Agree Realty (NYSE:ADC) Price Target Raised to $80.00

Agree Realty (NYSE:ADC) had its target price upped by Mizuho from $75.00 to $80.00 in a research note issued to investors on Thursday morning,Benzinga reports. They currently have a neutral rating on the real estate investment trust’s stock.

A number of other brokerages have also recently weighed in on ADC. KeyCorp boosted their price objective on shares of Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, October 4th. Truist Financial upped their target price on shares of Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Stifel Nicolaus increased their price objective on shares of Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Robert W. Baird raised their price objective on shares of Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Finally, Wells Fargo & Company reduced their price objective on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a report on Monday, November 4th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $75.73.

Agree Realty Stock Up 0.7 %

NYSE ADC traded up $0.55 during trading on Thursday, reaching $76.14. The company’s stock had a trading volume of 213,689 shares, compared to its average volume of 968,459. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $7.88 billion, a PE ratio of 41.75, a PEG ratio of 3.11 and a beta of 0.61. The business has a 50-day moving average price of $75.00 and a 200-day moving average price of $68.30. Agree Realty has a 1-year low of $54.28 and a 1-year high of $77.47.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The firm had revenue of $154.33 million during the quarter, compared to analyst estimates of $152.83 million. During the same quarter in the previous year, the firm posted $1.00 earnings per share. Agree Realty’s quarterly revenue was up 12.8% compared to the same quarter last year. On average, research analysts forecast that Agree Realty will post 4.12 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be given a $0.253 dividend. This represents a $3.04 annualized dividend and a yield of 3.99%. The ex-dividend date of this dividend is Friday, November 29th. Agree Realty’s payout ratio is presently 167.96%.

Institutional Investors Weigh In On Agree Realty

Several institutional investors have recently modified their holdings of the business. MCF Advisors LLC bought a new position in Agree Realty during the 2nd quarter worth approximately $26,000. Massmutual Trust Co. FSB ADV lifted its stake in Agree Realty by 248.3% in the second quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock valued at $38,000 after buying an additional 442 shares in the last quarter. Headlands Technologies LLC lifted its stake in Agree Realty by 232.0% in the second quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock valued at $71,000 after buying an additional 798 shares in the last quarter. UMB Bank n.a. lifted its stake in Agree Realty by 44.5% in the third quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock valued at $73,000 after buying an additional 299 shares in the last quarter. Finally, Arcadia Investment Management Corp MI bought a new position in Agree Realty in the third quarter valued at approximately $75,000. 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.