Agree Realty (NYSE:ADC) Price Target Raised to $78.00 at BTIG Research

Agree Realty (NYSE:ADC) had its target price hoisted by BTIG Research from $74.00 to $78.00 in a research note released on Wednesday morning,Benzinga reports. BTIG Research currently has a buy rating on the real estate investment trust’s stock.

Several other equities analysts have also commented on ADC. Royal Bank of Canada increased their price objective on Agree Realty from $79.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Truist Financial raised 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. StockNews.com upgraded Agree Realty from a “sell” rating to a “hold” rating in a research report on Friday, November 22nd. UBS Group raised their price target on Agree Realty from $77.00 to $79.00 and gave the stock a “neutral” rating in a research report on Thursday, November 14th. Finally, Robert W. Baird raised their price target on Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Four equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $76.04.

Agree Realty Price Performance

Shares of Agree Realty stock opened at $77.65 on Wednesday. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. The firm has a market capitalization of $8.04 billion, a PE ratio of 42.90, a price-to-earnings-growth ratio of 3.10 and a beta of 0.61. The business’s 50-day moving average price is $75.11 and its 200-day moving average price is $69.51. Agree Realty has a 12 month low of $54.28 and a 12 month high of $78.39.

Agree Realty (NYSE:ADC) last announced its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS 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 the consensus estimate of $152.83 million. Agree Realty had a net margin of 31.62% and a return on equity of 3.77%. Agree Realty’s revenue for the quarter was up 12.8% compared to the same quarter last year. During the same quarter last year, the company posted $1.00 earnings per share. Sell-side analysts forecast that Agree Realty will post 4.12 EPS for the current fiscal year.

Agree Realty Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be issued a $0.253 dividend. This represents a $3.04 annualized dividend and a dividend yield of 3.91%. The ex-dividend date of this dividend is Friday, November 29th. Agree Realty’s payout ratio is currently 167.96%.

Institutional Trading of Agree Realty

Several hedge funds have recently bought and sold shares of ADC. Price T Rowe Associates Inc. MD grew its holdings in Agree Realty by 6.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 53,028 shares of the real estate investment trust’s stock valued at $3,029,000 after purchasing an additional 3,080 shares during the period. Bayesian Capital Management LP bought a new stake in Agree Realty during the first quarter valued at about $304,000. Walleye Trading LLC bought a new stake in Agree Realty during the first quarter valued at about $955,000. Virtu Financial LLC purchased a new position in shares of Agree Realty in the first quarter valued at about $599,000. Finally, Pathway Financial Advisers LLC purchased a new position in shares of Agree Realty in the first quarter valued at about $737,000. 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.