Agree Realty (NYSE:ADC) Price Target Raised to $77.00

Agree Realty (NYSE:ADC) had its price target increased by Wells Fargo & Company from $75.00 to $77.00 in a research report sent to investors on Monday, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the real estate investment trust’s stock.

ADC has been the topic of a number of other research reports. BTIG Research lifted their price objective on Agree Realty from $65.00 to $74.00 and gave the stock a buy rating in a research note on Monday, August 12th. UBS Group lifted their price objective on Agree Realty from $60.00 to $67.00 and gave the stock a neutral rating in a research note on Thursday, July 18th. Stifel Nicolaus lifted their price objective on Agree Realty from $67.50 to $71.50 and gave the stock a buy rating in a research note on Wednesday, July 24th. Mizuho lifted their price objective on Agree Realty from $60.00 to $62.00 and gave the stock a neutral rating in a research note on Friday, May 10th. Finally, StockNews.com raised Agree Realty from a sell rating to a hold rating in a research note on Tuesday, June 11th. Five investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $70.42.

Agree Realty Stock Down 0.7 %

Shares of ADC opened at $72.85 on Monday. The business’s 50 day moving average is $67.65 and its 200 day moving average is $61.39. The company has a market capitalization of $7.33 billion, a PE ratio of 42.85, a price-to-earnings-growth ratio of 2.80 and a beta of 0.58. Agree Realty has a 12-month low of $52.69 and a 12-month high of $73.39. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.54.

Agree Realty (NYSE:ADC) last issued its earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.51). The business had revenue of $152.58 million for the quarter, compared to the consensus estimate of $150.35 million. Agree Realty had a net margin of 32.08% and a return on equity of 3.72%. The firm’s revenue for the quarter was up 17.5% compared to the same quarter last year. During the same period last year, the business posted $0.98 EPS. Research analysts expect that Agree Realty will post 4.11 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Monday, September 16th. Investors of record on Friday, August 30th will be issued a dividend of $0.25 per share. This represents a $3.00 dividend on an annualized basis and a yield of 4.12%. The ex-dividend date of this dividend is Friday, August 30th. Agree Realty’s payout ratio is currently 176.47%.

Institutional Investors Weigh In On Agree Realty

Several hedge funds have recently made changes to their positions in the company. Dana Investment Advisors Inc. lifted its holdings in shares of Agree Realty by 0.6% in the 2nd quarter. Dana Investment Advisors Inc. now owns 29,274 shares of the real estate investment trust’s stock worth $1,813,000 after buying an additional 170 shares during the period. Pathway Financial Advisers LLC lifted its holdings in shares of Agree Realty by 3.2% in the 2nd quarter. Pathway Financial Advisers LLC now owns 13,319 shares of the real estate investment trust’s stock worth $824,000 after buying an additional 409 shares during the period. Systematic Financial Management LP lifted its holdings in shares of Agree Realty by 0.6% in the 2nd quarter. Systematic Financial Management LP now owns 286,868 shares of the real estate investment trust’s stock worth $17,769,000 after buying an additional 1,609 shares during the period. Creative Planning lifted its holdings in shares of Agree Realty by 86.8% in the 2nd quarter. Creative Planning now owns 56,819 shares of the real estate investment trust’s stock worth $3,519,000 after buying an additional 26,398 shares during the period. Finally, Algert Global LLC purchased a new stake in shares of Agree Realty in the 2nd quarter worth $628,000. 97.83% of the stock is currently owned by hedge funds and other institutional investors.

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.