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

Agree Realty Co. (NYSE:ADC) has earned an average rating of “Moderate Buy” from the sixteen analysts that are currently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $78.03.

A number of analysts recently weighed in on the stock. Citizens Jmp cut shares of Agree Realty from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Truist Financial upped their target price on Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. UBS Group raised their target price on Agree Realty from $77.00 to $79.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. BTIG Research upped their price target on Agree Realty from $74.00 to $78.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Finally, KeyCorp lifted their price objective on shares of Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, October 4th.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Citigroup Inc. raised its position in shares of Agree Realty by 348.9% during the 3rd quarter. Citigroup Inc. now owns 347,496 shares of the real estate investment trust’s stock valued at $26,177,000 after acquiring an additional 270,093 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of Agree Realty by 67.4% during the second quarter. AQR Capital Management LLC now owns 462,868 shares of the real estate investment trust’s stock worth $28,476,000 after purchasing an additional 186,285 shares during the period. Vanderbilt University raised its holdings in shares of Agree Realty by 148.9% during the third quarter. Vanderbilt University now owns 16,933 shares of the real estate investment trust’s stock worth $1,276,000 after purchasing an additional 10,129 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its position in shares of Agree Realty by 40.2% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 118,306 shares of the real estate investment trust’s stock worth $8,912,000 after buying an additional 33,914 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Agree Realty by 3.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,588,355 shares of the real estate investment trust’s stock valued at $119,651,000 after buying an additional 57,354 shares during the period. Institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Performance

NYSE ADC opened at $70.17 on Friday. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66. Agree Realty has a 1-year low of $54.28 and a 1-year high of $78.39. The firm has a market capitalization of $7.26 billion, a P/E ratio of 38.77, a P/E/G ratio of 3.66 and a beta of 0.62. The business’s 50-day simple moving average is $75.03 and its 200-day simple moving average is $71.22.

Agree Realty (NYSE:ADC) last announced its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.61). Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The business had revenue of $154.33 million for the quarter, compared to analyst estimates of $152.83 million. During the same period last year, the firm earned $1.00 earnings per share. The company’s quarterly revenue was up 12.8% on a year-over-year basis. Equities analysts predict that Agree Realty will post 4.12 EPS for the current year.

Agree Realty Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a $0.253 dividend. This represents a $3.04 annualized dividend and a yield of 4.33%. The ex-dividend date is Tuesday, December 31st. Agree Realty’s dividend payout ratio is currently 167.40%.

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.