Agree Realty (NYSE:ADC) Now Covered by UBS Group

UBS Group began coverage on shares of Agree Realty (NYSE:ADC) in a report issued on Friday morning, Marketbeat reports. The firm issued a neutral rating and a $60.00 target price on the real estate investment trust’s stock.

Several other brokerages have also commented on ADC. Royal Bank of Canada decreased their price objective on Agree Realty from $67.00 to $63.00 and set an outperform rating for the company in a report on Thursday, February 15th. Stifel Nicolaus decreased their price objective on Agree Realty from $70.00 to $69.50 and set a buy rating for the company in a report on Wednesday, February 14th. StockNews.com upgraded Agree Realty from a sell rating to a hold rating in a report on Monday, May 13th. Truist Financial decreased their price objective on Agree Realty from $70.00 to $68.00 and set a buy rating for the company in a report on Tuesday, February 27th. Finally, Wells Fargo & Company reduced their target price on Agree Realty from $66.00 to $62.00 and set an overweight rating for the company in a research note on Tuesday, February 20th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, Agree Realty has a consensus rating of Hold and an average price target of $65.25.

Agree Realty Trading Up 0.3 %

Shares of NYSE ADC opened at $60.97 on Friday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.71 and a current ratio of 0.71. The business’s 50 day moving average price is $58.14 and its 200-day moving average price is $58.90. Agree Realty has a fifty-two week low of $52.69 and a fifty-two week high of $69.26. The company has a market cap of $6.14 billion, a price-to-earnings ratio of 35.86, a PEG ratio of 2.41 and a beta of 0.56.

Agree Realty Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Friday, June 14th. Stockholders of record on Friday, May 31st will be given a dividend of $0.25 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 4.92%. The ex-dividend date is Friday, May 31st. Agree Realty’s dividend payout ratio (DPR) is presently 176.47%.

Insider Activity

In other Agree Realty news, Director Greg Lehmkuhl bought 1,000 shares of the company’s stock in a transaction dated Thursday, May 23rd. The shares were purchased at an average cost of $58.99 per share, for a total transaction of $58,990.00. Following the transaction, the director now directly owns 23,036 shares of the company’s stock, valued at $1,358,893.64. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Agree Realty

Several institutional investors have recently bought and sold shares of ADC. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its holdings in shares of Agree Realty by 5.6% during the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 57,477 shares of the real estate investment trust’s stock worth $3,175,000 after purchasing an additional 3,041 shares during the last quarter. abrdn plc boosted its holdings in shares of Agree Realty by 5.0% during the 3rd quarter. abrdn plc now owns 18,583 shares of the real estate investment trust’s stock worth $1,027,000 after purchasing an additional 889 shares during the last quarter. Arizona State Retirement System boosted its holdings in shares of Agree Realty by 4.7% during the 3rd quarter. Arizona State Retirement System now owns 26,536 shares of the real estate investment trust’s stock worth $1,466,000 after purchasing an additional 1,186 shares during the last quarter. Fox Run Management L.L.C. acquired a new position in shares of Agree Realty during the 3rd quarter worth approximately $341,000. Finally, Metis Global Partners LLC boosted its holdings in shares of Agree Realty by 6.3% during the 3rd quarter. Metis Global Partners LLC now owns 5,645 shares of the real estate investment trust’s stock worth $312,000 after purchasing an additional 333 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

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.