Analysts Set Agree Realty Co. (NYSE:ADC) Price Target at $65.50

Agree Realty Co. (NYSE:ADC) has been assigned a consensus rating of “Moderate Buy” from the eleven brokerages that are currently covering the stock, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $65.50.

ADC has been the subject of several recent analyst reports. UBS Group began coverage on Agree Realty in a research report on Friday, May 31st. They set a “neutral” rating and a $60.00 price objective for the company. StockNews.com raised shares of Agree Realty from a “sell” rating to a “hold” rating in a research note on Tuesday, June 11th. KeyCorp assumed coverage on Agree Realty in a research note on Wednesday, June 12th. They issued an “overweight” rating and a $68.00 price target for the company. Finally, Mizuho increased their target price on Agree Realty from $60.00 to $62.00 and gave the company a “neutral” rating in a research report on Friday, May 10th.

Agree Realty Stock Performance

Shares of NYSE:ADC opened at $61.65 on Friday. The company’s 50 day simple moving average is $59.85 and its 200 day simple moving average is $59.19. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.71 and a quick ratio of 0.71. Agree Realty has a 1 year low of $52.69 and a 1 year high of $69.26. The stock has a market capitalization of $6.20 billion, a price-to-earnings ratio of 36.26, a price-to-earnings-growth ratio of 2.40 and a beta of 0.56.

Agree Realty Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be given a dividend of $0.25 per share. The ex-dividend date is Friday, June 28th. This represents a $3.00 dividend on an annualized basis and a yield of 4.87%. Agree Realty’s dividend payout ratio (DPR) is currently 176.47%.

Insider Transactions at Agree Realty

In other Agree Realty news, Director Greg Lehmkuhl bought 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 23rd. The stock was acquired at an average price of $58.99 per share, with a total value of $58,990.00. Following the completion of the purchase, the director now directly owns 23,036 shares of the company’s stock, valued at approximately $1,358,893.64. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. HBC Financial Services PLLC bought a new stake in shares of Agree Realty during the fourth quarter valued at approximately $31,000. Lindbrook Capital LLC grew its position in Agree Realty by 267.1% in the 4th quarter. Lindbrook Capital LLC now owns 591 shares of the real estate investment trust’s stock valued at $37,000 after purchasing an additional 430 shares during the period. UMB Bank n.a. raised its holdings in Agree Realty by 247.3% during the first quarter. UMB Bank n.a. now owns 719 shares of the real estate investment trust’s stock worth $41,000 after buying an additional 512 shares during the last quarter. GAMMA Investing LLC bought a new position in shares of Agree Realty in the fourth quarter valued at $44,000. Finally, Jamison Private Wealth Management Inc. grew its holdings in shares of Agree Realty by 96.6% during the fourth quarter. Jamison Private Wealth Management Inc. now owns 741 shares of the real estate investment trust’s stock valued at $47,000 after buying an additional 364 shares during the last quarter. Institutional investors own 97.83% of the company’s stock.

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.