Royal Bank of Canada Cuts Agree Realty (NYSE:ADC) Price Target to $79.00

Agree Realty (NYSE:ADC) had its price target trimmed by Royal Bank of Canada from $80.00 to $79.00 in a research note released on Tuesday,Benzinga reports. They currently have an outperform rating on the real estate investment trust’s stock.

Several other equities research analysts have also recently commented on the company. UBS Group raised Agree Realty from a “neutral” rating to a “buy” rating and increased their price objective for the company from $79.00 to $84.00 in a research report on Monday. BTIG Research upped their target price on shares of Agree Realty from $74.00 to $78.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. Citizens Jmp lowered shares of Agree Realty from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 17th. Wells Fargo & Company lowered their price objective on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Agree Realty in a research report on Wednesday, December 11th. They issued a “buy” rating and a $88.00 target price for the company. Two analysts have rated the stock with a sell rating, three have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $78.93.

Agree Realty Stock Down 0.6 %

Shares of Agree Realty stock opened at $69.98 on Tuesday. The company has a 50-day simple moving average of $73.87 and a two-hundred day simple moving average of $72.08. The stock has a market capitalization of $7.24 billion, a PE ratio of 38.66, a price-to-earnings-growth ratio of 3.66 and a beta of 0.64. Agree Realty has a 52-week low of $54.28 and a 52-week high of $78.39. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66.

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

Agree Realty Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a dividend of $0.253 per share. The ex-dividend date is Tuesday, December 31st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.34%. Agree Realty’s dividend payout ratio (DPR) is presently 167.40%.

Institutional Investors Weigh In On Agree Realty

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ADC. Versant Capital Management Inc increased its stake in shares of Agree Realty by 230.7% in the fourth quarter. Versant Capital Management Inc now owns 420 shares of the real estate investment trust’s stock worth $30,000 after purchasing an additional 293 shares in the last quarter. Headlands Technologies LLC increased its stake in Agree Realty by 232.0% in the 2nd quarter. Headlands Technologies LLC now owns 1,142 shares of the real estate investment trust’s stock worth $71,000 after buying an additional 798 shares in the last quarter. UMB Bank n.a. raised its holdings in Agree Realty by 44.5% during the third quarter. UMB Bank n.a. now owns 971 shares of the real estate investment trust’s stock valued at $73,000 after acquiring an additional 299 shares during the period. Arcadia Investment Management Corp MI purchased a new position in shares of Agree Realty in the third quarter valued at about $75,000. Finally, Wilmington Savings Fund Society FSB bought a new position in shares of Agree Realty in the third quarter worth about $77,000. 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.