Agree Realty (NYSE:ADC) Raised to Buy at UBS Group

UBS Group upgraded shares of Agree Realty (NYSE:ADC - Free Report) from a neutral rating to a buy rating in a research report report published on Monday morning,Benzinga reports. The brokerage currently has $84.00 price target on the real estate investment trust's stock, up from their previous price target of $79.00.

Several other research analysts have also recently commented on ADC. Truist Financial boosted their price target on Agree Realty from $77.00 to $80.00 and gave the stock a "buy" rating in a research note on Wednesday, October 30th. Barclays assumed coverage on Agree Realty in a research report on Tuesday, December 17th. They issued an "underweight" rating and a $76.00 target price on the stock. Deutsche Bank Aktiengesellschaft initiated 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. Robert W. Baird upped their price target on shares of Agree Realty from $67.00 to $76.00 and gave the company an "outperform" rating in a report on Tuesday, October 29th. Finally, StockNews.com upgraded shares of Agree Realty from a "sell" rating to a "hold" rating in a research note on Tuesday, December 17th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Agree Realty has an average rating of "Moderate Buy" and a consensus price target of $78.37.

Agree Realty Stock Up 0.2 %

Agree Realty stock traded up $0.12 during midday trading on Monday, hitting $70.45. 1,224,787 shares of the company were exchanged, compared to its average volume of 787,496. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66. Agree Realty has a fifty-two week low of $54.28 and a fifty-two week high of $78.39. The company's fifty day moving average price is $73.94 and its 200-day moving average price is $72.02. The company has a market cap of $7.29 billion, a PE ratio of 38.92, a price-to-earnings-growth ratio of 3.66 and a beta of 0.64.

Agree Realty (NYSE:ADC - Get Free Report) last announced its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share 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 firm had revenue of $154.33 million during the quarter, compared to analysts' expectations of $152.83 million. During the same quarter last year, the company posted $1.00 earnings per share. Agree Realty's revenue for the quarter was up 12.8% compared to the same quarter last year. On average, research analysts predict that Agree Realty will post 4.12 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a $0.253 dividend. This represents a $3.04 annualized dividend and a yield of 4.31%. The ex-dividend date is Tuesday, December 31st. Agree Realty's dividend payout ratio is presently 167.40%.

Hedge Funds Weigh In On Agree Realty

Several hedge funds and other institutional investors have recently modified their holdings of ADC. Dana Investment Advisors Inc. lifted its position in Agree Realty by 0.6% in the 2nd quarter. Dana Investment Advisors Inc. now owns 29,274 shares of the real estate investment trust's stock valued at $1,813,000 after purchasing an additional 170 shares during the last quarter. Commonwealth Equity Services LLC increased its stake in shares of 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 purchasing an additional 216 shares during the period. State of Alaska Department of Revenue raised its holdings in shares of Agree Realty by 0.4% during the third 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 buying an additional 224 shares during the last quarter. US Bancorp DE boosted its position in shares of Agree Realty by 1.5% during the third quarter. US Bancorp DE now owns 17,130 shares of the real estate investment trust's stock worth $1,290,000 after buying an additional 252 shares during the period. Finally, Carmel Capital Partners LLC grew its holdings in Agree Realty by 4.0% in the 3rd quarter. Carmel Capital Partners LLC now owns 6,727 shares of the real estate investment trust's stock worth $507,000 after buying an additional 257 shares in the last quarter. Institutional investors and hedge funds own 97.83% of the company's stock.

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.