JMP Securities Reiterates Market Perform Rating for Agree Realty (NYSE:ADC)

JMP Securities reiterated their market perform rating on shares of Agree Realty (NYSE:ADC) in a report issued on Friday morning,Benzinga reports.

Several other equities analysts have also issued reports on ADC. Mizuho lifted their price objective on shares of Agree Realty from $74.00 to $81.00 and gave the company a “neutral” rating in a report on Thursday, April 3rd. Stifel Nicolaus lifted their price objective on shares of Agree Realty from $81.00 to $82.50 and gave the company a “buy” rating in a report on Wednesday, April 23rd. Truist Financial lifted their price objective on shares of Agree Realty from $77.00 to $82.00 and gave the company a “buy” rating in a report on Monday, May 5th. UBS Group cut their price objective on shares of Agree Realty from $86.00 to $84.00 and set a “buy” rating on the stock in a report on Tuesday, May 13th. Finally, Royal Bank of Canada cut their price objective on shares of Agree Realty from $79.00 to $78.00 and set an “outperform” rating on the stock in a report on Thursday, February 13th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Agree Realty presently has an average rating of “Moderate Buy” and a consensus target price of $81.04.

Agree Realty Stock Performance

Agree Realty stock opened at $74.89 on Friday. The company has a 50 day moving average price of $75.69 and a 200-day moving average price of $74.08. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.78 and a current ratio of 0.78. Agree Realty has a fifty-two week low of $58.52 and a fifty-two week high of $79.65. The company has a market capitalization of $8.24 billion, a PE ratio of 42.07, a P/E/G ratio of 2.88 and a beta of 0.57.

Agree Realty (NYSE:ADC) last issued its quarterly earnings data on Tuesday, April 22nd. The real estate investment trust reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.01. The company had revenue of $169.16 million for the quarter, compared to analyst estimates of $167.77 million. Agree Realty had a net margin of 30.66% and a return on equity of 3.70%. During the same period last year, the company posted $0.43 earnings per share. As a group, equities analysts forecast that Agree Realty will post 4.27 earnings per share for the current year.

Agree Realty Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Friday, June 13th. Shareholders of record on Friday, May 30th will be issued a $0.256 dividend. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. This represents a $3.07 annualized dividend and a yield of 4.10%. The ex-dividend date of this dividend is Friday, May 30th. Agree Realty’s payout ratio is currently 173.45%.

Hedge Funds Weigh In On Agree Realty

Several institutional investors and hedge funds have recently bought and sold shares of ADC. Spire Wealth Management acquired a new stake in shares of Agree Realty during the fourth quarter worth $411,000. abrdn plc lifted its stake in shares of Agree Realty by 33.7% during the fourth quarter. abrdn plc now owns 27,497 shares of the real estate investment trust’s stock worth $1,922,000 after buying an additional 6,924 shares during the period. Envestnet Asset Management Inc. lifted its stake in shares of Agree Realty by 3.6% during the fourth quarter. Envestnet Asset Management Inc. now owns 301,751 shares of the real estate investment trust’s stock worth $21,258,000 after buying an additional 10,446 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Agree Realty by 37.3% during the third quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust’s stock worth $274,693,000 after buying an additional 990,362 shares during the period. Finally, Sage Investment Counsel LLC acquired a new stake in shares of Agree Realty during the fourth quarter worth $329,000. 97.83% of the stock is owned by hedge funds and other institutional investors.

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.