Agree Realty Co. (NYSE:ADC) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Agree Realty Co. (NYSE:ADC) have earned an average recommendation of “Moderate Buy” from the fourteen ratings firms that are covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $78.18.

A number of equities analysts recently weighed in on ADC shares. Mizuho raised their price objective on Agree Realty from $75.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. UBS Group lifted their price target on shares of Agree Realty from $77.00 to $79.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. Evercore ISI initiated coverage on shares of Agree Realty in a research note on Thursday. They issued an “outperform” rating and a $82.00 price objective for the company. StockNews.com cut shares of Agree Realty from a “hold” rating to a “sell” rating in a research report on Monday, December 9th. Finally, Raymond James boosted their price target on shares of Agree Realty from $70.00 to $81.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, August 21st.

Agree Realty Price Performance

ADC stock opened at $74.66 on Friday. The firm has a 50 day simple moving average of $75.23 and a two-hundred day simple moving average of $70.84. The stock has a market cap of $7.73 billion, a PE ratio of 41.25, a P/E/G ratio of 3.66 and a beta of 0.62. Agree Realty has a one year low of $54.28 and a one year high of $78.39. 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 (NYSE:ADC) last released its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS 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 firm had revenue of $154.33 million during the quarter, compared to the consensus estimate of $152.83 million. During the same period in the prior year, the company earned $1.00 EPS. The firm’s revenue was up 12.8% compared to the same quarter last year. On average, analysts predict that Agree Realty will post 4.12 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a $0.253 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $3.04 annualized dividend and a dividend yield of 4.07%. Agree Realty’s dividend payout ratio is 167.96%.

Hedge Funds Weigh In On Agree Realty

Several hedge funds and other institutional investors have recently modified their holdings of ADC. MCF Advisors LLC purchased a new position in shares of Agree Realty during the 2nd quarter worth approximately $26,000. Headlands Technologies LLC grew its stake in Agree Realty by 232.0% in the second quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock worth $71,000 after purchasing an additional 798 shares during the period. UMB Bank n.a. raised its holdings in Agree Realty by 44.5% in the third quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock worth $73,000 after purchasing an additional 299 shares in the last quarter. Arcadia Investment Management Corp MI bought a new stake in shares of Agree Realty during the 3rd quarter valued at $75,000. Finally, Wilmington Savings Fund Society FSB purchased a new stake in shares of Agree Realty in the 3rd quarter worth about $77,000. Hedge funds and other 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.