Wells Fargo & Company Lowers Agree Realty (NYSE:ADC) Price Target to $79.00

Agree Realty (NYSE:ADC) had its target price reduced by Wells Fargo & Company from $80.00 to $79.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have an overweight rating on the real estate investment trust’s stock.

A number of other analysts also recently weighed in on the company. Raymond James increased their price target on Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a report on Wednesday, August 21st. Royal Bank of Canada lifted their target price on Agree Realty from $79.00 to $80.00 and gave the stock an “outperform” rating in a report on Thursday, October 24th. Truist Financial increased their price target on Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Stifel Nicolaus lifted 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. Finally, KeyCorp increased their target price 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. Four equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $74.19.

Agree Realty Price Performance

Shares of ADC opened at $73.68 on Monday. The business has a 50-day moving average of $74.78 and a 200-day moving average of $67.71. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66. The company has a market capitalization of $7.63 billion, a price-to-earnings ratio of 40.71, a price-to-earnings-growth ratio of 2.48 and a beta of 0.61. Agree Realty has a 1 year low of $54.28 and a 1 year high of $77.47.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $152.83 million. During the same quarter in the previous year, the business posted $1.00 EPS. The firm’s revenue for the quarter was up 12.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Agree Realty will post 4.11 earnings per share for the current year.

Agree Realty Increases Dividend

The business also recently declared a monthly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be issued a dividend of $0.253 per share. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $3.04 annualized dividend and a yield of 4.12%. This is an increase from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s dividend payout ratio is 167.96%.

Hedge Funds Weigh In On Agree Realty

A number of hedge funds have recently bought and sold shares of the company. Long Pond Capital LP lifted its position in shares of Agree Realty by 489.8% during the first quarter. Long Pond Capital LP now owns 2,868,640 shares of the real estate investment trust’s stock valued at $163,857,000 after purchasing an additional 2,382,252 shares in the last quarter. Pathway Financial Advisers LLC lifted its position in shares of Agree Realty by 9,118.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 1,227,756 shares of the real estate investment trust’s stock worth $92,487,000 after buying an additional 1,214,437 shares in the last quarter. PGGM Investments bought a new position in shares of Agree Realty during the 2nd quarter worth approximately $70,225,000. Daiwa Securities Group Inc. boosted its stake in shares of Agree Realty by 55.9% in the 2nd quarter. Daiwa Securities Group Inc. now owns 1,815,511 shares of the real estate investment trust’s stock worth $112,453,000 after buying an additional 650,921 shares during the last quarter. Finally, Leeward Investments LLC MA purchased a new stake in shares of Agree Realty during the second quarter valued at approximately $30,306,000. 97.83% of the stock is owned by hedge funds and other 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.