Agree Realty Co. (NYSE:ADC) Receives $79.85 Average Price Target from Analysts

Shares of Agree Realty Co. (NYSE:ADC) have been assigned an average recommendation of “Moderate Buy” from the fifteen research firms that are presently covering the firm, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation, ten have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among brokerages that have covered the stock in the last year is $79.85.

Several equities research analysts have weighed in on ADC shares. UBS Group upgraded shares of Agree Realty from a “neutral” rating to a “buy” rating and raised their price objective for the company from $79.00 to $84.00 in a research report on Monday, January 6th. Stifel Nicolaus dropped their price objective 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. StockNews.com raised Agree Realty from a “sell” rating to a “hold” rating in a report on Sunday, February 16th. JMP Securities cut Agree Realty from an “outperform” rating to a “market perform” rating in a research note on Tuesday, December 17th. Finally, Evercore ISI assumed coverage on Agree Realty in a research note on Thursday, December 12th. They set an “outperform” rating and a $82.00 price target on the stock.

Hedge Funds Weigh In On Agree Realty

A number of hedge funds and other institutional investors have recently made changes to their positions in ADC. Cohen & Steers Inc. raised its stake in Agree Realty by 43.0% during the 4th quarter. Cohen & Steers Inc. now owns 9,767,632 shares of the real estate investment trust’s stock worth $688,108,000 after buying an additional 2,937,147 shares during the period. FMR LLC raised its position in shares of Agree Realty by 729.3% during the third quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust’s stock worth $168,648,000 after purchasing an additional 1,968,811 shares during the period. Raymond James Financial Inc. bought a new position in shares of Agree Realty during the 4th quarter valued at about $101,382,000. Millennium Management LLC grew its position in shares of Agree Realty by 1,036.9% in the 4th quarter. Millennium Management LLC now owns 1,171,297 shares of the real estate investment trust’s stock valued at $82,518,000 after purchasing an additional 1,068,271 shares during the period. Finally, Invesco Ltd. grew its position in shares of Agree Realty by 85.6% in the 4th quarter. Invesco Ltd. now owns 2,212,852 shares of the real estate investment trust’s stock valued at $155,895,000 after purchasing an additional 1,020,512 shares during the period. 97.83% of the stock is owned by institutional investors.

Agree Realty Stock Performance

NYSE:ADC opened at $77.28 on Tuesday. The stock has a market capitalization of $8.30 billion, a P/E ratio of 43.42, a price-to-earnings-growth ratio of 2.88 and a beta of 0.64. Agree Realty has a 1 year low of $54.78 and a 1 year high of $78.39. The firm has a 50 day moving average of $73.89 and a 200-day moving average of $73.91. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52.

Agree Realty (NYSE:ADC) last posted its quarterly earnings data on Tuesday, February 11th. The real estate investment trust reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.61. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. As a group, sell-side analysts anticipate that Agree Realty will post 4.27 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Monday, April 14th. Investors of record on Monday, March 31st will be issued a dividend of $0.253 per share. This represents a $3.04 dividend on an annualized basis and a yield of 3.93%. The ex-dividend date is Monday, March 31st. Agree Realty’s dividend payout ratio is currently 170.22%.

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.