Agree Realty (NYSE:ADC - Free Report) had its price objective upped by Mizuho from $74.00 to $81.00 in a report issued on Thursday morning,Benzinga reports. Mizuho currently has a neutral rating on the real estate investment trust's stock.
Other equities analysts have also recently issued research reports about the stock. Evercore ISI began coverage on shares of Agree Realty in a report on Thursday, December 12th. They issued an "outperform" rating and a $82.00 target price on the stock. StockNews.com raised Agree Realty from a "sell" rating to a "hold" rating in a report on Sunday, February 16th. Wells Fargo & Company upped their price objective on Agree Realty from $78.00 to $81.00 and gave the stock an "overweight" rating in a research note on Monday, March 10th. JMP Securities cut Agree Realty from an "outperform" rating to a "market perform" rating in a research note on Tuesday, December 17th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Agree Realty in a research report on Wednesday, December 11th. They set a "buy" rating and a $88.00 price target for the company. Five investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $80.38.
Get Our Latest Stock Analysis on ADC
Agree Realty Stock Down 0.0 %
NYSE ADC traded down $0.00 on Thursday, hitting $71.38. 487,562 shares of the stock traded hands, compared to its average volume of 967,351. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52. The stock has a 50-day moving average of $74.15 and a 200 day moving average of $73.89. Agree Realty has a twelve month low of $54.78 and a twelve month high of $78.39. The company has a market capitalization of $7.66 billion, a P/E ratio of 39.99, a price-to-earnings-growth ratio of 2.88 and a beta of 0.55.
Agree Realty (NYSE:ADC - Get Free Report) last posted its quarterly earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.61. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. As a group, analysts expect that Agree Realty will post 4.27 earnings per share for the current fiscal year.
Agree Realty Announces Dividend
The company also recently announced a monthly dividend, which will be paid on Monday, April 14th. Shareholders of record on Monday, March 31st will be given a $0.253 dividend. The ex-dividend date is Monday, March 31st. This represents a $3.04 dividend on an annualized basis and a yield of 4.25%. Agree Realty's dividend payout ratio (DPR) is 170.22%.
Hedge Funds Weigh In On Agree Realty
Several hedge funds have recently modified their holdings of the company. Spire Wealth Management bought a new position in Agree Realty during the fourth quarter valued at about $411,000. abrdn plc boosted its position in shares of Agree Realty by 33.7% during 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 in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Agree Realty by 37.3% in 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 purchasing an additional 990,362 shares during the last quarter. Sage Investment Counsel LLC bought a new stake in shares of Agree Realty in the 4th quarter worth approximately $329,000. Finally, Oppenheimer Asset Management Inc. lifted its stake in Agree Realty by 24.6% during the fourth quarter. Oppenheimer Asset Management Inc. now owns 19,129 shares of the real estate investment trust's stock valued at $1,348,000 after purchasing an additional 3,776 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.
About Agree Realty
(
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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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