Agree Realty (NYSE:ADC - Free Report) had its target price trimmed by Mizuho from $80.00 to $74.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The firm currently has a neutral rating on the real estate investment trust's stock.
Other equities analysts have also issued reports about the stock. BTIG Research lifted their target price on shares of Agree Realty from $74.00 to $78.00 and gave the company a "buy" rating in a report on Wednesday, November 27th. Stifel Nicolaus dropped their price target on shares of Agree Realty from $81.50 to $81.00 and set a "buy" rating on the stock in a research note on Tuesday. Barclays started coverage on shares of Agree Realty in a research note on Tuesday, December 17th. They set an "underweight" rating and a $76.00 price objective for the company. JMP Securities downgraded shares of Agree Realty from an "outperform" rating to a "market perform" rating in a research note on Tuesday, December 17th. Finally, UBS Group raised shares of Agree Realty from a "neutral" rating to a "buy" rating and raised their price target for the company from $79.00 to $84.00 in a research report on Monday. Two analysts have rated the stock with a sell rating, three have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Agree Realty has a consensus rating of "Moderate Buy" and an average price target of $78.53.
Check Out Our Latest Report on ADC
Agree Realty Stock Down 0.6 %
Shares of NYSE ADC traded down $0.39 during mid-day trading on Wednesday, hitting $69.65. 813,826 shares of the stock traded hands, compared to its average volume of 1,282,565. The company has a market cap of $7.21 billion, a price-to-earnings ratio of 38.48, a PEG ratio of 3.66 and a beta of 0.64. The stock has a fifty day moving average price of $73.87 and a 200-day moving average price of $72.08. Agree Realty has a 52 week low of $54.28 and a 52 week high of $78.39. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66.
Agree Realty (NYSE:ADC - Get Free Report) last announced its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS for the quarter, missing analysts' consensus estimates of $1.03 by ($0.61). The business had revenue of $154.33 million for the quarter, compared to the consensus estimate of $152.83 million. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The business's quarterly revenue was up 12.8% on a year-over-year basis. During the same quarter last year, the firm posted $1.00 EPS. Research analysts anticipate that Agree Realty will post 4.12 EPS for the current year.
Agree Realty Announces Dividend
The firm also recently announced a monthly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.253 per share. The ex-dividend date is Tuesday, December 31st. This represents a $3.04 dividend on an annualized basis and a yield of 4.36%. Agree Realty's dividend payout ratio is currently 167.40%.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently modified their holdings of the business. FMR LLC raised its holdings in Agree Realty by 729.3% in the 3rd quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust's stock worth $168,648,000 after purchasing an additional 1,968,811 shares during the period. Pathway Financial Advisers LLC increased its position in Agree Realty by 9,118.1% in the third quarter. Pathway Financial Advisers LLC now owns 1,227,756 shares of the real estate investment trust's stock worth $92,487,000 after buying an additional 1,214,437 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Agree Realty by 37.3% in the third quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust's stock worth $274,693,000 after buying an additional 990,362 shares during the period. Daiwa Securities Group Inc. lifted its position in shares of Agree Realty by 29.4% during the 3rd quarter. Daiwa Securities Group Inc. now owns 2,350,056 shares of the real estate investment trust's stock valued at $177,030,000 after buying an additional 534,545 shares in the last quarter. Finally, Lighthouse Investment Partners LLC bought a new position in shares of Agree Realty during the 2nd quarter valued at approximately $25,086,000. Hedge funds and other institutional investors own 97.83% of the company's stock.
Agree Realty Company Profile
(
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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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