Stifel Nicolaus Cuts Agree Realty (NYSE:ADC) Price Target to $81.00

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

ADC has been the topic of a number of other research reports. Evercore ISI initiated coverage on Agree Realty in a research report on Thursday, December 12th. They issued an “outperform” rating and a $82.00 price objective on the stock. Barclays assumed coverage on shares of Agree Realty in a report on Tuesday, December 17th. They set an “underweight” rating and a $76.00 target price on the stock. BTIG Research boosted their price objective on Agree Realty from $74.00 to $78.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. UBS Group upgraded shares of Agree Realty from a “neutral” rating to a “buy” rating and increased their target price for the stock from $79.00 to $84.00 in a report on Monday. Finally, Citizens Jmp cut shares of Agree Realty from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 17th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Agree Realty presently has an average rating of “Moderate Buy” and an average target price of $78.53.

Agree Realty Trading Down 0.6 %

Shares of ADC opened at $69.65 on Tuesday. The firm has a market cap of $7.21 billion, a P/E ratio of 38.48, a price-to-earnings-growth ratio of 3.66 and a beta of 0.64. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66. The business has a 50-day moving average of $73.76 and a 200 day moving average of $72.06. Agree Realty has a fifty-two week low of $54.28 and a fifty-two week high of $78.39.

Agree Realty (NYSE:ADC) last posted its quarterly 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 return on equity of 3.77% and a net margin of 31.62%. The company had revenue of $154.33 million during the quarter, compared to the consensus estimate of $152.83 million. During the same period in the previous year, the business earned $1.00 earnings per share. Agree Realty’s revenue was up 12.8% on a year-over-year basis. As a group, research analysts forecast that Agree Realty will post 4.12 EPS for the current year.

Agree Realty Dividend Announcement

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 given a dividend of $0.253 per share. This represents a $3.04 annualized dividend and a yield of 4.36%. The ex-dividend date of this dividend is Tuesday, December 31st. Agree Realty’s dividend payout ratio (DPR) is 167.40%.

Institutional Investors Weigh In On Agree Realty

Institutional investors and hedge funds have recently made changes to their positions in the company. Citigroup Inc. increased its holdings in Agree Realty by 348.9% in the 3rd 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 increased its holdings in 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 valued at $28,476,000 after buying an additional 186,285 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Agree Realty by 37.3% in 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 purchasing an additional 990,362 shares during the period. Vanderbilt University raised its stake in shares of Agree Realty by 148.9% in the third quarter. Vanderbilt University now owns 16,933 shares of the real estate investment trust’s stock worth $1,276,000 after buying an additional 10,129 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its holdings in Agree Realty by 40.2% during the third 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. 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.