Agree Realty (NYSE:ADC - Free Report) had its target price boosted by Mizuho from $75.00 to $80.00 in a report published on Thursday morning,Benzinga reports. The brokerage currently has a neutral rating on the real estate investment trust's stock.
Several other equities analysts also recently commented on ADC. Raymond James upped their price target on shares of Agree Realty from $70.00 to $81.00 and gave the company a "strong-buy" rating in a research note on Wednesday, August 21st. UBS Group increased their price objective on shares of Agree Realty from $72.00 to $77.00 and gave the stock a "neutral" rating in a research note on Wednesday, October 16th. KeyCorp increased their price objective on shares of Agree Realty from $68.00 to $80.00 and gave the stock an "overweight" rating in a research note on Friday, October 4th. Truist Financial increased their price objective on shares of Agree Realty from $77.00 to $80.00 and gave the stock a "buy" rating in a research note on Wednesday, October 30th. Finally, Robert W. Baird increased their target price on shares of Agree Realty from $67.00 to $76.00 and gave the stock an "outperform" rating in a report on Tuesday, October 29th. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Agree Realty has an average rating of "Moderate Buy" and a consensus price target of $75.73.
Check Out Our Latest Research Report on ADC
Agree Realty Stock Performance
NYSE ADC traded down $0.94 on Thursday, hitting $75.71. 352,945 shares of the stock were exchanged, compared to its average volume of 969,904. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66. The business's fifty day moving average is $75.00 and its 200 day moving average is $68.30. Agree Realty has a 52 week low of $54.28 and a 52 week high of $77.47. The company has a market capitalization of $7.84 billion, a PE ratio of 42.15, a P/E/G ratio of 3.10 and a beta of 0.61.
Agree Realty (NYSE:ADC - Get Free Report) last released 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). Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The company had revenue of $154.33 million during the quarter, compared to analyst estimates of $152.83 million. During the same quarter in the prior year, the firm earned $1.00 earnings per share. Agree Realty's revenue for the quarter was up 12.8% on a year-over-year basis. Research analysts anticipate that Agree Realty will post 4.11 EPS for the current fiscal year.
Agree Realty Announces Dividend
The company also recently declared a monthly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be paid a $0.253 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $3.04 annualized dividend and a yield of 4.01%. Agree Realty's payout ratio is 167.96%.
Institutional Investors Weigh In On Agree Realty
Several hedge funds and other institutional investors have recently added to or reduced their stakes in ADC. Dana Investment Advisors Inc. lifted its holdings in Agree Realty by 0.6% in the second quarter. Dana Investment Advisors Inc. now owns 29,274 shares of the real estate investment trust's stock valued at $1,813,000 after acquiring an additional 170 shares during the period. Capital Square LLC grew its holdings in 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 valued at $1,193,000 after buying an additional 179 shares in the last quarter. Blue Trust Inc. grew its holdings in Agree Realty by 8.8% during 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 in the last quarter. Commonwealth Equity Services LLC grew its holdings in Agree Realty by 3.2% during the 2nd 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 in the last quarter. Finally, State of Alaska Department of Revenue boosted its holdings in shares of 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 worth $4,438,000 after purchasing an additional 224 shares during the period. 97.83% of the stock is owned by hedge funds and other institutional investors.
Agree Realty Company Profile
(
Get Free Report)
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.
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