Agree Realty (NYSE:ADC) PT Raised to $74.00

Agree Realty (NYSE:ADC) had its target price upped by BTIG Research from $65.00 to $74.00 in a research note released on Monday morning, Benzinga reports. BTIG Research currently has a buy rating on the real estate investment trust’s stock.

ADC has been the topic of a number of other research reports. StockNews.com upgraded shares of Agree Realty from a sell rating to a hold rating in a research report on Tuesday, June 11th. Truist Financial upped their price target on shares of Agree Realty from $68.00 to $77.00 and gave the company a buy rating in a research report on Monday, August 5th. UBS Group lifted their price objective on Agree Realty from $60.00 to $67.00 and gave the stock a neutral rating in a research report on Thursday, July 18th. Mizuho upped their target price on Agree Realty from $60.00 to $62.00 and gave the company a neutral rating in a research report on Friday, May 10th. Finally, KeyCorp assumed coverage on Agree Realty in a research note on Wednesday, June 12th. They set an overweight rating and a $68.00 target price for the company. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and an average target price of $68.29.

Agree Realty Stock Performance

Shares of Agree Realty stock opened at $71.64 on Monday. The stock has a market cap of $7.21 billion, a price-to-earnings ratio of 42.38, a P/E/G ratio of 2.80 and a beta of 0.58. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.54. Agree Realty has a twelve month low of $52.69 and a twelve month high of $73.20. The company’s fifty day moving average is $65.14 and its 200 day moving average is $60.38.

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

Agree Realty Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Monday, September 16th. Investors of record on Friday, August 30th will be issued a $0.25 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.19%. The ex-dividend date of this dividend is Friday, August 30th. Agree Realty’s dividend payout ratio is currently 176.47%.

Insider Activity at Agree Realty

In other Agree Realty news, Director Greg Lehmkuhl bought 1,000 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The stock was bought at an average cost of $58.99 per share, with a total value of $58,990.00. Following the completion of the transaction, the director now directly owns 23,036 shares in the company, valued at approximately $1,358,893.64. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Lighthouse Investment Partners LLC purchased a new stake in Agree Realty in the 2nd quarter valued at $25,086,000. The Manufacturers Life Insurance Company grew its stake in shares of Agree Realty by 0.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 103,674 shares of the real estate investment trust’s stock worth $6,422,000 after acquiring an additional 382 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of Agree Realty by 67.4% in the second quarter. AQR Capital Management LLC now owns 462,868 shares of the real estate investment trust’s stock valued at $28,476,000 after purchasing an additional 186,285 shares during the last quarter. Marshall Wace LLP lifted its position in shares of Agree Realty by 113.1% during the second quarter. Marshall Wace LLP now owns 356,544 shares of the real estate investment trust’s stock valued at $22,084,000 after purchasing an additional 189,250 shares in the last quarter. Finally, Evergreen Capital Management LLC purchased a new position in Agree Realty during the second quarter worth about $234,000. 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.