Agree Realty (NYSE:ADC) Price Target Cut to $81.00 by Analysts at Stifel Nicolaus

Agree Realty (NYSE:ADC) had its price target trimmed by Stifel Nicolaus from $81.50 to $81.00 in a research report released on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the real estate investment trust’s stock.

Several other equities research analysts have also recently issued reports on the company. BTIG Research raised their target price on Agree Realty from $74.00 to $78.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. UBS Group upgraded shares of Agree Realty from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $79.00 to $84.00 in a report on Monday. KeyCorp lifted their price target on shares of Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, October 4th. Deutsche Bank Aktiengesellschaft began coverage on shares of Agree Realty in a research note on Wednesday, December 11th. They issued a “buy” rating and a $88.00 price target on the stock. Finally, Evercore ISI began coverage on shares of Agree Realty in a research report on Thursday, December 12th. They set an “outperform” rating and a $82.00 price objective for the company. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $78.93.

Agree Realty Trading Down 0.6 %

ADC opened at $69.98 on Tuesday. The firm has a market capitalization of $7.24 billion, a price-to-earnings ratio of 38.66, a price-to-earnings-growth ratio of 3.66 and a beta of 0.64. The company’s 50 day simple moving average is $73.87 and its two-hundred day simple moving average is $72.08. Agree Realty has a 1-year low of $54.28 and a 1-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 announced its quarterly earnings data 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). The company had revenue of $154.33 million for the quarter, compared to analysts’ expectations of $152.83 million. Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The business’s quarterly revenue was up 12.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.00 EPS. Analysts expect that Agree Realty will post 4.12 EPS for the current fiscal year.

Agree Realty Announces Dividend

The business also recently announced 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. The ex-dividend date is Tuesday, December 31st. This represents a $3.04 dividend on an annualized basis and a yield of 4.34%. Agree Realty’s dividend payout ratio (DPR) is presently 167.40%.

Institutional Investors Weigh In On Agree Realty

Several large investors have recently bought and sold shares of ADC. Citigroup Inc. grew its position in shares of Agree Realty by 348.9% during the third quarter. Citigroup Inc. now owns 347,496 shares of the real estate investment trust’s stock worth $26,177,000 after buying an additional 270,093 shares in the last quarter. AQR Capital Management LLC lifted its stake in Agree Realty by 67.4% in 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 acquiring an additional 186,285 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Agree Realty by 37.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust’s stock worth $274,693,000 after acquiring an additional 990,362 shares in the last quarter. Vanderbilt University increased its position in shares of Agree Realty by 148.9% in the 3rd quarter. Vanderbilt University now owns 16,933 shares of the real estate investment trust’s stock valued at $1,276,000 after purchasing an additional 10,129 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings 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 valued at $8,912,000 after purchasing an additional 33,914 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.