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

Agree Realty (NYSE:ADC) had its price target boosted by KeyCorp from $68.00 to $80.00 in a research report report published on Friday, MarketBeat Ratings reports. They currently have an overweight rating on the real estate investment trust’s stock.

ADC has been the subject of a number of other research reports. UBS Group increased their price objective on Agree Realty from $60.00 to $67.00 and gave the stock a neutral rating in a report on Thursday, July 18th. Stifel Nicolaus upped their price objective on shares of Agree Realty from $67.50 to $71.50 and gave the stock a buy rating in a report on Wednesday, July 24th. Wells Fargo & Company reiterated an overweight rating and set a $80.00 target price (up from $77.00) on shares of Agree Realty in a report on Tuesday, October 1st. BTIG Research upped their price target on Agree Realty from $65.00 to $74.00 and gave the stock a buy rating in a research note on Monday, August 12th. Finally, Truist Financial raised their price objective on Agree Realty from $68.00 to $77.00 and gave the company a buy rating in a research report on Monday, August 5th. Four equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Agree Realty has a consensus rating of Moderate Buy and a consensus price target of $72.21.

Agree Realty Price Performance

Shares of Agree Realty stock opened at $73.40 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.79 and a quick ratio of 0.79. Agree Realty has a one year low of $52.69 and a one year high of $77.30. The business’s 50 day simple moving average is $73.52 and its two-hundred day simple moving average is $64.93. The stock has a market capitalization of $7.39 billion, a P/E ratio of 43.18, a price-to-earnings-growth ratio of 2.51 and a beta of 0.61.

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

Agree Realty Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a $0.25 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $3.00 annualized dividend and a dividend yield of 4.09%. Agree Realty’s payout ratio is 176.47%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Corient Private Wealth LLC grew its stake in shares of Agree Realty by 11.5% in the 4th quarter. Corient Private Wealth LLC now owns 7,645 shares of the real estate investment trust’s stock worth $481,000 after buying an additional 787 shares in the last quarter. Parallel Advisors LLC lifted its position in Agree Realty by 35.9% in the fourth quarter. Parallel Advisors LLC now owns 1,129 shares of the real estate investment trust’s stock worth $71,000 after buying an additional 298 shares during the last quarter. Cibc World Markets Corp purchased a new stake in shares of Agree Realty in the fourth quarter valued at $2,113,000. Scout Investments Inc. grew its holdings in Agree Realty by 34.1% during the 4th quarter. Scout Investments Inc. now owns 844,367 shares of the real estate investment trust’s stock valued at $53,153,000 after purchasing an additional 214,840 shares during the last quarter. Finally, Frontier Capital Management Co. LLC raised its position in Agree Realty by 8.9% in the 4th quarter. Frontier Capital Management Co. LLC now owns 624,188 shares of the real estate investment trust’s stock worth $39,293,000 after purchasing an additional 51,069 shares during the period. Institutional investors 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.