Agree Realty (NYSE:ADC) Coverage Initiated by Analysts at Evercore ISI

Evercore ISI began coverage on shares of Agree Realty (NYSE:ADC - Free Report) in a research note published on Thursday morning, Marketbeat Ratings reports. The firm issued an outperform rating and a $82.00 price objective on the real estate investment trust's stock.

A number of other brokerages have also commented on ADC. Truist Financial raised their price target on Agree Realty from $77.00 to $80.00 and gave the company a "buy" rating in a report on Wednesday, October 30th. UBS Group upped their target price on Agree Realty from $77.00 to $79.00 and gave the stock a "neutral" rating in a research report on Thursday, November 14th. Deutsche Bank Aktiengesellschaft initiated coverage on Agree Realty in a report on Wednesday. They set a "buy" rating and a $88.00 target price on the stock. Raymond James raised their price objective on shares of Agree Realty from $70.00 to $81.00 and gave the company a "strong-buy" rating in a research report on Wednesday, August 21st. Finally, Royal Bank of Canada lifted their price objective on shares of Agree Realty from $79.00 to $80.00 and gave the stock an "outperform" rating in a research note on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Agree Realty has a consensus rating of "Moderate Buy" and an average target price of $77.23.

Agree Realty Stock Performance

ADC stock traded down $0.68 during mid-day trading on Thursday, reaching $73.64. The company had a trading volume of 436,303 shares, compared to its average volume of 943,642. Agree Realty has a one year low of $54.28 and a one year high of $78.39. The stock has a market capitalization of $7.62 billion, a P/E ratio of 41.07, a P/E/G ratio of 3.68 and a beta of 0.62. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52. The stock's 50-day simple moving average is $75.25 and its two-hundred day simple moving average is $70.63.

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

Agree Realty Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be given a dividend of $0.253 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $3.04 dividend on an annualized basis and a yield of 4.12%. Agree Realty's payout ratio is presently 167.40%.

Institutional Trading of Agree Realty

A number of hedge funds have recently made changes to their positions in the stock. MCF Advisors LLC acquired a new position in Agree Realty in the 2nd quarter valued at approximately $26,000. Headlands Technologies LLC boosted its position in Agree Realty by 232.0% during the second quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust's stock valued at $71,000 after purchasing an additional 798 shares during the last quarter. UMB Bank n.a. grew its stake in Agree Realty by 44.5% in the third quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust's stock valued at $73,000 after purchasing an additional 299 shares in the last quarter. Arcadia Investment Management Corp MI purchased a new stake in shares of Agree Realty during the 3rd quarter worth about $75,000. Finally, Wilmington Savings Fund Society FSB acquired a new stake in shares of Agree Realty during the 3rd quarter valued at about $77,000. 97.83% of the stock is owned by hedge funds and other 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.