Agree Realty Co. (NYSE:ADC) Receives Average Rating of “Moderate Buy” from Brokerages

Agree Realty Co. (NYSE:ADC) has been given an average recommendation of “Moderate Buy” by the nine brokerages that are covering the firm, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $65.61.

A number of brokerages have weighed in on ADC. BMO Capital Markets initiated coverage on Agree Realty in a research report on Tuesday, February 13th. They set an “outperform” rating and a $69.00 price target on the stock. StockNews.com downgraded Agree Realty from a “hold” rating to a “sell” rating in a report on Friday, May 3rd. Mizuho decreased their price objective on shares of Agree Realty from $65.00 to $60.00 and set a “neutral” rating on the stock in a report on Thursday, March 7th. Stifel Nicolaus cut their target price on shares of Agree Realty from $70.00 to $69.50 and set a “buy” rating for the company in a research note on Wednesday, February 14th. Finally, Wells Fargo & Company lowered their price target on shares of Agree Realty from $66.00 to $62.00 and set an “overweight” rating on the stock in a report on Tuesday, February 20th.

Insider Activity at Agree Realty

In related news, CEO Joey Agree bought 2,000 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was purchased at an average cost of $57.56 per share, for a total transaction of $115,120.00. Following the transaction, the chief executive officer now owns 557,903 shares in the company, valued at approximately $32,112,896.68. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, Director John Rakolta, Jr. acquired 20,430 shares of the stock in a transaction on Friday, February 16th. The stock was acquired at an average cost of $57.00 per share, for a total transaction of $1,164,510.00. Following the completion of the transaction, the director now directly owns 392,549 shares in the company, valued at $22,375,293. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Joey Agree bought 2,000 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were acquired at an average price of $57.56 per share, with a total value of $115,120.00. Following the completion of the purchase, the chief executive officer now directly owns 557,903 shares of the company’s stock, valued at $32,112,896.68. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 42,482 shares of company stock worth $2,397,572. Company insiders own 1.80% of the company’s stock.

Institutional Trading of Agree Realty

Institutional investors and hedge funds have recently modified their holdings of the business. Applied Capital LLC FL grew its position in Agree Realty by 2.4% in the fourth quarter. Applied Capital LLC FL now owns 7,457 shares of the real estate investment trust’s stock valued at $469,000 after acquiring an additional 174 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its stake in shares of Agree Realty by 2.3% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 13,078 shares of the real estate investment trust’s stock valued at $722,000 after purchasing an additional 289 shares in the last quarter. State of Alaska Department of Revenue grew its holdings in shares of Agree Realty by 0.5% during the 1st quarter. State of Alaska Department of Revenue now owns 58,101 shares of the real estate investment trust’s stock valued at $3,317,000 after purchasing an additional 297 shares during the last quarter. Sequoia Financial Advisors LLC increased its position in Agree Realty by 4.4% during the 1st quarter. Sequoia Financial Advisors LLC now owns 7,012 shares of the real estate investment trust’s stock worth $401,000 after purchasing an additional 297 shares in the last quarter. Finally, Parallel Advisors LLC lifted its stake in Agree Realty by 35.9% in the 4th quarter. Parallel Advisors LLC now owns 1,129 shares of the real estate investment trust’s stock valued at $71,000 after purchasing an additional 298 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors.

Agree Realty Stock Performance

NYSE ADC opened at $58.37 on Friday. The firm’s fifty day moving average price is $56.89 and its two-hundred day moving average price is $58.46. Agree Realty has a 1 year low of $52.69 and a 1 year high of $69.26. The firm has a market capitalization of $5.87 billion, a P/E ratio of 34.34, a price-to-earnings-growth ratio of 2.70 and a beta of 0.52. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.50.

Agree Realty Increases Dividend

The firm also recently declared a monthly dividend, which will be paid on Tuesday, May 14th. Stockholders of record on Tuesday, April 30th will be given a $0.25 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 5.14%. This is an increase from Agree Realty’s previous monthly dividend of $0.25. The ex-dividend date is Monday, April 29th. Agree Realty’s payout ratio is presently 176.47%.

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.