Agree Realty (NYSE:ADC) Upgraded at Barclays

Barclays upgraded shares of Agree Realty (NYSE:ADC) from an underweight rating to an equal weight rating in a research note published on Tuesday morning, Marketbeat.com reports. They currently have $75.00 target price on the real estate investment trust’s stock, up from their previous target price of $74.00.

Other analysts have also issued research reports about the company. Mizuho cut their price objective on Agree Realty from $80.00 to $74.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 8th. Royal Bank of Canada cut their price target on Agree Realty from $79.00 to $78.00 and set an “outperform” rating on the stock in a report on Thursday, February 13th. UBS Group upgraded Agree Realty from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $79.00 to $84.00 in a research note on Monday, January 6th. Wells Fargo & Company cut their target price on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. Finally, StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a report on Sunday, February 16th. Five research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $79.69.

Agree Realty Stock Performance

Shares of Agree Realty stock opened at $74.34 on Tuesday. The stock has a market capitalization of $7.97 billion, a price-to-earnings ratio of 41.76, a price-to-earnings-growth ratio of 2.88 and a beta of 0.65. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.78 and a quick ratio of 0.78. The business has a 50-day moving average of $71.76 and a 200 day moving average of $73.61. Agree Realty has a 12 month low of $54.78 and a 12 month high of $78.39.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Tuesday, February 11th. The real estate investment trust reported $1.04 EPS for the quarter, beating the consensus estimate of $0.43 by $0.61. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. As a group, sell-side analysts forecast that Agree Realty will post 4.27 earnings per share for the current year.

Agree Realty Dividend Announcement

The business also recently declared a feb 25 dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be paid a dividend of $0.253 per share. The ex-dividend date of this dividend is Friday, February 28th. This represents a yield of 4.2%. Agree Realty’s dividend payout ratio is currently 170.22%.

Hedge Funds Weigh In On Agree Realty

Hedge funds have recently made changes to their positions in the company. Cohen & Steers Inc. lifted its holdings in shares of Agree Realty by 43.0% in the 4th quarter. Cohen & Steers Inc. now owns 9,767,632 shares of the real estate investment trust’s stock valued at $688,108,000 after purchasing an additional 2,937,147 shares during the last quarter. FMR LLC increased its position in Agree Realty by 729.3% during the third quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust’s stock worth $168,648,000 after buying an additional 1,968,811 shares during the period. Raymond James Financial Inc. purchased a new stake in Agree Realty in the fourth quarter valued at approximately $101,382,000. Millennium Management LLC boosted its holdings in shares of Agree Realty by 1,036.9% in the fourth quarter. Millennium Management LLC now owns 1,171,297 shares of the real estate investment trust’s stock valued at $82,518,000 after acquiring an additional 1,068,271 shares during the period. Finally, Invesco Ltd. grew its position in shares of Agree Realty by 85.6% during the fourth quarter. Invesco Ltd. now owns 2,212,852 shares of the real estate investment trust’s stock worth $155,895,000 after acquiring an additional 1,020,512 shares during the last quarter. Hedge funds and other institutional investors own 97.83% of the company’s stock.

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.