Agree Realty (NYSE:ADC) Price Target Raised to $80.00

by · The Cerbat Gem

Agree Realty (NYSE:ADC – Free Report) had its price objective hoisted by KeyCorp from $68.00 to $80.00 in a report published on Friday morning, Marketbeat.com reports. They currently have an overweight rating on the real estate investment trust’s stock.

Several other research analysts have also issued reports on the company. Stifel Nicolaus upped their target price on Agree Realty from $67.50 to $71.50 and gave the company a buy rating in a research report on Wednesday, July 24th. Royal Bank of Canada lifted their price objective on shares of Agree Realty from $63.00 to $70.00 and gave the stock an outperform rating in a research note on Thursday, July 25th. StockNews.com raised Agree Realty from a sell rating to a hold rating in a research report on Tuesday, June 11th. Raymond James boosted their price target on Agree Realty from $70.00 to $81.00 and gave the company a strong-buy rating in a research note on Wednesday, August 21st. Finally, Truist Financial raised their price objective on Agree Realty from $68.00 to $77.00 and gave the stock a buy rating in a research note on Monday, August 5th. Four investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $72.21.

Check Out Our Latest Report on ADC

Agree Realty Price Performance

NYSE ADC opened at $73.40 on Friday. The company has a market cap of $7.39 billion, a PE ratio of 43.18, a P/E/G ratio of 2.51 and a beta of 0.61. Agree Realty has a 52-week low of $52.69 and a 52-week high of $77.30. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.79 and a current ratio of 0.79. The firm’s 50 day moving average price is $73.52 and its 200-day moving average price is $64.93.

Agree Realty (NYSE:ADC – Get Free Report) last released its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.52 EPS for the quarter, missing the consensus estimate of $1.03 by ($0.51). The company had revenue of $152.58 million during the quarter, compared to the consensus estimate of $150.35 million. Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The company’s revenue was up 17.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.98 earnings per share. Sell-side analysts forecast that Agree Realty will post 4.11 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $3.00 dividend on an annualized basis and a yield of 4.09%. Agree Realty’s dividend payout ratio is currently 176.47%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. MCF Advisors LLC acquired a new stake in Agree Realty during the 2nd quarter worth $26,000. Massmutual Trust Co. FSB ADV raised its holdings in Agree Realty by 248.3% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 620 shares of the real estate investment trust’s stock valued at $38,000 after acquiring an additional 442 shares during the last quarter. UMB Bank n.a. lifted its stake in Agree Realty by 247.3% in the 1st quarter. UMB Bank n.a. now owns 719 shares of the real estate investment trust’s stock worth $41,000 after purchasing an additional 512 shares in the last quarter. Parallel Advisors LLC boosted its holdings in shares of Agree Realty by 35.9% during the 4th quarter. Parallel Advisors LLC now owns 1,129 shares of the real estate investment trust’s stock worth $71,000 after purchasing an additional 298 shares during the last quarter. Finally, Headlands Technologies LLC increased its holdings in shares of 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 valued at $71,000 after purchasing an additional 798 shares during the last quarter. Institutional investors and hedge funds own 97.83% of the company’s stock.

Agree Realty Company Profile

(Get Free Report)

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.

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