Agree Realty (NYSE:ADC) Stock Price Expected to Rise, Truist Financial Analyst Says

Agree Realty (NYSE:ADC - Free Report) had its target price upped by Truist Financial from $77.00 to $80.00 in a research report released on Wednesday morning, Benzinga reports. The firm currently has a buy rating on the real estate investment trust's stock.

A number of other analysts also recently issued reports on ADC. UBS Group raised their price objective on Agree Realty from $72.00 to $77.00 and gave the stock a "neutral" rating in a research report on Wednesday, October 16th. Royal Bank of Canada increased their price objective on shares of Agree Realty from $79.00 to $80.00 and gave the stock an "outperform" rating in a research report on Thursday, October 24th. Robert W. Baird raised their price target on Agree Realty from $67.00 to $76.00 and gave the stock an "outperform" rating in a research report on Tuesday. BTIG Research lifted their target price on Agree Realty from $65.00 to $74.00 and gave the company a "buy" rating in a research report on Monday, August 12th. Finally, Wells Fargo & Company reissued an "overweight" rating and issued a $80.00 price objective (up previously from $77.00) on shares of Agree Realty in a research note on Tuesday, October 1st. Four equities 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. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $74.27.

Agree Realty Stock Performance

Shares of NYSE ADC traded up $1.15 during midday trading on Wednesday, reaching $75.03. 1,201,070 shares of the stock were exchanged, compared to its average volume of 967,443. The firm has a market cap of $7.55 billion, a price-to-earnings ratio of 44.05, a PEG ratio of 2.47 and a beta of 0.61. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.54. The firm has a 50-day simple moving average of $74.61 and a two-hundred day simple moving average of $66.98. Agree Realty has a twelve month low of $54.28 and a twelve month high of $77.47.

Agree Realty (NYSE:ADC - Get Free Report) last posted its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.61). The company had revenue of $154.33 million for the quarter, compared to analysts' expectations of $152.83 million. Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The business's revenue for the quarter was up 12.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.00 earnings per share. As a group, analysts anticipate that Agree Realty will post 4.11 EPS for the current fiscal year.

Agree Realty Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be given a dividend of $0.253 per share. This is a boost from Agree Realty's previous monthly dividend of $0.25. The ex-dividend date is Thursday, October 31st. This represents a $3.04 annualized dividend and a yield of 4.05%. Agree Realty's payout ratio is presently 178.24%.

Hedge Funds Weigh In On Agree Realty

A number of institutional investors and hedge funds have recently made changes to their positions in ADC. Allspring Global Investments Holdings LLC grew its position in shares of Agree Realty by 30.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 831,353 shares of the real estate investment trust's stock valued at $47,487,000 after purchasing an additional 193,128 shares during the period. State of Michigan Retirement System increased its stake in shares of Agree Realty by 2.1% in the first quarter. State of Michigan Retirement System now owns 24,600 shares of the real estate investment trust's stock worth $1,405,000 after buying an additional 500 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Agree Realty by 1.4% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 886,527 shares of the real estate investment trust's stock valued at $50,638,000 after acquiring an additional 12,159 shares during the last quarter. Azzad Asset Management Inc. ADV lifted its stake in Agree Realty by 64.4% during the first quarter. Azzad Asset Management Inc. ADV now owns 10,083 shares of the real estate investment trust's stock worth $576,000 after purchasing an additional 3,951 shares during the last quarter. Finally, State of Alaska Department of Revenue lifted its holdings in shares of Agree Realty by 0.5% in the 1st quarter. State of Alaska Department of Revenue now owns 58,101 shares of the real estate investment trust's stock worth $3,317,000 after purchasing an additional 297 shares during the last quarter. 97.83% of the stock is owned by institutional investors and hedge funds.

About Agree Realty

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.