Agree Realty (NYSE:ADC) Price Target Raised to $77.00 at UBS Group

Agree Realty (NYSE:ADC) had its price objective upped by UBS Group from $72.00 to $77.00 in a research note published on Wednesday morning, Benzinga reports. UBS Group currently has a neutral rating on the real estate investment trust’s stock.

A number of other equities research analysts have also issued reports on the stock. Stifel Nicolaus lifted their target price on shares of Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Raymond James lifted their target price on shares of Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research note on Wednesday, August 21st. KeyCorp lifted their target price 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. Wells Fargo & Company restated an “overweight” rating and set a $80.00 price target (up previously from $77.00) on shares of Agree Realty in a report on Tuesday, October 1st. Finally, Truist Financial raised their price target on shares of Agree Realty from $68.00 to $77.00 and gave the company a “buy” rating in a report on Monday, August 5th. Four equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $73.04.

Agree Realty Trading Down 0.4 %

Agree Realty stock opened at $75.58 on Wednesday. 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 has a market cap of $7.61 billion, a price-to-earnings ratio of 44.46, a price-to-earnings-growth ratio of 2.47 and a beta of 0.61. Agree Realty has a 1 year low of $52.69 and a 1 year high of $77.30. The firm’s 50 day moving average price is $74.17 and its two-hundred day moving average price is $66.01.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.51). The firm had revenue of $152.58 million during the quarter, compared to analyst estimates 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 for the quarter was up 17.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.98 EPS. On average, research analysts predict that Agree Realty will post 4.11 EPS for the current fiscal year.

Agree Realty Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be issued a $0.253 dividend. This represents a $3.04 annualized dividend and a yield of 4.02%. The ex-dividend date of this dividend is Thursday, October 31st. This is an increase from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s dividend payout ratio (DPR) is 178.24%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Friedenthal Financial bought a new position in Agree Realty in the 3rd quarter worth $769,000. Blue Trust Inc. increased its holdings in shares of Agree Realty by 18.6% during the 3rd quarter. Blue Trust Inc. now owns 3,123 shares of the real estate investment trust’s stock worth $235,000 after purchasing an additional 489 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in shares of Agree Realty by 5.9% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 26,149 shares of the real estate investment trust’s stock worth $1,970,000 after purchasing an additional 1,464 shares during the period. Heritage Family Offices LLP bought a new position in shares of Agree Realty during the 3rd quarter worth about $232,000. Finally, Presima Securities ULC increased its holdings in shares of Agree Realty by 1.1% during the 3rd quarter. Presima Securities ULC now owns 35,468 shares of the real estate investment trust’s stock worth $2,672,000 after purchasing an additional 400 shares during the period. 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.