Agree Realty (NYSE:ADC) Price Target Lowered to $78.00 at Royal Bank of Canada

Agree Realty (NYSE:ADC) had its price objective reduced by Royal Bank of Canada from $79.00 to $78.00 in a report published on Thursday,Benzinga reports. They currently have an outperform rating on the real estate investment trust’s stock.

Several other analysts also recently issued reports on ADC. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Agree Realty in a report on Wednesday, December 11th. They set a “buy” rating and a $88.00 price objective for the company. Robert W. Baird upped their price objective on shares of Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. StockNews.com cut shares of Agree Realty from a “hold” rating to a “sell” rating in a research note on Saturday, February 8th. Truist Financial boosted their price target on Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Finally, UBS Group upgraded Agree Realty from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $79.00 to $84.00 in a research report on Monday, January 6th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $79.62.

Agree Realty Trading Up 0.5 %

Shares of NYSE:ADC opened at $71.79 on Thursday. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $7.43 billion, a PE ratio of 39.66, a P/E/G ratio of 2.87 and a beta of 0.65. Agree Realty has a 1 year low of $54.28 and a 1 year high of $78.39. The firm has a fifty day moving average price of $71.85 and a 200 day moving average price of $73.46.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data on Tuesday, February 11th. The real estate investment trust reported $1.04 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.61. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. Analysts expect that Agree Realty will post 4.13 EPS for the current fiscal year.

Agree Realty Announces Dividend

The company also recently announced a feb 25 dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 28th will be paid a $0.253 dividend. The ex-dividend date is Friday, February 28th. This represents a dividend yield of 4.2%. Agree Realty’s dividend payout ratio is presently 170.22%.

Institutional Investors Weigh In On Agree Realty

A number of hedge funds have recently made changes to their positions in the company. CIBC Asset Management Inc boosted its position in Agree Realty by 5.2% in the fourth quarter. CIBC Asset Management Inc now owns 3,122 shares of the real estate investment trust’s stock valued at $220,000 after buying an additional 153 shares in the last quarter. Carmel Capital Partners LLC boosted its holdings in shares of Agree Realty by 2.5% in the 4th quarter. Carmel Capital Partners LLC now owns 6,894 shares of the real estate investment trust’s stock worth $486,000 after acquiring an additional 167 shares in the last quarter. UMB Bank n.a. grew its position in Agree Realty by 17.3% during the 4th quarter. UMB Bank n.a. now owns 1,139 shares of the real estate investment trust’s stock worth $80,000 after acquiring an additional 168 shares during the last quarter. Sequoia Financial Advisors LLC grew its position in Agree Realty by 3.8% during the 4th quarter. Sequoia Financial Advisors LLC now owns 4,590 shares of the real estate investment trust’s stock worth $323,000 after acquiring an additional 169 shares during the last quarter. Finally, Private Advisor Group LLC increased its holdings in Agree Realty by 3.6% during the 4th quarter. Private Advisor Group LLC now owns 4,909 shares of the real estate investment trust’s stock valued at $346,000 after purchasing an additional 170 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 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.