Agree Realty Co. (NYSE:ADC) Given Consensus Recommendation of “Moderate Buy” by Analysts

Agree Realty Co. (NYSE:ADC) has received an average rating of “Moderate Buy” from the nine ratings firms that are currently covering the firm, MarketBeat reports. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $65.61.

Several analysts recently commented on the stock. Mizuho reduced their target price on shares of Agree Realty from $65.00 to $60.00 and set a “neutral” rating for the company in a report on Thursday, March 7th. BMO Capital Markets initiated coverage on shares of Agree Realty in a report on Tuesday, February 13th. They set an “outperform” rating and a $69.00 target price for the company. StockNews.com downgraded shares of Agree Realty from a “hold” rating to a “sell” rating in a report on Friday, March 8th. Truist Financial cut their price objective on shares of Agree Realty from $70.00 to $68.00 and set a “buy” rating for the company in a report on Tuesday, February 27th. Finally, JMP Securities raised shares of Agree Realty from a “market perform” rating to an “outperform” rating and set a $71.00 price objective for the company in a report on Monday, January 22nd.

Agree Realty Stock Performance

Shares of ADC stock opened at $55.69 on Tuesday. The company has a market capitalization of $5.60 billion, a price-to-earnings ratio of 32.57, a PEG ratio of 2.60 and a beta of 0.52. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.74 and a current ratio of 0.74. The company has a 50-day simple moving average of $56.77 and a 200 day simple moving average of $58.18. Agree Realty has a 52 week low of $52.69 and a 52 week high of $69.26.

Agree Realty Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Tuesday, May 14th. Stockholders of record on Tuesday, April 30th will be issued a dividend of $0.25 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 5.39%. The ex-dividend date is Monday, April 29th. This is an increase from Agree Realty’s previous monthly dividend of $0.25. Agree Realty’s dividend payout ratio is 173.10%.

Insider Transactions at Agree Realty

In other news, CEO Joey Agree purchased 2,000 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was bought at an average price of $57.56 per share, with a total value of $115,120.00. Following the acquisition, the chief executive officer now owns 557,903 shares in the company, valued at approximately $32,112,896.68. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Joey Agree acquired 2,000 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was acquired at an average cost of $57.56 per share, for a total transaction of $115,120.00. Following the transaction, the chief executive officer now directly owns 557,903 shares in the company, valued at $32,112,896.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John Rakolta, Jr. acquired 20,430 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The stock was bought at an average cost of $57.00 per share, with a total value of $1,164,510.00. Following the purchase, the director now owns 392,549 shares in the company, valued at $22,375,293. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 42,482 shares of company stock valued at $2,397,572. Company insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Agree Realty

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Northwestern Mutual Wealth Management Co. lifted its stake in Agree Realty by 7,150.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 435 shares of the real estate investment trust’s stock valued at $31,000 after purchasing an additional 429 shares during the last quarter. HBC Financial Services PLLC bought a new position in shares of Agree Realty during the fourth quarter valued at $31,000. Lindbrook Capital LLC raised its stake in shares of Agree Realty by 267.1% during the fourth quarter. Lindbrook Capital LLC now owns 591 shares of the real estate investment trust’s stock valued at $37,000 after acquiring an additional 430 shares during the last quarter. State of Wyoming raised its stake in shares of Agree Realty by 34.8% during the second quarter. State of Wyoming now owns 666 shares of the real estate investment trust’s stock valued at $44,000 after acquiring an additional 172 shares during the last quarter. Finally, CWM LLC raised its stake in shares of Agree Realty by 117.3% during the third quarter. CWM LLC now owns 728 shares of the real estate investment trust’s stock valued at $40,000 after acquiring an additional 393 shares during the last quarter. 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.