Agree Realty (NYSE:ADC) Price Target Raised to $79.00 at UBS Group

Agree Realty (NYSE:ADC - Free Report) had its price target boosted by UBS Group from $77.00 to $79.00 in a report issued on Thursday morning,Benzinga reports. UBS Group currently has a neutral rating on the real estate investment trust's stock.

ADC has been the topic of a number of other research reports. Truist Financial boosted their target price on shares of Agree Realty from $77.00 to $80.00 and gave the company a "buy" rating in a research report on Wednesday, October 30th. Wells Fargo & Company reduced their price objective on Agree Realty from $80.00 to $79.00 and set an "overweight" rating for the company in a report on Monday, November 4th. KeyCorp raised their target price on Agree Realty from $68.00 to $80.00 and gave the stock an "overweight" rating in a research note on Friday, October 4th. Mizuho raised their price objective on Agree Realty from $75.00 to $80.00 and gave the company a "neutral" rating in a report on Thursday. Finally, Royal Bank of Canada lifted their target price 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. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $75.73.

Agree Realty Price Performance

NYSE:ADC traded down $1.08 on Thursday, reaching $75.57. The stock had a trading volume of 788,294 shares, compared to its average volume of 971,624. The stock has a fifty day moving average price of $75.00 and a 200-day moving average price of $68.30. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52. Agree Realty has a 1-year low of $54.28 and a 1-year high of $77.47. The company has a market capitalization of $7.82 billion, a P/E ratio of 41.61, a price-to-earnings-growth ratio of 3.10 and a beta of 0.61.

Agree Realty (NYSE:ADC - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $154.33 million for the quarter, compared to analyst estimates of $152.83 million. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The business's quarterly revenue was up 12.8% compared to the same quarter last year. During the same period in the previous year, the business posted $1.00 EPS. Research analysts forecast that Agree Realty will post 4.11 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 $0.253 dividend. This represents a $3.04 annualized dividend and a yield of 4.02%. The ex-dividend date is Friday, November 29th. Agree Realty's dividend payout ratio (DPR) is presently 167.96%.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in ADC. Dana Investment Advisors Inc. raised its stake in shares of Agree Realty by 0.6% during the 2nd quarter. Dana Investment Advisors Inc. now owns 29,274 shares of the real estate investment trust's stock worth $1,813,000 after buying an additional 170 shares during the period. Capital Square LLC boosted its position in shares of Agree Realty by 1.0% during 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 in the last quarter. Blue Trust Inc. grew its position in shares of Agree Realty by 8.8% in the 2nd quarter. Blue Trust Inc. now owns 2,634 shares of the real estate investment trust's stock valued at $150,000 after buying an additional 213 shares during the last quarter. Commonwealth Equity Services LLC lifted its stake in Agree Realty by 3.2% in 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 buying an additional 216 shares during the last quarter. Finally, State of Alaska Department of Revenue increased its position in Agree Realty by 0.4% in the 3rd quarter. State of Alaska Department of Revenue now owns 58,934 shares of the real estate investment trust's stock valued at $4,438,000 after acquiring an additional 224 shares during the period. 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.