Robert W. Baird Issues Positive Forecast for Agree Realty (NYSE:ADC) Stock Price

Agree Realty (NYSE:ADC - Free Report) had its target price upped by Robert W. Baird from $76.00 to $80.00 in a report released on Friday,Benzinga reports. The firm currently has an outperform rating on the real estate investment trust's stock.

Several other brokerages have also commented on ADC. StockNews.com upgraded shares of Agree Realty from a "sell" rating to a "hold" rating in a research note on Sunday, February 16th. Mizuho raised their price target on shares of Agree Realty from $74.00 to $81.00 and gave the company a "neutral" rating in a research note on Thursday, April 3rd. UBS Group upgraded 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 note on Monday, January 6th. Royal Bank of Canada dropped their price target on shares of Agree Realty from $79.00 to $78.00 and set an "outperform" rating on the stock in a research note on Thursday, February 13th. Finally, Barclays upgraded shares of Agree Realty from an "underweight" rating to an "equal weight" rating and increased their price objective for the company from $74.00 to $75.00 in a report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Agree Realty currently has an average rating of "Moderate Buy" and an average target price of $80.88.

Agree Realty Stock Performance

ADC traded up $0.75 on Friday, hitting $76.42. 1,471,924 shares of the company's stock were exchanged, compared to its average volume of 1,010,426. The firm has a market cap of $8.41 billion, a PE ratio of 42.93, a P/E/G ratio of 2.88 and a beta of 0.55. Agree Realty has a twelve month low of $57.02 and a twelve month high of $79.65. The stock has a fifty day moving average of $75.26 and a two-hundred day moving average of $74.03. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52.

Agree Realty (NYSE:ADC - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.01. The firm had revenue of $169.16 million for the quarter, compared to analyst estimates of $167.77 million. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. During the same quarter in the prior year, the business earned $0.43 earnings per share. On average, research analysts anticipate that Agree Realty will post 4.27 earnings per share for the current fiscal year.

Agree Realty Increases Dividend

The firm also recently declared a apr 25 dividend, which will be paid on Wednesday, May 14th. Investors of record on Wednesday, April 30th will be given a dividend of $0.256 per share. This represents a yield of 4.1%. This is a positive change from Agree Realty's previous apr 25 dividend of $0.25. The ex-dividend date is Wednesday, April 30th. Agree Realty's payout ratio is presently 173.45%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Oregon Public Employees Retirement Fund raised its position in Agree Realty by 3.3% during the first quarter. Oregon Public Employees Retirement Fund now owns 21,754 shares of the real estate investment trust's stock valued at $1,679,000 after buying an additional 700 shares during the period. Teacher Retirement System of Texas increased its position in Agree Realty by 52.4% in the 1st quarter. Teacher Retirement System of Texas now owns 24,400 shares of the real estate investment trust's stock worth $1,883,000 after purchasing an additional 8,391 shares during the last quarter. Keybank National Association OH increased its position in Agree Realty by 6.6% in the 1st quarter. Keybank National Association OH now owns 17,866 shares of the real estate investment trust's stock worth $1,379,000 after purchasing an additional 1,104 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its position in Agree Realty by 1.5% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 21,745 shares of the real estate investment trust's stock worth $1,678,000 after purchasing an additional 326 shares during the last quarter. Finally, New York State Teachers Retirement System increased its position in Agree Realty by 1.2% in the 1st quarter. New York State Teachers Retirement System now owns 113,976 shares of the real estate investment trust's stock worth $8,798,000 after purchasing an additional 1,400 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.