Truist Financial Boosts Agree Realty (NYSE:ADC) Price Target to $80.00

Agree Realty (NYSE:ADC) had its price objective hoisted by Truist Financial from $77.00 to $80.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the real estate investment trust’s stock.

Several other research analysts have also recently weighed in on the stock. Wells Fargo & Company reissued an “overweight” rating and set a $80.00 price target (up previously from $77.00) on shares of Agree Realty in a research report on Tuesday, October 1st. UBS Group boosted their price target on shares of Agree Realty from $72.00 to $77.00 and gave the company a “neutral” rating in a research report on Wednesday, October 16th. Raymond James boosted their price target on shares of Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a research report on Wednesday, August 21st. Robert W. Baird upped their target price on shares of Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Finally, KeyCorp upped their target price 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. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Agree Realty has a consensus rating of “Moderate Buy” and a consensus target price of $74.27.

Agree Realty Price Performance

Agree Realty stock opened at $73.93 on Wednesday. Agree Realty has a 52-week low of $54.28 and a 52-week high of $77.47. The firm has a market capitalization of $7.65 billion, a price-to-earnings ratio of 40.85, a PEG ratio of 2.51 and a beta of 0.61. The company has a fifty day simple moving average of $74.72 and a 200-day simple moving average of $67.30. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52.

Agree Realty (NYSE:ADC) last announced its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 earnings per share for the quarter, missing the consensus estimate of $1.03 by ($0.61). The firm had revenue of $154.33 million for the quarter, compared to analyst estimates of $152.83 million. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. The company’s revenue was up 12.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.00 EPS. On average, equities analysts anticipate that Agree Realty will post 4.12 EPS for the current fiscal year.

Agree Realty Increases Dividend

The firm also recently declared a monthly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st will be given a dividend of $0.253 per share. This represents a $3.04 annualized dividend and a dividend yield of 4.11%. The ex-dividend date is Thursday, October 31st. This is a boost from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s dividend payout ratio is currently 165.75%.

Institutional Trading of Agree Realty

Hedge funds have recently made changes to their positions in the business. Swiss National Bank lifted its position in shares of Agree Realty by 4.6% during the first quarter. Swiss National Bank now owns 198,382 shares of the real estate investment trust’s stock worth $11,332,000 after purchasing an additional 8,700 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of Agree Realty by 1.4% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 886,527 shares of the real estate investment trust’s stock worth $50,638,000 after purchasing an additional 12,159 shares in the last quarter. FORA Capital LLC purchased a new stake in shares of Agree Realty during the first quarter worth approximately $1,600,000. Quantbot Technologies LP purchased a new stake in shares of Agree Realty during the first quarter worth approximately $2,280,000. Finally, Virtu Financial LLC purchased a new stake in shares of Agree Realty during the first quarter worth approximately $599,000. Institutional investors and hedge funds 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.