Agree Realty’s (ADC) Overweight Rating Reiterated at Wells Fargo & Company

Wells Fargo & Company reiterated their overweight rating on shares of Agree Realty (NYSE:ADC) in a research note issued to investors on Tuesday, Benzinga reports. Wells Fargo & Company currently has a $80.00 price target on the real estate investment trust’s stock, up from their previous price target of $77.00.

ADC has been the topic of a number of other research reports. KeyCorp began coverage on shares of Agree Realty in a research note on Wednesday, June 12th. They issued an overweight rating and a $68.00 price target on the stock. UBS Group upped their target price on shares of Agree Realty from $60.00 to $67.00 and gave the stock a neutral rating in a research note on Thursday, July 18th. BTIG Research raised their price target 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. Stifel Nicolaus upped their price objective on Agree Realty from $67.50 to $71.50 and gave the company a buy rating in a research report on Wednesday, July 24th. Finally, Raymond James increased their target price on Agree Realty from $70.00 to $81.00 and gave the company a strong-buy rating in a research note on Wednesday, August 21st. Four investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of $71.21.

Agree Realty Price Performance

Shares of ADC stock opened at $75.21 on Tuesday. 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 stock has a market cap of $7.57 billion, a price-to-earnings ratio of 44.24, a PEG ratio of 2.51 and a beta of 0.61. The business’s fifty day moving average is $73.19 and its 200 day moving average is $64.49. Agree Realty has a twelve month low of $52.69 and a twelve month high of $77.30.

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

Agree Realty Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be issued a $0.25 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 3.99%. The ex-dividend date of this dividend is Monday, September 30th. Agree Realty’s dividend payout ratio is 176.47%.

Institutional Investors Weigh In On Agree Realty

A number of large investors have recently made changes to their positions in ADC. MCF Advisors LLC bought a new position in shares of Agree Realty in the 2nd quarter worth approximately $26,000. Massmutual Trust Co. FSB ADV boosted its stake in shares of Agree Realty by 248.3% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock worth $38,000 after acquiring an additional 442 shares during the last quarter. UMB Bank n.a. grew its position in shares of Agree Realty by 247.3% during the 1st quarter. UMB Bank n.a. now owns 719 shares of the real estate investment trust’s stock valued at $41,000 after acquiring an additional 512 shares during the period. Parallel Advisors LLC increased its stake in shares of Agree Realty by 35.9% in the 4th quarter. Parallel Advisors LLC now owns 1,129 shares of the real estate investment trust’s stock worth $71,000 after purchasing an additional 298 shares in the last quarter. Finally, Headlands Technologies LLC raised its holdings in Agree Realty by 232.0% in the 2nd quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock worth $71,000 after purchasing an additional 798 shares during the period. 97.83% of the stock is currently owned by institutional investors.

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.