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

Agree Realty (NYSE:ADC) had its price objective decreased by Barclays from $76.00 to $74.00 in a research report sent to investors on Tuesday morning,Benzinga reports. Barclays currently has an underweight rating on the real estate investment trust’s stock.

Several other equities analysts also recently weighed in on ADC. Royal Bank of Canada reiterated an “outperform” rating and set a $79.00 target price on shares of Agree Realty in a research report on Tuesday, January 28th. Robert W. Baird boosted their price objective on Agree Realty from $67.00 to $76.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Stifel Nicolaus dropped their target price on shares of Agree Realty from $81.50 to $81.00 and set a “buy” rating for the company in a research report on Tuesday, January 7th. Deutsche Bank Aktiengesellschaft assumed coverage on Agree Realty in a report on Wednesday, December 11th. They set a “buy” rating and a $88.00 price target for the company. Finally, BTIG Research boosted their target price on shares of Agree Realty from $74.00 to $78.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Agree Realty presently has a consensus rating of “Moderate Buy” and a consensus price target of $78.93.

Agree Realty Price Performance

Shares of NYSE:ADC opened at $73.12 on Tuesday. The firm’s 50 day moving average price is $72.19 and its 200-day moving average price is $73.29. 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 stock has a market capitalization of $7.57 billion, a PE ratio of 40.40, a price-to-earnings-growth ratio of 2.56 and a beta of 0.65. Agree Realty has a twelve month low of $54.28 and a twelve month high of $78.39.

Agree Realty Dividend Announcement

The company also recently declared a feb 25 dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be issued a $0.253 dividend. Agree Realty’s payout ratio is 167.96%.

Hedge Funds Weigh In On Agree Realty

Hedge funds and other institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. boosted its position in Agree Realty by 37.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust’s stock valued at $274,693,000 after acquiring an additional 990,362 shares in the last quarter. Daiwa Securities Group Inc. increased its position in shares of Agree Realty by 29.4% in the 3rd quarter. Daiwa Securities Group Inc. now owns 2,350,056 shares of the real estate investment trust’s stock valued at $177,030,000 after acquiring an additional 534,545 shares during the period. FMR LLC increased its holdings in shares of Agree Realty by 729.3% in the third quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust’s stock valued at $168,648,000 after purchasing an additional 1,968,811 shares during the period. Geode Capital Management LLC raised its position in Agree Realty by 1.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,074,760 shares of the real estate investment trust’s stock worth $156,327,000 after buying an additional 30,377 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Agree Realty by 3.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,645,652 shares of the real estate investment trust’s stock worth $115,936,000 after purchasing an additional 57,297 shares during the last quarter. 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.