Brokerages Set Agree Realty Corporation (NYSE:ADC) Target Price at $80.63

Agree Realty Corporation (NYSE:ADC) has earned a consensus recommendation of “Moderate Buy” from the fifteen ratings firms that are presently covering the stock, Marketbeat reports. Seven analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $80.6250.

A number of brokerages have recently commented on ADC. Weiss Ratings restated a “hold (c+)” rating on shares of Agree Realty in a report on Wednesday, October 8th. JMP Securities reissued a “market perform” rating on shares of Agree Realty in a research report on Monday, June 30th. Evercore ISI increased their price target on Agree Realty from $83.00 to $85.00 and gave the company an “outperform” rating in a research report on Monday, September 15th. UBS Group increased their price target on Agree Realty from $80.00 to $82.00 and gave the company a “buy” rating in a research report on Tuesday, August 12th. Finally, Barclays reduced their price target on Agree Realty from $78.00 to $77.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 20th.

Agree Realty Stock Performance

Shares of Agree Realty stock opened at $75.16 on Friday. The firm has a market cap of $8.32 billion, a price-to-earnings ratio of 44.74, a price-to-earnings-growth ratio of 2.42 and a beta of 0.55. The stock’s 50-day moving average is $72.19 and its 200-day moving average is $73.62. Agree Realty has a one year low of $67.58 and a one year high of $79.65. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.71 and a quick ratio of 0.71.

Agree Realty (NYSE:ADC) last issued its quarterly earnings results on Thursday, July 31st. The real estate investment trust reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $1.05 by $0.01. The company had revenue of $175.53 million for the quarter, compared to analyst estimates of $173.95 million. Agree Realty had a return on equity of 3.47% and a net margin of 28.16%.The company’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same period in the previous year, the company posted $1.04 earnings per share. Agree Realty has set its FY 2025 guidance at 4.290-4.320 EPS. Equities analysts predict that Agree Realty will post 4.27 earnings per share for the current fiscal year.

Agree Realty Increases Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, November 14th. Investors of record on Friday, October 31st will be given a dividend of $0.262 per share. This represents a c) annualized dividend and a yield of 4.2%. This is a boost from Agree Realty’s previous monthly dividend of $0.26. The ex-dividend date of this dividend is Friday, October 31st. Agree Realty’s payout ratio is currently 186.90%.

Insiders Place Their Bets

In other Agree Realty news, CEO Joey Agree acquired 3,528 shares of the company’s stock in a transaction on Thursday, October 2nd. The shares were purchased at an average price of $70.63 per share, for a total transaction of $249,182.64. Following the completion of the purchase, the chief executive officer directly owned 638,688 shares of the company’s stock, valued at approximately $45,110,533.44. This represents a 0.56% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Craig Erlich acquired 360 shares of the company’s stock in a transaction on Friday, October 3rd. The stock was acquired at an average price of $70.84 per share, for a total transaction of $25,502.40. Following the purchase, the insider directly owned 52,846 shares of the company’s stock, valued at approximately $3,743,610.64. This trade represents a 0.69% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 36,742 shares of company stock worth $2,601,704 over the last ninety days. 1.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Agree Realty

Several institutional investors and hedge funds have recently bought and sold shares of ADC. NBC Securities Inc. bought a new stake in Agree Realty in the first quarter valued at approximately $39,000. Yousif Capital Management LLC raised its stake in Agree Realty by 1.2% in the first quarter. Yousif Capital Management LLC now owns 40,036 shares of the real estate investment trust’s stock valued at $3,090,000 after buying an additional 456 shares during the period. Handelsbanken Fonder AB raised its stake in Agree Realty by 29.1% in the first quarter. Handelsbanken Fonder AB now owns 27,537 shares of the real estate investment trust’s stock valued at $2,126,000 after buying an additional 6,200 shares during the period. Capital Advisors Ltd. LLC raised its stake in Agree Realty by 137.8% in the first quarter. Capital Advisors Ltd. LLC now owns 466 shares of the real estate investment trust’s stock valued at $36,000 after buying an additional 270 shares during the period. Finally, Fort Washington Investment Advisors Inc. OH increased its stake in shares of Agree Realty by 18.2% during the first quarter. Fort Washington Investment Advisors Inc. OH now owns 296,993 shares of the real estate investment trust’s stock worth $22,925,000 after purchasing an additional 45,706 shares during the period. Institutional investors own 97.83% of the company’s stock.

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.