Agree Realty (NYSE:ADC) PT Raised to $77.00

Agree Realty (NYSE:ADC) had its target price boosted by Wells Fargo & Company from $75.00 to $77.00 in a report issued on Monday, Benzinga reports. They currently have an overweight rating on the real estate investment trust’s stock.

A number of other research firms also recently issued reports on ADC. Truist Financial raised their price target on Agree Realty from $68.00 to $77.00 and gave the stock a buy rating in a research note on Monday, August 5th. BTIG Research increased their target price on Agree Realty from $65.00 to $74.00 and gave the company a buy rating in a report on Monday, August 12th. UBS Group boosted their price target on Agree Realty from $60.00 to $67.00 and gave the company a neutral rating in a research note on Thursday, July 18th. StockNews.com upgraded shares of Agree Realty from a sell rating to a hold rating in a research note on Tuesday, June 11th. Finally, Stifel Nicolaus upped their target price on shares of Agree Realty from $67.50 to $71.50 and gave the company a buy rating in a report on Wednesday, July 24th. Five analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $70.42.

Agree Realty Stock Up 0.9 %

NYSE:ADC opened at $73.36 on Monday. The firm has a 50-day simple moving average of $67.41 and a two-hundred day simple moving average of $61.31. Agree Realty has a fifty-two week low of $52.69 and a fifty-two week high of $73.39. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.79 and a current ratio of 0.79. The firm has a market cap of $7.38 billion, a P/E ratio of 43.15, a P/E/G ratio of 2.80 and a beta of 0.58.

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

Agree Realty Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Monday, September 16th. Stockholders of record on Friday, August 30th will be given a $0.25 dividend. The ex-dividend date is Friday, August 30th. This represents a $3.00 annualized dividend and a dividend yield of 4.09%. Agree Realty’s payout ratio is 176.47%.

Institutional Trading of Agree Realty

Several institutional investors have recently made changes to their positions in the business. Long Pond Capital LP grew its stake in Agree Realty by 489.8% during the first quarter. Long Pond Capital LP now owns 2,868,640 shares of the real estate investment trust’s stock valued at $163,857,000 after acquiring an additional 2,382,252 shares in the last quarter. Norges Bank bought a new stake in shares of Agree Realty in the fourth quarter worth about $71,409,000. PGGM Investments purchased a new stake in shares of Agree Realty in the second quarter worth about $70,225,000. Principal Financial Group Inc. boosted its stake in Agree Realty by 12.1% during the fourth quarter. Principal Financial Group Inc. now owns 6,660,665 shares of the real estate investment trust’s stock valued at $419,289,000 after buying an additional 719,430 shares during the last quarter. Finally, Daiwa Securities Group Inc. grew its holdings in Agree Realty by 55.9% during the 2nd quarter. Daiwa Securities Group Inc. now owns 1,815,511 shares of the real estate investment trust’s stock valued at $112,453,000 after buying an additional 650,921 shares in 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.