Barclays Initiates Coverage on Agree Realty (NYSE:ADC)

Barclays initiated coverage on shares of Agree Realty (NYSE:ADC - Free Report) in a research report report published on Tuesday morning, Marketbeat Ratings reports. The brokerage issued an underweight rating and a $76.00 target price on the real estate investment trust's stock.

Several other brokerages also recently commented on ADC. StockNews.com raised Agree Realty from a "sell" rating to a "hold" rating in a research note on Tuesday. BTIG Research raised their price target on shares of Agree Realty from $74.00 to $78.00 and gave the stock a "buy" rating in a research note on Wednesday, November 27th. Deutsche Bank Aktiengesellschaft started coverage on Agree Realty in a research note on Wednesday, December 11th. They issued a "buy" rating and a $88.00 price objective on the stock. UBS Group boosted their target price on Agree Realty from $77.00 to $79.00 and gave the company a "neutral" rating in a research note on Thursday, November 14th. Finally, JMP Securities downgraded Agree Realty from an "outperform" rating to a "market perform" rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, four have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $78.03.

Agree Realty Trading Down 1.0 %

Shares of NYSE:ADC traded down $0.76 during midday trading on Tuesday, hitting $73.29. 1,129,630 shares of the stock were exchanged, compared to its average volume of 941,898. Agree Realty has a 12 month low of $54.28 and a 12 month high of $78.39. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66. The stock has a market capitalization of $7.59 billion, a price-to-earnings ratio of 40.97, a P/E/G ratio of 3.66 and a beta of 0.62. The business's 50-day moving average price is $75.25 and its 200 day moving average price is $71.02.

Agree Realty (NYSE:ADC - Get Free Report) last released its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS 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 the consensus estimate of $152.83 million. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The company's quarterly revenue was up 12.8% on a year-over-year basis. During the same quarter last year, the firm posted $1.00 EPS. Analysts predict that Agree Realty will post 4.12 earnings per share for the current year.

Agree Realty Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a $0.253 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 4.14%. The ex-dividend date is Tuesday, December 31st. Agree Realty's payout ratio is 167.40%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Franklin Resources Inc. grew its stake in shares of Agree Realty by 8.2% during the 3rd quarter. Franklin Resources Inc. now owns 66,153 shares of the real estate investment trust's stock valued at $4,917,000 after purchasing an additional 5,039 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in Agree Realty during the third quarter valued at $77,000. World Investment Advisors LLC bought a new stake in Agree Realty during the third quarter valued at about $211,000. Geode Capital Management LLC increased its position in Agree Realty by 1.5% in the third quarter. Geode Capital Management LLC now owns 2,074,760 shares of the real estate investment trust's stock worth $156,327,000 after buying an additional 30,377 shares in the last quarter. Finally, Vestcor Inc bought a new position in shares of Agree Realty in the third quarter worth about $111,000. 97.83% of the stock is owned by institutional investors.

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.