Agree Realty (NYSE:ADC) Upgraded to “Buy” at UBS Group

UBS Group upgraded shares of Agree Realty (NYSE:ADC) from a neutral rating to a buy rating in a research note released on Monday,Benzinga reports. The firm currently has $84.00 price target on the real estate investment trust’s stock, up from their previous price target of $79.00.

A number of other equities analysts also recently issued reports on ADC. Truist Financial increased their price target on Agree Realty from $77.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. KeyCorp lifted their price target on shares of Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, October 4th. Citizens Jmp lowered shares of Agree Realty from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 17th. BTIG Research lifted their price target on Agree Realty from $74.00 to $78.00 and gave the stock a “buy” rating in a research report on Wednesday, November 27th. Finally, Evercore ISI initiated coverage on shares of Agree Realty in a research note on Thursday, December 12th. They set an “outperform” rating and a $82.00 price objective for the company. One research analyst has rated the stock with a sell rating, four have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Agree Realty presently has a consensus rating of “Moderate Buy” and an average target price of $78.37.

Agree Realty Stock Up 0.2 %

NYSE ADC opened at $70.45 on Monday. Agree Realty has a 52 week low of $54.28 and a 52 week high of $78.39. The firm has a market capitalization of $7.29 billion, a price-to-earnings ratio of 38.92, a PEG ratio of 3.66 and a beta of 0.64. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.52. The company has a fifty day moving average of $73.94 and a two-hundred day moving average of $72.02.

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

Agree Realty Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, January 15th. Stockholders 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 dividend yield of 4.31%. Agree Realty’s payout ratio is 167.40%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Dana Investment Advisors Inc. grew its position in Agree Realty by 0.6% during the 2nd quarter. Dana Investment Advisors Inc. now owns 29,274 shares of the real estate investment trust’s stock worth $1,813,000 after purchasing an additional 170 shares during the last quarter. Commonwealth Equity Services LLC boosted its stake in shares of Agree Realty by 3.2% during the second quarter. Commonwealth Equity Services LLC now owns 6,895 shares of the real estate investment trust’s stock worth $427,000 after buying an additional 216 shares during the period. State of Alaska Department of Revenue grew its holdings in shares of Agree Realty by 0.4% during the third quarter. State of Alaska Department of Revenue now owns 58,934 shares of the real estate investment trust’s stock worth $4,438,000 after buying an additional 224 shares during the last quarter. US Bancorp DE increased its position in Agree Realty by 1.5% in the 3rd quarter. US Bancorp DE now owns 17,130 shares of the real estate investment trust’s stock valued at $1,290,000 after acquiring an additional 252 shares during the period. Finally, Carmel Capital Partners LLC raised its stake in Agree Realty by 4.0% during the 3rd quarter. Carmel Capital Partners LLC now owns 6,727 shares of the real estate investment trust’s stock valued at $507,000 after acquiring an additional 257 shares during 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.