Mizuho Cuts Agree Realty (NYSE:ADC) Price Target to $74.00

Agree Realty (NYSE:ADC) had its price objective decreased by Mizuho from $80.00 to $74.00 in a research report report published on Wednesday morning,Benzinga reports. Mizuho currently has a neutral rating on the real estate investment trust’s stock.

A number of other research firms have also issued reports on ADC. KeyCorp boosted their target price on Agree Realty from $68.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, October 4th. Deutsche Bank Aktiengesellschaft began coverage on shares of Agree Realty in a research note on Wednesday, December 11th. They issued a “buy” rating and a $88.00 price objective on the stock. Royal Bank of Canada reduced their target price on shares of Agree Realty from $80.00 to $79.00 and set an “outperform” rating for the company in a research note on Tuesday. Stifel Nicolaus dropped their price target on shares of Agree Realty from $81.50 to $81.00 and set a “buy” rating on the stock in a research note on Tuesday. Finally, StockNews.com downgraded shares of Agree Realty from a “hold” rating to a “sell” rating in a research report on Tuesday. Two investment analysts have rated the stock with a sell rating, three have assigned 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 a consensus price target of $78.53.

Agree Realty Stock Down 1.9 %

Shares of NYSE:ADC opened at $68.35 on Wednesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.66 and a quick ratio of 0.66. The stock has a market cap of $7.08 billion, a P/E ratio of 37.76, a P/E/G ratio of 3.66 and a beta of 0.64. Agree Realty has a 1-year low of $54.28 and a 1-year high of $78.39. The firm has a fifty day moving average price of $73.67 and a 200 day moving average price of $72.04.

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

Agree Realty Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a dividend of $0.253 per share. This represents a $3.04 annualized dividend and a dividend yield of 4.44%. The ex-dividend date is Tuesday, December 31st. Agree Realty’s dividend payout ratio (DPR) is presently 167.40%.

Institutional Trading of Agree Realty

Several institutional investors and hedge funds have recently modified their holdings of the business. GAMMA Investing LLC raised its position in shares of Agree Realty by 34.5% during the 4th quarter. GAMMA Investing LLC now owns 2,897 shares of the real estate investment trust’s stock worth $204,000 after purchasing an additional 743 shares during the last quarter. Versant Capital Management Inc increased its position in Agree Realty by 230.7% during the fourth quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust’s stock worth $30,000 after buying an additional 293 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Agree Realty by 37.3% in the third quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust’s stock worth $274,693,000 after acquiring an additional 990,362 shares during the last quarter. Franklin Resources Inc. lifted its position in shares of Agree Realty by 8.2% in the third quarter. Franklin Resources Inc. now owns 66,153 shares of the real estate investment trust’s stock valued at $4,917,000 after acquiring an additional 5,039 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB acquired a new stake in shares of Agree Realty during the third quarter valued at $77,000. 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.