednesday. Finally, Royal Bank of Canada reduced their price objective on Agree Realty from $79.00 to $78.00 and set an "outperform" rating on the stock in a research note on Thursday, February 13th.

Agree Realty Stock Down 1.0 %

Shares of ADC stock traded down $0.77 during trading hours on Friday, reaching $76.45. 1,473,788 shares of the stock were exchanged, compared to its average volume of 998,129. Agree Realty has a 12-month low of $57.02 and a 12-month high of $79.65. The business's fifty day moving average is $75.06 and its two-hundred day moving average is $73.99. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market capitalization of $8.21 billion, a P/E ratio of 42.92, a P/E/G ratio of 2.88 and a beta of 0.55.

Agree Realty (NYSE:ADC - Get Free Report) last issued its earnings results on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.01. The business had revenue of $169.16 million for the quarter, compared to analyst estimates of $167.77 million. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. During the same quarter last year, the company earned $0.43 EPS. As a group, research analysts expect that Agree Realty will post 4.27 EPS for the current fiscal year.

Agree Realty Increases Dividend

The business also recently announced a apr 25 dividend, which will be paid on Wednesday, May 14th. Investors of record on Wednesday, April 30th will be given a dividend of $0.256 per share. This represents a dividend yield of 4.1%. The ex-dividend date of this dividend is Wednesday, April 30th. This is an increase from Agree Realty's previous apr 25 dividend of $0.25. Agree Realty's dividend payout ratio (DPR) is 172.47%.

Hedge Funds Weigh In On Agree Realty

Institutional investors and hedge funds have recently bought and sold shares of the business. Spire Wealth Management acquired a new stake in Agree Realty during the 4th quarter worth $411,000. abrdn plc grew its position in shares of Agree Realty by 33.7% in the 4th quarter. abrdn plc now owns 27,497 shares of the real estate investment trust's stock valued at $1,922,000 after purchasing an additional 6,924 shares during the period. Envestnet Asset Management Inc. increased its stake in Agree Realty by 3.6% during the 4th quarter. Envestnet Asset Management Inc. now owns 301,751 shares of the real estate investment trust's stock worth $21,258,000 after purchasing an additional 10,446 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Agree Realty by 37.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust's stock worth $274,693,000 after buying an additional 990,362 shares during the period. Finally, Sage Investment Counsel LLC bought a new position in Agree Realty in the fourth quarter valued at approximately $329,000. 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.