Royal Bank Of Canada Cuts Agree Realty (NYSE:ADC) Price Target to $79.00

Agree Realty (NYSE:ADC) had its target price cut by Royal Bank Of Canada from $80.00 to $79.00 in a report released on Tuesday, Marketbeat Ratings reports. They currently have an outperform rating on the real estate investment trust’s stock.

A number of other research analysts also recently issued reports on ADC. Wall Street Zen upgraded shares of Agree Realty from a “sell” rating to a “hold” rating in a research report on Saturday, January 3rd. Barclays increased their price objective on shares of Agree Realty from $77.00 to $78.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 3rd. Evercore ISI decreased their target price on Agree Realty from $85.00 to $83.00 and set an “outperform” rating for the company in a research note on Monday, December 15th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Agree Realty in a report on Wednesday, October 8th. Finally, KeyCorp increased their price target on Agree Realty from $80.00 to $82.00 and gave the stock an “overweight” rating in a research report on Friday, October 24th. Eight equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, Agree Realty presently has a consensus rating of “Moderate Buy” and a consensus price target of $80.23.

Agree Realty Trading Up 0.4%

NYSE:ADC opened at $70.76 on Tuesday. The company has a market cap of $8.13 billion, a PE ratio of 41.38, a P/E/G ratio of 2.18 and a beta of 0.55. The business’s 50 day moving average is $72.90 and its two-hundred day moving average is $72.76. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.59. Agree Realty has a 52 week low of $67.58 and a 52 week high of $79.65.

Agree Realty (NYSE:ADC) last posted its quarterly earnings results on Tuesday, October 21st. The real estate investment trust reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.02. Agree Realty had a return on equity of 3.52% and a net margin of 28.11%.The business had revenue of $183.22 million for the quarter, compared to analyst estimates of $181.87 million. During the same period in the prior year, the company posted $1.03 EPS. The business’s revenue was up 18.7% compared to the same quarter last year. Agree Realty has set its FY 2025 guidance at 4.310-4.330 EPS. On average, analysts predict that Agree Realty will post 4.27 EPS for the current year.

Agree Realty Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st will be given a dividend of $0.262 per share. The ex-dividend date is Wednesday, December 31st. This represents a c) annualized dividend and a dividend yield of 4.4%. Agree Realty’s payout ratio is currently 183.63%.

Insider Transactions at Agree Realty

In other Agree Realty news, Director John Rakolta, Jr. bought 15,000 shares of the stock in a transaction that occurred on Wednesday, December 24th. The shares were purchased at an average cost of $72.18 per share, for a total transaction of $1,082,700.00. Following the transaction, the director directly owned 562,606 shares in the company, valued at $40,608,901.08. The trade was a 2.74% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in ADC. AE Wealth Management LLC increased its stake in Agree Realty by 3.5% during the 3rd quarter. AE Wealth Management LLC now owns 4,653 shares of the real estate investment trust’s stock valued at $331,000 after buying an additional 156 shares during the period. IFP Advisors Inc boosted its holdings in shares of Agree Realty by 18.2% in the third quarter. IFP Advisors Inc now owns 1,111 shares of the real estate investment trust’s stock valued at $79,000 after acquiring an additional 171 shares in the last quarter. QRG Capital Management Inc. boosted its holdings in shares of Agree Realty by 5.4% in the third quarter. QRG Capital Management Inc. now owns 3,395 shares of the real estate investment trust’s stock valued at $241,000 after acquiring an additional 174 shares in the last quarter. HighPoint Advisor Group LLC increased its stake in shares of Agree Realty by 5.8% during the third quarter. HighPoint Advisor Group LLC now owns 3,162 shares of the real estate investment trust’s stock valued at $225,000 after acquiring an additional 174 shares during the period. Finally, Corient Private Wealth LLC raised its holdings in Agree Realty by 3.4% during the second quarter. Corient Private Wealth LLC now owns 6,217 shares of the real estate investment trust’s stock worth $454,000 after purchasing an additional 204 shares in the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Agree Realty Company Profile

Agree Realty Corporation (NYSE: ADC) is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty’s primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.