Agree Realty (NYSE:ADC) Price Target Raised to $80.00

Agree Realty (NYSE:ADC) had its target price hoisted by Royal Bank Of Canada from $79.00 to $80.00 in a research note released on Thursday morning, Marketbeat Ratings reports. The firm currently has an outperform rating on the real estate investment trust’s stock.

Other research analysts also recently issued research reports about the stock. Barclays lowered their price objective on shares of Agree Realty from $78.00 to $77.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 20th. Morgan Stanley downgraded shares of Agree Realty from an “overweight” rating to an “equal weight” rating and set a $75.00 price objective on the stock. in a research report on Friday, July 11th. Evercore ISI increased their price objective on shares of Agree Realty from $83.00 to $85.00 and gave the company an “outperform” rating in a research report on Monday, September 15th. Truist Financial set a $84.00 price objective on shares of Agree Realty in a research report on Friday, August 8th. Finally, UBS Group increased their price objective on shares of Agree Realty from $80.00 to $82.00 and gave the company a “buy” rating in a research report on Tuesday, August 12th. Nine equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $80.73.

Agree Realty Trading Down 0.5%

NYSE:ADC opened at $74.75 on Thursday. The company’s 50 day moving average price is $72.45 and its 200-day moving average price is $73.69. Agree Realty has a 52 week low of $67.58 and a 52 week high of $79.65. The company has a quick ratio of 0.71, a current ratio of 0.68 and a debt-to-equity ratio of 0.59. The stock has a market cap of $8.59 billion, a price-to-earnings ratio of 43.71, a PEG ratio of 2.43 and a beta of 0.55.

Agree Realty (NYSE:ADC) last posted its quarterly earnings results on Tuesday, October 21st. The real estate investment trust reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.02. Agree Realty had a net margin of 28.11% and a return on equity of 3.52%. The firm had revenue of $183.22 million for the quarter, compared to analysts’ expectations of $181.87 million. During the same quarter in the prior year, the company posted $1.03 earnings per share. The business’s revenue for the quarter was up 18.7% on a year-over-year basis. Agree Realty has set its FY 2025 guidance at 4.310-4.330 EPS. On average, equities research analysts forecast that Agree Realty will post 4.27 earnings per share for the current fiscal year.

Agree Realty Increases Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, November 14th. Shareholders of record on Friday, October 31st will be given a $0.262 dividend. The ex-dividend date is Friday, October 31st. This is a boost from Agree Realty’s previous monthly dividend of $0.26. This represents a c) annualized dividend and a yield of 4.2%. Agree Realty’s payout ratio is 179.53%.

Insider Buying and Selling at Agree Realty

In other Agree Realty news, Director John Rakolta, Jr. purchased 25,154 shares of the firm’s stock in a transaction on Tuesday, October 7th. The shares were acquired at an average cost of $70.41 per share, for a total transaction of $1,771,093.14. Following the completion of the transaction, the director owned 553,700 shares of the company’s stock, valued at approximately $38,986,017. The trade was a 4.76% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Joey Agree purchased 4,108 shares of the firm’s stock in a transaction on Wednesday, August 13th. The stock was acquired at an average price of $72.15 per share, for a total transaction of $296,392.20. Following the completion of the transaction, the chief executive officer directly owned 633,060 shares of the company’s stock, valued at approximately $45,675,279. This trade represents a 0.65% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 36,742 shares of company stock valued at $2,601,704 over the last three months. Insiders own 1.80% of the company’s stock.

Institutional Trading of Agree Realty

Several institutional investors and hedge funds have recently modified their holdings of the company. GF Fund Management CO. LTD. raised its position in shares of Agree Realty by 7.2% during the 1st quarter. GF Fund Management CO. LTD. now owns 1,961 shares of the real estate investment trust’s stock valued at $151,000 after purchasing an additional 132 shares during the period. Sequoia Financial Advisors LLC raised its position in shares of Agree Realty by 3.0% during the 1st quarter. Sequoia Financial Advisors LLC now owns 4,729 shares of the real estate investment trust’s stock valued at $365,000 after purchasing an additional 139 shares during the period. Corient Private Wealth LLC raised its position in shares of Agree Realty by 3.4% during the 2nd quarter. Corient Private Wealth LLC now owns 6,217 shares of the real estate investment trust’s stock valued at $454,000 after purchasing an additional 204 shares during the period. Orion Porfolio Solutions LLC raised its position in shares of Agree Realty by 0.9% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 26,280 shares of the real estate investment trust’s stock valued at $1,920,000 after purchasing an additional 222 shares during the period. Finally, Journey Strategic Wealth LLC raised its position in shares of Agree Realty by 3.6% during the 1st quarter. Journey Strategic Wealth LLC now owns 6,592 shares of the real estate investment trust’s stock valued at $509,000 after purchasing an additional 229 shares during the period. 97.83% of the stock is currently owned by institutional investors.

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.