Agree Realty Corporation (NYSE:ADC) Receives $80.50 Average Target Price from Analysts

Shares of Agree Realty Corporation (NYSE:ADC) have earned an average rating of “Moderate Buy” from the fourteen research firms that are presently covering the stock, Marketbeat.com reports. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $80.50.

Several equities analysts recently weighed in on the stock. Wall Street Zen cut shares of Agree Realty from a “hold” rating to a “sell” rating in a research report on Tuesday, January 27th. Mizuho dropped their target price on Agree Realty from $77.00 to $75.00 and set a “neutral” rating on the stock in a report on Wednesday, December 17th. Barclays lifted their target price on Agree Realty from $77.00 to $78.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 3rd. Stifel Nicolaus increased their price target on Agree Realty from $83.50 to $84.50 and gave the company a “buy” rating in a research report on Wednesday, February 11th. Finally, Truist Financial cut their price objective on shares of Agree Realty from $84.00 to $82.00 and set a “buy” rating on the stock in a report on Friday, October 24th.

Insiders Place Their Bets

In other news, CFO Peter Coughenour acquired 500 shares of the firm’s stock in a transaction on Friday, January 9th. The stock was purchased at an average price of $69.80 per share, for a total transaction of $34,900.00. Following the purchase, the chief financial officer owned 18,544 shares in the company, valued at approximately $1,294,371.20. This represents a 2.77% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman Richard Agree bought 24,000 shares of the company’s stock in a transaction on Friday, January 9th. The shares were purchased at an average cost of $70.67 per share, for a total transaction of $1,696,080.00. Following the transaction, the chairman owned 159,855 shares in the company, valued at approximately $11,296,952.85. This represents a 17.67% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders bought 39,500 shares of company stock valued at $2,813,680. Corporate insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Compound Planning Inc. boosted its holdings in shares of Agree Realty by 18.2% in the 4th quarter. Compound Planning Inc. now owns 4,177 shares of the real estate investment trust’s stock worth $301,000 after buying an additional 643 shares during the last quarter. Invesco Ltd. grew its position in shares of Agree Realty by 11.0% during the 4th quarter. Invesco Ltd. now owns 468,934 shares of the real estate investment trust’s stock valued at $33,777,000 after acquiring an additional 46,492 shares during the period. Corient Private Wealth LLC grew its position in shares of Agree Realty by 19.6% during the 4th quarter. Corient Private Wealth LLC now owns 6,982 shares of the real estate investment trust’s stock valued at $503,000 after acquiring an additional 1,142 shares during the period. Mercer Global Advisors Inc. ADV increased its stake in shares of Agree Realty by 34.7% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 11,950 shares of the real estate investment trust’s stock worth $861,000 after purchasing an additional 3,079 shares during the last quarter. Finally, Blue Chip Partners LLC raised its holdings in shares of Agree Realty by 0.8% in the 4th quarter. Blue Chip Partners LLC now owns 37,560 shares of the real estate investment trust’s stock worth $2,705,000 after purchasing an additional 306 shares during the period. Institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Performance

ADC opened at $77.14 on Friday. Agree Realty has a 1-year low of $68.98 and a 1-year high of $79.65. The company has a market cap of $9.26 billion, a price-to-earnings ratio of 43.58, a PEG ratio of 2.98 and a beta of 0.54. The company’s fifty day moving average price is $73.09 and its two-hundred day moving average price is $73.00. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.54.

Agree Realty Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 27th will be issued a dividend of $0.262 per share. The ex-dividend date is Friday, February 27th. This represents a c) annualized dividend and a yield of 4.1%. Agree Realty’s payout ratio is 177.40%.

About Agree Realty

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.