Agree Realty Co. (NYSE:ADC) Given Average Recommendation of "Moderate Buy" by Brokerages

Shares of Agree Realty Co. (NYSE:ADC - Get Free Report) have been given an average rating of "Moderate Buy" by the twelve analysts that are presently covering the firm, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation, eight have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $73.88.

ADC has been the subject of a number of recent analyst reports. 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 raised their price target on Agree Realty from $79.00 to $80.00 and gave the stock an "outperform" rating in a report on Thursday. Wells Fargo & Company restated an "overweight" rating and set a $80.00 price objective (up previously from $77.00) on shares of Agree Realty in a report on Tuesday, October 1st. BTIG Research increased their price objective on shares of Agree Realty from $65.00 to $74.00 and gave the company a "buy" rating in a research report on Monday, August 12th. Finally, KeyCorp boosted their target price on shares of Agree Realty from $68.00 to $80.00 and gave the stock an "overweight" rating in a research report on Friday, October 4th.

Institutional Trading of Agree Realty

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in Agree Realty by 1.8% during the first quarter. Vanguard Group Inc. now owns 14,480,463 shares of the real estate investment trust's stock valued at $827,124,000 after buying an additional 258,217 shares during the period. Long Pond Capital LP grew its position in shares of Agree Realty by 489.8% during the 1st quarter. Long Pond Capital LP now owns 2,868,640 shares of the real estate investment trust's stock valued at $163,857,000 after acquiring an additional 2,382,252 shares during the period. Daiwa Securities Group Inc. increased its stake in shares of Agree Realty by 55.9% in the 2nd quarter. Daiwa Securities Group Inc. now owns 1,815,511 shares of the real estate investment trust's stock valued at $112,453,000 after purchasing an additional 650,921 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Agree Realty by 5.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,522,014 shares of the real estate investment trust's stock valued at $94,273,000 after purchasing an additional 76,818 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Agree Realty by 3.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,284,143 shares of the real estate investment trust's stock worth $79,540,000 after purchasing an additional 43,768 shares during the period. Hedge funds and other institutional investors own 97.83% of the company's stock.

Agree Realty Stock Up 0.0 %

ADC traded up $0.03 on Friday, hitting $75.03. The company had a trading volume of 3,399,426 shares, compared to its average volume of 961,406. The stock has a market capitalization of $7.55 billion, a price-to-earnings ratio of 44.14, a P/E/G ratio of 2.47 and a beta of 0.61. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.79 and a current ratio of 0.79. The stock has a fifty day moving average price of $74.53 and a 200-day moving average price of $66.66. Agree Realty has a 12-month low of $52.69 and a 12-month high of $77.47.

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

Agree Realty Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be paid a dividend of $0.253 per share. The ex-dividend date is Thursday, October 31st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.05%. This is a positive change from Agree Realty's previous monthly dividend of $0.25. Agree Realty's dividend payout ratio (DPR) is presently 178.24%.

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.