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

Shares of Agree Realty Co. (NYSE:ADC) have been given a consensus recommendation of “Moderate Buy” by the sixteen research firms that are presently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, three have issued a hold recommendation, eleven have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $78.53.

A number of equities research analysts have issued reports on ADC shares. JMP Securities cut shares of Agree Realty from an “outperform” rating to a “market perform” rating in a report on Tuesday, December 17th. UBS Group upgraded Agree Realty from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $79.00 to $84.00 in a research note on Monday, January 6th. Deutsche Bank Aktiengesellschaft began coverage on Agree Realty in a report on Wednesday, December 11th. They set a “buy” rating and a $88.00 price objective on the stock. Stifel Nicolaus reduced their target price on Agree Realty from $81.50 to $81.00 and set a “buy” rating for the company in a report on Tuesday, January 7th. Finally, Wells Fargo & Company lowered their price target on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a report on Monday, November 4th.

Agree Realty Trading Down 0.0 %

Shares of ADC opened at $70.62 on Thursday. The firm has a market cap of $7.31 billion, a P/E ratio of 39.02, a price-to-earnings-growth ratio of 3.66 and a beta of 0.64. Agree Realty has a fifty-two week low of $54.28 and a fifty-two week high of $78.39. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66. The business has a 50-day moving average of $73.35 and a 200 day moving average of $72.35.

Agree Realty (NYSE:ADC) last posted its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.61). The business had revenue of $154.33 million during the quarter, compared to analysts’ expectations of $152.83 million. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. Agree Realty’s revenue for the quarter was up 12.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.00 EPS. As a group, research analysts forecast that Agree Realty will post 4.12 EPS for the current year.

Agree Realty Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be paid a $0.253 dividend. The ex-dividend date is Friday, January 31st. This represents a $3.04 dividend on an annualized basis and a yield of 4.30%. Agree Realty’s dividend payout ratio is presently 167.40%.

Institutional Trading of Agree Realty

Institutional investors and hedge funds have recently made changes to their positions in the stock. Dana Investment Advisors Inc. grew its position in Agree Realty by 0.6% in the second quarter. Dana Investment Advisors Inc. now owns 29,274 shares of the real estate investment trust’s stock worth $1,813,000 after acquiring an additional 170 shares in the last quarter. Commonwealth Equity Services LLC lifted its stake in Agree Realty by 3.2% during the second quarter. Commonwealth Equity Services LLC now owns 6,895 shares of the real estate investment trust’s stock worth $427,000 after purchasing an additional 216 shares during the last quarter. State of Alaska Department of Revenue boosted its holdings in shares of Agree Realty by 0.4% in the 3rd quarter. State of Alaska Department of Revenue now owns 58,934 shares of the real estate investment trust’s stock worth $4,438,000 after purchasing an additional 224 shares in the last quarter. US Bancorp DE boosted its holdings in shares of Agree Realty by 1.5% in the 3rd quarter. US Bancorp DE now owns 17,130 shares of the real estate investment trust’s stock worth $1,290,000 after purchasing an additional 252 shares in the last quarter. Finally, Carmel Capital Partners LLC increased its position in shares of Agree Realty by 4.0% during the 3rd quarter. Carmel Capital Partners LLC now owns 6,727 shares of the real estate investment trust’s stock valued at $507,000 after purchasing an additional 257 shares during the last quarter. Hedge funds and other 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.