Agree Realty’s (ADC) “Outperform” Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada reaffirmed their outperform rating on shares of Agree Realty (NYSE:ADC) in a report published on Tuesday,Benzinga reports. Royal Bank of Canada currently has a $79.00 price target on the real estate investment trust’s stock.

ADC has been the subject of a number of other reports. JMP Securities cut Agree Realty from an “outperform” rating to a “market perform” rating in a research report on Tuesday, December 17th. Citizens Jmp lowered shares of Agree Realty from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 17th. Wells Fargo & Company decreased their price objective on shares of Agree Realty from $80.00 to $79.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. Robert W. Baird boosted their target price on shares of Agree Realty from $67.00 to $76.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Finally, Truist Financial raised their price target on shares of Agree Realty from $77.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $79.07.

Agree Realty Trading Down 2.0 %

Agree Realty stock opened at $72.94 on Tuesday. The firm has a market cap of $7.55 billion, a PE ratio of 40.30, a P/E/G ratio of 2.52 and a beta of 0.64. Agree Realty has a 12 month low of $54.28 and a 12 month high of $78.39. The stock’s 50 day simple moving average is $72.71 and its two-hundred day simple moving average is $73.07. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52.

Agree Realty Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, January 31st will be given a dividend of $0.253 per share. The ex-dividend date of this dividend is Friday, January 31st. This represents a $3.04 annualized dividend and a dividend yield of 4.16%. Agree Realty’s payout ratio is 167.96%.

Institutional Investors Weigh In On Agree Realty

Hedge funds and other institutional investors have recently bought and sold shares of the company. Sei Investments Co. increased its stake in Agree Realty by 64.9% during the second quarter. Sei Investments Co. now owns 56,829 shares of the real estate investment trust’s stock worth $3,520,000 after acquiring an additional 22,374 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Agree Realty by 0.4% during the second quarter. The Manufacturers Life Insurance Company now owns 103,674 shares of the real estate investment trust’s stock valued at $6,422,000 after acquiring an additional 382 shares during the last quarter. Algert Global LLC acquired a new position in shares of Agree Realty in the 2nd quarter worth approximately $628,000. Creative Planning boosted its position in shares of Agree Realty by 86.8% during the 2nd quarter. Creative Planning now owns 56,819 shares of the real estate investment trust’s stock worth $3,519,000 after purchasing an additional 26,398 shares during the period. Finally, Pathway Financial Advisers LLC increased its holdings in Agree Realty by 3.2% in the 2nd quarter. Pathway Financial Advisers LLC now owns 13,319 shares of the real estate investment trust’s stock valued at $824,000 after purchasing an additional 409 shares during the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

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.